No auto insurance rates increase until spring 2027 ICBC

The Insurance Corporation of British Columbia (ICBC) will maintain its auto insurance rates until at least the 2026-27 fiscal year, marking the seventh consecutive year without an increase. Attorney General Niki Sharma highlighted that this decision aligns with the government’s commitment to affordability for drivers. Interim CEO Jason McDaniel noted that stable rates enable ICBC to focus on enhancing customer service and expanding digital services. The Crown corporation did not provide details on potential rate changes for the 2027-28 fiscal year, indicating that any future increase would need to be submitted to the B. C.

Utilities Commission beforehand. Sharma reaffirmed the importance of providing affordable coverage while ensuring financial sustainability. ICBC's approach reflects a broader trend of prioritizing driver affordability amid rising costs in other areas. This decision is significant for British Columbians, who rely on accessible auto insurance options. Maintaining these rates is crucial as the province navigates economic challenges and seeks to support its residents.