The Province has announced that ICBC will no longer insure high-end luxury cars.

Minister of Transportation and Infrastructure Todd Stone says owners of cars worth $150,000 or more will have to go through private insurance companies.

Stone says in the meantime, the government will take steps so high-end luxury car owners pay at least double for their basic insurance and ensure their premiums fully cover all costs of any repairs.

Stone says this means the broader rate-payer will not have to subsidize high-end luxury cars.

The new rates will apply to private passenger cars only, and not commercial or pick-up trucks, collector cars and limousines. The rule will also not apply to RVs.