Transforming ICBC to deliver lower rates, better benefits
VICTORIA – Government is transforming ICBC by removing lawyers and legal costs from the system to reduce rates and substantially increase care benefits, making public auto insurance work for British Columbians again.
Legislation will be introduced in the coming weeks that will lower ICBC premiums by approximately 20% – an average of $400 in savings per driver. At the same time, maximum care and treatment benefits for anyone injured in a crash will increase to at least $7.5 million, and new benefits will provide care for those most seriously injured, for as long as they need it. These benefits will be available to every British Columbian without having to hire a lawyer.
These improvements will be achieved by removing the majority of legal fees and other costs associated with the current litigation-based system. The new care-based insurance system is forecast to remove more than $1.5 billion in the first full year, savings that will be passed on to ICBC customers through lowered insurance rates.
To give British Columbians confidence that they will be treated fairly, the planned legislation will require ICBC, by law, to assist every person who makes a claim and endeavour to ensure they receive all of the care and benefits to which they are entitled. Customers who still have complaints or disputes about their claim, benefit payments or fairness issues wil not need a lawyer to have them resolved.