BC Government plans to lower ICBC rates, increase benefits
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The BC Government says its transforming ICBC.
It plans to introduce a new care-based insurance model that removes lawyers and legal costs from the system.
It says this will bring down rates while increasing care benefits for British Columbians.
“It’s time for change at ICBC,” says Premier John Horgan. “The old government ignored ICBC’s problems, allowing it to become a system that made lawyers rich, while drivers paid too much for insurance. We’re going to transform ICBC to lower rates for B.C. drivers – saving you an average of $400 on your insurance, while also improving care for people who have been injured in a crash.”
The maximum care and treatment benefits for anyone injured in a collision will increase to at least $7.5 million, providing unlimited care for those most seriously injured without having to hire a lawyer.
The new care-based model plans to save more than $1.5 billion in its first full year, passing the savings on to ICBC customers through lowered insurance rates.
ICBC will be required by law to assist every person who makes a claim while ensuring they receive all of the care and benefits to which they are entitled.
Customers who still have complaints or disputes about their claim, benefit payments or fairness issues will not need a lawyer to have them resolved.
Legislation will be introduced to create the care-based model, which is set to take effect May of next year.