ICBC Changes to Come: Lower Rates, Better Benefits

ICBC

Changes are coming to the provinces vehicle insurance system. 

"These are generational changes at ICBC that are going to have two big outcomes for British Columbians," said Attorney General David Eby. "One is they will reduce the rates by on average about 20% or $400 a year. And the second piece is that it will dramatically increase benefits by about 24 times."

Eby says he's heard the complaints of high insurance costs and the government is responding.

Legislation will be introduced this spring that will allow those hurt in a crash to apply for benefits without hiring a lawyer -- in what the government says is a care-based insurance system.

The new system is forecast to save more than1.5-billion-dollars in the first full year.