Approval given on interim basis to higher auto insurance rates in B.C.

VICTORIA – The British Columbia Utilities Commission has given interim approval for a 6.3 per cent increase in basic auto insurance rates.

ICBC says the new rates will apply to new and renewal policies with an effective date on or after April 1.

The public insurer says the commission will establish a public review process for its full application on the higher rates.

Attorney General David Eby has said the government is undertaking a “historic modernization” of the auto insurer to make rates fairer.

He says the changes will significantly reduce the legal costs associated with minor injury claims and provide enhanced care for people injured in crashes.

B.C. Liberal Leader Andrew Wilkinson has called for a complete overhaul of the 45-year-old public auto insurer after the proposed rate increase.