Quote:
Originally Posted by DavidNguyen
I might have missed it, but why the price drop in the rates? What are they up too!
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The premium reductions are likely the results the changes ICBC has implemented in phases since Sept 2019. Recall that the old system used to allow a filing / sueing period of up to 2 years after accident, so the May 2021 date more or less corresponds to the time when the last of those old lawsuits run out of time to be filed. AG Eby has previously indicated that litigations were the single biggest reasons why ICBC was losing so much money. With the $5k minor injury claims cap and the disallowing of lawsuits for minor injuries, ICBC is probably saving a gigantic sum of money.
I'm certain the pandemic and the dramatic reduction in vehicular traffic has also resulted in some pretty major savings for the crwon corp as well.