ICBC’s rate reduction on basic and optional insurance take effect

ICBC’s 2.4% reduction in its basic rates are officially in effect.
The public insurer also implemented a 3% reduction in optional insurance premiums.
This marks the third consecutive year ICBC has offered rate reductions to its insureds.
“Our customers’s smart driving decisions, combined with positive claims outlook and ICBC’s multi-million dollar investments in road safety are paying off in the form of reduced rates,” said John Schubert, ICBC’s president and CEO.
ICBC estimates the reductions will save consumers a total of more that $80 million.