British Columbia

ICBC launches tool to show drivers their savings under new insurance system

ICBC has launched an online tool to show drivers how their insurance rates will change once the province's new no-fault insurance system launches in the spring.

Enhanced care system arrives May 1

An insurance brokerage is pictured in Vancouver on Aug. 30, 2019. (Maggie MacPherson/CBC)

ICBC has launched an online tool to show drivers how their insurance rates will change once the province's new no-fault insurance system launches in the spring.

Solicitor General Mike Farnworth, minister in charge of ICBC, said the tool is available Tuesday. It allows drivers to look up the difference between their current coverage and incoming enhanced care model.

The amount is dependent on the customer's renewal date and how much of their current policy is left after the new system arrives May 1.

The province claims premiums will drop by as much as 20 per cent — an average of $400 per year for a single driver — after the insurer moves to the radically overhauled system, which is designed to divert hundreds of millions of dollars in legal fees every year to help people who are hurt in car crashes. 

In the months since the pandemic slowed daily life in B.C., the insurance corporation has saved money as there are fewer drivers on the road getting into fewer crashes and filing fewer claims. One of the NDP's campaign promises last fall was to pass those profits directly on to drivers in the form of a rebate.

"You will be hearing about the COVID rebate very soon. As I said, I've had some options before me. There's a tricky board, cabinet process, but it will be coming very soon," said Farnworth.

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

now