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ICBC seeks 6.3% rate hike

It's going to cost more to drive in British Columbia.

ICBC is proposing a 6.3 per cent increase to basic premiums that, if approved, would add about $60 to most policies starting on April 1, CTV News reports.

"Today, British Columbian drivers are again faced with the reality of the financial crisis at ICBC left by the previous government. This situation was so dire that, had our government not moved to stop the bleeding, the announcement today would have been almost a 40 per cent increase," Attorney General David Eby said in a press release.

"Our government has taken on the difficult work of fixing the problems left behind at ICBC, including implementing the very solutions the old government was told could have prevented this mess. The changes will come into effect in the spring, which will significantly reduce the legal costs associated to minor injury claims and provide enhanced care for people injured in crashes."

ICBC is projected to lose $890 million this fiscal year in what Eby previously called a "financial dumpster fire."

Along with pointing the finger at the BC Liberals, Eby also blamed escalating costs related to distracted driving, and alleged overbilling by auto body shops.

Under the new rate structure, high-risk drivers will pay even more. 

Executive compensation at ICBC is also under the microscope.

– with files from CTV Vancouver



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