ICBC Optional Insurance Premiums Drop 3%

ICBC has announced an average reduction of three per cent in optional insurance premiums, effective November 1, 2010. 

“In addition to the 2.4 per cent reduction to our basic insurance rates announced last month, we are also reducing our optional premiums by an average of three per cent, generating combined savings of $80 million for our customers,” said Jon Schubert, ICBC’s president and CEO. “Our customers’ smart driving decisions and our multi-million dollar investments in road safety and auto crime prevention have had a significant and positive impact.” 

Rates are mainly driven by claims costs, and fewer crashes have helped us to control these costs and make a number of rate reductions over the last few years.

Today’s changes mean ICBC’s optional insurance premiums have gone down by more than 20 per cent over the past six years.

In addition to our customers’ smart driving decisions, ICBC’s annual investment in road safety and auto crime prevention has contributed to these savings. ICBC has also been increasing its investment in enhanced traffic enforcement, which supports dedicated police enforcement of traffic safety across British Columbia

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“This is the third year in a row that our customers’ combined insurance rates have gone down,” said Schubert. “At a time when the price of everything seems to be going up, ICBC’s insurance rates are once again coming down.” 

The reduction in basic rates and the adjustments to various coverage options take effect on November 1.