BOWINN MA -- The first round of reforms took effect last year, when we sought to stop the ICBC's financial bleeding, and they've worked
Major reforms to ICBC were announced earlier this month that will improve coverage and reduce rates for people by removing legal costs from the system. The first round of reforms took effect last year, when we sought to stop the ICBC's financial bleeding, and they've worked. For the first time in a decade, the rate increase for basic insurance in 2020 will be 0% because ICBC’s finances are now back on track. The second round of reforms announced earlier this month will bring in the Enhanced Care Model , vastly improving coverage while reducing insurance rates by removing legal costs from the system. Insurance premiums are expected to drop by approximately 20% ($400) on average , with young drivers benefiting even more from the reforms, bringing our rates down below provinces like Alberta and in line with provinces like Manitoba and Saskatchewan. We will be able to do this while providing enhanced care to those involved in a ...