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BC Utilities Commission green lights ICBC’s 15% auto insurance rate cut

Insurance premiums for BC drivers could be set to go down.

The BC Utilities Commission gave the green light to ICBC’s request for a 15 per cent cut to basic insurance rates.

The interim rate will come into effect on May 1st and stay in place until Utilities Commission settles on a final permanent rate.

Solicitor General Mike Farnworth stated it’s the largest rate drop in 40 years.

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The province claims premiums will drop by as much as 20 per cent, an average of $400 a year.

with files from Vista Radio news wire

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