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HomeNewsICBC rate hike no April Fools' joke

ICBC rate hike no April Fools’ joke

If you’re a 17-year-old about to get their N license, you better start saving a little extra cash for your insurance.

Around 6.3 per cent, to be exact.

That’s because, starting today, ICBC will be raising its rates by that same amount on an interim basis.

The crown corporation says the increase will raise new and renewal rates by an average of just under $60.

The hike comes as ICBC has faced heavy losses over the past few years.

In 2018, they recorded a $1.3 billion operating deficit.

This year, it’s estimated they will lose another $890 million.

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