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Some say they'll move as ICBC gets another rate hike approval

Last Updated Dec 20, 2016 at 7:38 am PDT

(iStock Photo)
Summary

BC Utilities Commission approves a 4.9 hike

ICBC says it's grappling with the increasing costs of crashes and claims

VANCOUVER (NEWS 1130) – It’s already a very expensive region to live in and it seems many people are bracing for the coming ICBC rate hike with gritted teeth. Many say they’re already feeling stretched to the max and so this rate hike of up to 4.9 per cent is filling many with dread.

Mitch, who’s from Vancouver, is concerned about what this means for people who need a car for work. “It’s a really hard thing for people trying to get new jobs, or trying to live outside Downtown Vancouver or central Vancouver.”

Vijay drives for a living and says if ICBC continues to raise rates, he might have to find a new line of work. He says he hasn’t had a significant raise in years but is constantly paying more on a number of fronts. “And then they’re going to raise it more, and I’ll have to stop my work,” he explains. “I’ll have to find another job.”

Don says he feels people might start leaving the city and region if the cost of living continues to skyrocket. “It’s already expensive enough to live in Vancouver,” he argues. “Hydro, the cost of living — people are going to start moving out. Put more savings aside, what more can you do, right?”

Beyond this coming rate raise, the provincial government has also announced a review of ICBC which aims to ensure future rate increases remain in line with inflation.