Richmond residents, there’s just one day left to speak your voice out loud about ICBC’s changes in car insurance.
Before 4 p.m. on Thursday, B.C. residents are welcome to provide feedback on how ICBC could improve the way it uses crashes and driver experience to determine basic insurance premiums and balance basic insurance prices.
ICBC said $935 million in net losses have already accumulated between April 1 and Dec. 31 last year and a projected $1.3 billion loss by the end of the fiscal year. Currently, ICBC uses a model which is 30 years old to determine insurance rates. While it has seen some improvements over the years, it is out of date.
"This important engagement asks people about changes that could make high-risk drivers pay more, and low-risk drivers pay less," said Attorney General David Eby. "We have options about how we can make the system more fair, and I appreciate that so many British Columbians are sharing their opinions that will help shape ICBC for the future."
The engagement site has had 29,386 questionnaires completed with 398 individual submissions received. The findings of the engagement will be published in the coming weeks.
To submit an opinion, you can complete ICBC’s online questionnaire or send your thoughts by email.
