British Columbia

ICBC plans to raise basic rate by $68

ICBC has announced plans to increase its basic insurance rates for 2012 by $68 per year, while its optional rates are expected to fall by $41 per year.

ICBC has announced plans to increase its basic insurance rates for 2012 by $68 per year, while its optional rates are expected to fall by $41 per year.

Confirming its rates announcement that was made on Tuesday, the provincially-run auto insurance corporation says it expects the majority of customers will pay $27 extra per year.

However, this only applies to those who hold both basic and optional insurance with ICBC.

CEO Jon Schubert says the increase to basic rates for B.C. drivers is necessary because claims — mostly bodily injury claims — increased by $200 million in the first nine months of the year.

ICBC is now filing an application with the B.C. Utilities Commission for the rate increase. If approved, it could go into effect in February.