No auto insurance rates increase until spring 2027: ICBC

The Insurance Corporation of British Columbia (ICBC) will not increase the rates for auto insurance this year.

ICBC says that the Crown corporation’s finances do not require a change through to the 2026-27 fiscal year.

“Keeping basic insurance rates low and stable is part of our government’s commitment to affordability and helping people manage their day-to-day budgets,” said Niki Sharma, Attorney General and minister responsible for ICBC.

This marks the seventh consecutive year that the Crown corporation has not increased the rates.

“With insurance rates stable, we can put our efforts toward enhancing customer experience and expanding online services,” said ICBC interim CEO and president, Jason McDaniel.

The Crown corporation did not say if the rates will be increased in the 2027-28 fiscal year.

Any potential rate increase would have to be submitted to the B.C. Utilities Commission the year before.

“We’re making sure drivers have access to affordable coverage and some of the strongest care and recovery benefits in the country without compromising financial sustainability,” Sharma added.