Another ICBC rate hike could be on the way.
The insurance corporation has applied for a 4.9 per cent bump, blaming soaring costs for injury claims. The increase would amount to about $36 a year for the average driver with just basic coverage.
But ICBC CEO Mark Blucher tells the Vancouver Sun for about 80 per cent of drivers who buy full vehicle insurance, the average increase would be about $11 per year because the hike is offset by a four per cent drop in the optional premium.
If the BC Utilities Commission approves the increase, it would take effect November 1st.