ICBC gears up for public consultation on rates

British Columbia’s public auto insurer will be holding open house sessions on how its premiums should be determined and whether higher-risk drivers should be penalized with higher rates.

The public sessions, running across the province from May 22 to June 19, will gather feedback from customers and other interested parties on a pricing system that reflects the driver and driving record, as opposed to the current vehicle-based and claims history rating model, according to the Insurance Corporation of British Columbia (ICBC).

“Our customers have told us they think it would be fairer if lower-risk drivers paid less for their vehicle insurance and higher-risk drivers paid more,” said Mark Blucher, senior vice president of insurance at ICBC. “To do this, we need to change the structure of our premiums so we can clearly identify higher-risk drivers.”

ICBC will outline various risk factors that might be used to determine each customer’s basic insurance premium, including driving experience and at-fault crashes.

“Our goal is to redistribute insurance premiums to benefit lower-risk drivers and give an incentive to others to drive more safely,” added Blucher.

While the consultation process began May 14, the first public open house will be held in Vancouver on May 22. ICBC is also encouraging customer feedback through webinars, online forums and written submissions.

More information is posted at:

publicengagement.icbc.com