first_imgEby pointed out legislation that was passed in 2010 that allowed the provincial government to take cash out of ICBC’s coffers. He said that since then, $1.2 billion was removed from ICBC and put into the provincial government’s general revenue.“It’s unacceptable for government to treat ICBC like an ATM machine – and it cost B.C. drivers more than a billion dollars,” Eby said. “Our priority is to make sure that affordability for good drivers always comes first.”“Our commitment to British Columbians is to make life more affordable for them – forcing 20% rate increases on drivers is a non-starter,” Eby said. “Our government is working overtime to clean up the mess we inherited in a way that minimizes impacts on drivers.” VANCOUVER, B.C. — B.C. Attorney General David Eby announced today that the government will begin looking at ways to fix problems at ICBC, after the Crown Corporation lost more than $500 million in 12 months.Eby announced today that immediate measures include an operational audit of ICBC, rolling out 24-hour red-light cameras at high-collision intersections, and a pilot program of new technologies to eliminate distracted driving among high-risk groups.ICBC lost more than $500 million dollars last year, the corporation’s largest financial loss in its history.- Advertisement -Eby said that ICBC will apply with the B.C. Utilities Commission to increase basic-rate insurance by 6.4 percent this year. That’s lower than the 20 percent rate hike that was previously recommended in the report commissioned by the Liberal government and released in July.The overall optional rate will be increased by 3.1 percent in the first quarter, with subsequent quarterly increases of 2.2 percent, to a maximum of 9.6 percent. Individual policy rates will depend on the age of the vehicle, value and use of a vehicle, and where it is being driven. For the average driver, the annual blended increase between basic and optional coverage will be roughly 8 percent, or $130.“Drastic action is needed to fix ICBC’s devastating financial crisis, but B.C. drivers should not be forced to pay 20% basic rate hikes today because of mismanagement that goes back years,” said Eby.Advertisementlast_img

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