A new study released by HelloSafe.ca reveals the number of claims ICBC received related to traffic crashes in Surrey in 2020 compared to 2019 dropped by 34.61 per cent, creating a saving of $103,203,895 for the corporation.
“With most people stuck at home, their cars have inevitably stayed in the garage,” Antoine Fruchard, CEO and insurance expert at HelloSafe, noted of this pandemic year.
“Indeed, customers are inevitably questioning why they continued to pay such high insurance premiums while they weren’t able to drive. It will be interesting to see if all the insurance companies will make refunds, and which forms will take those refunds,” he said.
The estimated savings province-wide is $913,136,723.
On Dec. 14 Public Safety Minister Mike Farnworth said in a teleconference with reporters that enhanced care coverage to be introduced next spring will save drivers, on average, 20 per cent or roughly $400 on their optional and full basic insurance rates.
The following day, ICBC applied to the British Columbia Utilities Commission (BCUC) for a significant decrease to basic insurance rates.
“If approved by the BCUC, this basic insurance rate decrease will be the largest in our province in more than 40 years,” Farnworth said. “British Columbians deserve auto insurance that is affordable and takes care of them when they need it, and this is exactly what Enhanced Care will deliver.”