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ICBC’s current rate structure, which is more than 30 years old, could finally be seeing some upgrades but first there will be a public review by the British Columbia Utilities Commission (BCUC).
ICBC had until Aug. 15 to submit an application for a proposal that aims to level the playing field. ICBC filed an application with the BCUC seeking approval of rate design amendments. Under Order in Council No. 459, the BCUC will have 45 days from the date of the application to set ICBC’s rate design in accordance with government direction.
"We want to modernize ICBC so that British Columbians pay according to their crash history, driving records and level of risk, and take responsibility for their driving habits. It's only fair," said David Eby, B.C.’s Attorney General. "Right now, the system is broken. A driver with no crashes could be paying the same premium as a driver with three at-fault crashes in a year.”
The BCUC has established a public proceeding that includes an opportunity for public comment, a streamlined review process (SRP) and oral argument.
There are a number of ways to participate in the review process, outlined below.
- Submit a letter of comment by Thursday, September 6, 2018: Members of the public can submit a letter of comment online. Letters of comment are intended to provide for any member of the public to contribute views, opinions, and impact or potential impact, with respect to a matter before the BCUC, to the public record.
- Register as an interested party by Thursday, September 6, 2018: Interested parties can register online to receive updates on the proceeding.
- Request intervener status by Friday, August 24, 2018: Persons who are directly or sufficiently affected by the BCUC’s decision or have relevant information or expertise, and who wish to actively participate in the proceeding, can request intervener status by submitting a completed Request to Intervene Form online.
- Attend the SRP on Tuesday, September 4, 2018: The SRP will be held on Tuesday, September 4, 2018, commencing at 8:30 a.m. at the BCUC Hearing Room on the 12th Floor, 1125 Howe Street, Vancouver, BC. Interveners must pre-register to participate, while members of the public are welcome to attend on a first-come first-serve basis to observe. Details regarding the BCUC’s SRP Policy, Guidelines and Procedures can be found on the BCUC website.
Our current system isn’t working very well when 80% of British Columbians receive the top Basic insurance discount. We’re proposing changes so low risk drivers aren’t paying the same as some higher-risk drivers. Learn more at: https://t.co/81c6PBMQUj pic.twitter.com/zygBB5K5op
— ICBC (@icbc) August 16, 2018
Some of the changes proposed include moving to a driver-based model, increasing insurance discounts for drivers with up to 40 years of experience, and adding discounts for vehicles with original, manufacturer-installed automatic emergency braking technology and for vehicles driven less than 5,000 kilometres per year.
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