No Joke: ICBC rates to rise on April 1

A 6.3 percent increase in ICBC rates will be going into effect on Monday.

The BC Utilities Commission gave interim approval for the increase back in the beginning of January, which will affect all new policies and renewals.

This will equate to an increase on your insurance bill of approximately $60.

The amended regulations state:

• people who are injured in motor vehicle accidents on or after April 1, 2019, are eligible for increased limits in disability benefits, funeral expenses, as well as death benefits;
• people can also receive increased medical and rehabilitation benefits starting April 1, 2019, even if their injuries were sustained before that date; and
• they can recover costs for necessary medication.

The amendments establish a 60-day time limit for people to submit receipts for medical care or rehabilitation expenses to ICBC.

Previously, people had up to two years to submit their expenses to ICBC. ICBC claims that the long limitation period made it difficult to determine if expenses were reasonable and necessary when they were incurred. As a result, some people were at risk of spending significant amounts of money on expenses that could be ineligible for reimbursement.

The corporation lost an estimated $1.3 billion dollars in the last fiscal year and is projecting a loss of $890 million this year. The corporation says broader structural changes won’t take place until September.

ICBC says injury claims have increased 43 percent since 2014, while vehicle damage costs have increased 50 percent.

The utility commission will hold a public review process to seek feedback on the ICBC application.

With files from Chris Adams, MyCaribooNow