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ICBC cuts rate for optional third-party liability coverage

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Summary

As of Monday, ICBC is reducing what customers pay for its optional third-party liability coverage

ICBC introducing changes a part of overhaul of its coverage, which takes full effect in May

VANCOUVER (NEWS 1130) – ICBC is beginning to cut some of its rates as part of an overhaul of its coverage that will fully take effect this spring.

As of Monday morning, the public insurer is reducing what customers pay for its optional third-party liability coverage.

When the changes come into full effect in May, ICBC says they should result in an average 20 per cent in savings for drivers on ICBC’s basic and optional plans.

Customers with optional third-party liability coverage with ICBC who renew on or after Monday will start to get some of those savings.

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In the spring, millions of British Columbians will receive a one-time, pro-rated refund based on any savings on an existing policy past May 1.

Last month, the B.C. Utilities Commission approved ICBC’s request for a temporary 15 per cent decrease on basic insurance rates.

The insurer notes it does not have to file an application for adjustments to optional insurance, which typically sees changes throughout the year based on market conditions.