With many British Columbians set to face an increase in housing and grocery prices, it’s nice to hear that drivers can expect a bit of a break in 2022.
ICBC has just indicated that there is money to be saved this year on car insurance, and the savings could be big for some.
On average, drivers can expect to save up to 20% on their annual insurance. This can equate to about $400 on insurance premiums with ICBC.
In 2021, the average annual insurance premium for B.C. drivers was approximately $1,900. ICBC has indicated that that drivers can expect to pay much less than that in 2022. In fact, The BC Utilities Commission approved the basic rate decrease to help provide stability with basic insurance until at least 2023.
The main reason for savings is due to the shift to Enhanced Care. Doing so has helped offset most of the legal costs associated with ICBC. These savings are going right back to the drivers then.
Enhanced care and the new “no-fault” insurance system has been met with criticism though. It puts a cap on minor injury payouts and limits the types of collisions that can be taken to court for additional damages.
This system, however does benefit those drivers not involved in collisions, and they will see savings. It also helps protect against those that have abused the system before, for which ICBC has seen many.
Drivers can get a personalized estimate online of their expected annual ICBC cost.
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The post Here’s How Much Your ICBC Car Insurance Rates Are About To Drop appeared first on 604 Now.
This content was originally published here.