Reductions in basic and optional rates save customers $80 million
VANCOUVER, Nov. 1 /CNW/ - ICBC is reminding customers that their basic insurance rates go down by 2.4 per cent today, November 1, in addition to an average three per cent reduction in optional insurance premiums, generating a combined savings of more than $80 million.
"Our customers' smart driving decisions, combined with a positive claims outlook and ICBC's multi-million dollar investments in road safety are paying off in the form of reduced rates," said Jon Schubert, ICBC's President and CEO. "Today's rate changes are reflective of our promise to our customers of stable insurance rates. This is the third year in a row our customers' combined insurance rates have gone down."
By comparison, customers in some other jurisdictions have seen rate increases in recent years along with a reduction in coverage benefits.
"In B.C., we are proud that we have maintained rate stability for our customers while still offering some of the best insurance coverage in the country," said Schubert.
Both the basic and optional insurance changes run for a full calendar year so customers will benefit from the reductions when they renew their insurance between now and October 31, 2011.
At ICBC, we're committed to our 3.2 million customers and their safety on the road. We license and insure drivers and vehicles across the province through our service centres, plus a network of more than 900 independent brokers and government agent offices. Claims customers are served through local offices and our award-winning Dial-a-Claim call centre. We add value to B.C. communities - our road safety investments help create safer roads, lead to fewer crashes, and help keep our rates stable. To find out more, visit icbc.com.
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For further information:
| Media contacts: | Mark Jan Vrem, 604-982-2476 |
| Adam Grossman, 604-982-1332 |
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