ICBC has been approved to lower rates 15 per cent May 1

Insurance rates going down

Get ready to pay less car insurance.

The BC Utilities Commission has approved a 15 per cent cut to basic insurance rates on an interim basis as of May 1.

The interim rate will remain in effect until the BCUC decides on the final, permanent rate.

The reduction came after a request from ICBC to lower rates in December, 2020.

The public will be able to provide input on the process by requesting intervener status, submitting a letter of comment or by registering as an interested party.

The BCUC has also approved changes to ICBC's tariff pages, in part, to provide rebates to basic insurance policy holders from implementing a new insurance model called Enhanced Care.

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