BC Utilities Commission green lights ICBC’s 15% auto insurance rate cut

Insurance premiums for BC drivers could be set to go down.

The BC Utilities Commission gave the green light to ICBC’s request for a 15 per cent cut to basic insurance rates.

The interim rate will come into effect on May 1st and stay in place until Utilities Commission settles on a final permanent rate.

Solicitor General Mike Farnworth stated it’s the largest rate drop in 40 years.

The province claims premiums will drop by as much as 20 per cent, an average of $400 a year.

– with files from Vista Radio news wire