ICBC rates are about to go up in the province for most drivers.
A release from the B.C. Government says it has directed the B.C. Utilities Commission to approve a rate increase for basic insurance of 4.9 per cent.
Transport Minister Todd Stone also announced the province has launched a third-party review to make recommendations that will keep auto insurance rates affordable.
"Our goal with this review is to put British Columbians first and for ICBC to manage its cost pressures, ensuring affordable rates for the long term,” Transportation Minister Todd Stone said in the release."
The release says the independent review comes at a time where the frequency and severity of injuries jumped as well as the average cost of vehicle repairs gone up. Numbers reveal that from mid-2015-2016, the number of vehicle damage claims went up 11 per cent while the cost of those repairs claims when up 17 per cent.
Earlier this year the Province announced it would double basic insurance premiums for high luxury vehicles as well as ramp up fraud detection in a way to save $21 million in basic insurance claims cost.