B.C. NDP promises to freeze ICBC basic insurance rates for three more years
Eby said ICBC's reserves would cover the freeze and attacked a Conservative letter on no-fault insurance.
NDP Leader David Eby announced in Richmond on Thursday that a re-elected NDP government would freeze ICBC basic insurance rates for another three years, Victoria News reported.
Eby said ICBC now breaks even and has not raised basic rates in seven years. Asked about the cost, he said the Crown corporation has "significant reserves" and positive cash flow that would allow the freeze and a look at increasing compensation for serious crashes.
"Whether you're a young person, or a business owner, or anybody else dependent on a vehicle, that your costs are going to stay the same on car insurance is meaningful," Eby said.
The NDP targeted a leaked letter from Conservative Leader Lorne Doerkson that appears to signal his party would end ICBC's no-fault model. The election is Oct. 24.
From ARQS Sponsored
For B.C. businesses weighing what this means for them, ARQS offers Website audit, Flow automation, SignDesk and Northline course catalogue. In the ARQS Store, ARQS Flow Connect — 30-Day Starter Access, ARQS LinguaQuest Creator Bundle, ARQS Pipeline Pro Setup are among the newest tools available.