ICBC Rates

Whereas the Insurance Corporation of BC ICBC, a provincial crown corporation in British Columbia, is charging drivers the highest average auto insurance rates in Canada; And whereas ICBC has been approved to raise insurance rates by 6.3 per cent as of April 1, 2019; And whereas 2017 research has shown average insurance rates across Canada vary, with BCs rates as the highest. Alberta 1,251, Ontario 1,445, New Burnswick 819, Nova Scotia 842; Prince Edward Island 796, and Newfoundland Labrador 1,132 rely entirely on private insurers to provide auto insurance. And whereas Saskatchewan 936 and Manitoba 1,080, who like British Columbia 1,680, have government owned insurers with a monopoly over basic auto insurance, but compete with the private sector in the market for optional insurance coverage, still have lower average rates: Therefore be it resolved that UBCM work with the provincial government to open the basic auto insurance market to the private sector to create a more competitive market and help lower the average insurance premiums paid by British Columbian drivers.