ICBC has just announced changes to go into effect over the next year to help alleviate increasing auto insurance rates in the province of BC. A variety of changes have been announced with the most significant being:
- Increasing the allowance for medical care and recovery costs related to a claim from $150,000 to $300,000 as part of accident benefits retroactive to January 1, 2018.
- Wider coverage rangefor different service types
- Increased wage loss payments
- Increased home support, alternative therapy, and death benefits
- Limiting minor injury settlements to a maximum of$5,500 effective April 1, 2019
These changes are being implemented to ensure better coverage for BC drivers, while mitigating the legal costs that are associated with escalating minor injury claims. For more information, please click here to read ICBC’s full announcement.