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Your car insurance could soon be getting cheaper.
David Eby, B.C.’s Attorney General and Minister Responsible for ICBC, announced that the provincial government is committed to fixing systemic financial problems at ICBC.
The end goal is to “make life more affordable for British Columbians.”
As one of his first acts in his new role, Eby requested that ICBC make public a 203-page report by the consulting firm Ernst & Young.
The report about the mounting financial problems at the insurance corporation was made public on Monday.
"This report makes it clear that ICBC has been in crisis for years, something which the former Liberal government largely ignored,” said Eby. “Rather than addressing the serious issues facing the corporation, the BC Liberals used insurance fees as a rapidly growing hidden tax. Drivers have been paying the price.”
The new NDP government will consider recommendations made in the report that could reduce accidents, injuries, deaths and claim costs.
Recent trends show the accident rate in B.C. is rising with a 23% increase in crashes between 2013 and 2016.
"I can assure British Columbians that help is finally here as our government is committed to working with the public, ICBC's board, its executive and stakeholders to make rates affordable for people,” Eby said. “However, I want to assure British Columbians that we are not considering photo radar or moving to a no-fault system for auto insurance.”
Eby added that there are some obvious solution that will be looked into, like ensuring good drivers are rewarded while bad drivers pay more.
If changes aren't made, premiums could go up 30% by 2019 and 40% by 2021.
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