That’s right…a rate reduction.  ICBC today applied to the British Columbia Utilities Commission (BCUC) to reduce basic insurance rates by an average of 1.9%, effective November 1, 2010. This would be the first change to the basic insurance rates in 3 years, and a positive step in a time when most insurance rates are increasing.  ICBC attributes the reduction to reduced accident rates.  However, even though the number of crashes is down, it was also pointed out that the severity of claims is up so ICBC must be prudent in how much of a decrease can be given.

The rate change still needs the approval of the BCUC.  You can read ICBC’s new release here.