ICBC is launching a provincewide consultation process to give British Columbians the opportunity to provide input on potential changes to the way ICBC sets premiums for basic insurance coverage.
"Our customers have told us they think it would be fairer if lower-risk drivers paid less for their vehicle insurance and higher-risk drivers paid more," said Mark Blucher, senior vice-president of insurance at ICBC. "To do this, we need to change the structure of our premiums so we can clearly identify higher-risk drivers."
As part of the engagement process, ICBC will consult with customers and stakeholders on various options that move towards a pricing system that focuses more on the driver and their driving record, rather than the current vehicle-based rating system, which focuses on the claims history of the vehicle.
During the consultation and engagement process, ICBC will inform customers and stakeholders about changes under consideration and seek feedback on options for a fairer, more driver-based system. ICBC will highlight various risk factors that could be used to determine each customer's basic insurance premium, including driving experience and at-fault crashes.
"Our goal is to redistribute insurance premiums to benefit lower-risk drivers and give an incentive to others to drive more safely," said Blucher. "Depending on public feedback during the consultation and engagement process, about two-thirds of drivers could pay less than they do today and about one-third of drivers could pay more."
See publicengagement.icbc.com to learn more about how to provide your input.
