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UPDATE: Third Party Liability pricing for policies effective Feb. 1, 2018
Thursday, January 04, 2018
In September 2017, ICBC announced that additional optional rate changes may be needed in 2018 and would be implemented on a quarterly basis.
As previously announced, quarterly increases will be an average of 2.2%, to a maximum of 9.6% for the year. Individual policy rates will depend on the age of the vehicle, value and use of a vehicle, and where it is being driven. For an average driver, this is an annual blended increase between basic and optional of 8%, or $130.
Some customers with policies renewing in early February 2018 have received renewal reminders which include a quote for optional Third Party Liability (TPL) coverage that is different from what is showing in ICBC systems. These renewal reminders do not include the optional rate adjustment which will take effect for TPL on February 1, 2018.
The correct rates are in ICBC systems and policies issued (APV250s) have correct premiums. Renewal reminders effective February 11 forward are being generated with correct premiums.
We appreciate this may result in more questions from customers and have prepared some points to help with those conversations.
•Your renewal reminder from ICBC is an estimate.
•It may also not include recent rate changes.
•Final pricing is confirmed when you come in to renew since there can be changes to coverage or drivers.
•There have been recent changes to optional rates. Each customer will be affected differently depending on the level of optional coverage you purchase and other factors used to set premiums.
•Optional insurance rates are increasing due to more crashes, injuries and the cost of these claims.
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