Vancouver, British Columbia – The Insurance Corporation of British Columbia (ICBC) has announced an average reduction of three per cent in optional insurance premiums, effective November 1, 2010.
“In addition to the 2.4 per cent reduction to our basic insurance rates announced last month, we are also reducing our optional premiums by an average of three per cent, generating combined savings of $80 million for our customers,” said Jon Schubert, president and CEO of ICBC. “Our customers’ smart driving decisions and our multi-million-dollar investments in road safety and auto crime prevention have had a significant and positive impact.”
ICBC said that rates are mainly driven by claims costs, and fewer crashes have helped to keep costs under control. The new changes mean that optional insurance premiums have gone down by more than 20 per cent over the past six years.