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Car Insurance Rates Of BC Drivers To Decrease In Spring

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Car Accident
Photo: Ryan Welsgerber

Drivers in British Columbia will have another reason to anticipate the beauty of spring — savings on their automotive insurance. Set to take effect on May 1, the new interim rate from the Insurance Corporation of British Columbia will be 15 percent less than normal.

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According to writer Coleman Molnar, the decreased rate will stand until a permanent rate can be determined by the British Columbia Utilities Commission.

“This temporary cut, which marks the biggest drop in ICBC rates in the company’s history, was made possible by the province’s shift to a no-fault insurance structure the NDP calls ‘enhanced care.’ The goal of the program is to redirect money from legal costs into the pockets of those injured in accidents,” Molnar adds.

The savings should add up to an average of approximately $400 each year.

Ways to save money on car insurance

You can save money on your car insurance rates by being a good driver. Obeying the rules of the road will add up in savings.

“The longer you keep your driving record clean, the better. For example, in BC, you can get a discount for every year you are claims-free, up to 43 percent off!,” according to Matt Hands, business director, insurance, on

Evaluating your current policy to make sure you’re not paying for things you don’t need can help you save, too. But, be careful that you don’t go too far cutting insurance corners that you wind up with too little coverage, Hands warns.

When shopping around, be sure you’re comparing the costs of policies that promise the same coverage. If you automatically opt for a cheaper rate, you might risk settling for an inferior product, he adds.

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Just like your other bills, your car insurance payment needs to be paid on time. If you miss a payment, you sacrifice your status and may even lose your coverage, according to Hands.