"It depends on any given driver what the actual impact is going to be when they go to renew their insurance, but regardless of what the outcome of the rate hearing is, two-thirds of drivers will be better off under this system than they would be otherwise if we left things as they were", he said. He said they would ensure ICBC's rates were more closely aligned with risk.
Inexperienced and high-risk drivers would pay more for their vehicle insurance in British Columbia under proposed changes to modernize the province's Crown auto insurance corporation.
Alongside the changes, ICBC has proposed a transaction cap limiting how much premiums can change each year for individual customers based on their driving record and at-fault crash history.
Most customers are expected to transition to their new basic premium within three years.
The province and ICBC are proposing big changes to the way insurance premiums are determined.
Mr. Eby said under ICBC's proposal, less-experienced drivers - those who have been driving for less than 15 years - would see an increase in their premiums.
New discounts available for vehicles with original, manufacturer-installed automatic emergency braking technology, as well as vehicles driven less than 5,000 kilometres per year. If approved the changes would come into effect in September 2019.
During the announcement, he said 39 per cent of B.C. motorists will see reductions of up to $50 a year, while 13 per cent will save between $50 and $100.
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17% of all drivers - more than $100 increase.
Insurance premiums will also factor in where you live and the traffic density, population growth and changes in the urban infrastructure. Consequently, the B.C. government has directed the insurance provider to file an application by August 15th.
"While we're happy to hear, on the surface, that good drivers will pay less and bad drivers will pay more, we want to see serious numbers here and we urge the province to open ICBC up to competition", she said.
Andrew Wilkinson, Leader of the Opposition BC Liberals, said in a written statement the NDP government is not addressing the major problems at ICBC.
The proposed changes align with the feedback the government received from almost 35,000 British Columbians on how to make insurance fair.
The goal of the changes is to make the system fairer - they won't necessarily affect the ICBC's projected losses of $1.3 billion in the last fiscal year, according to reports from The Canadian Press.
In February, Eby introduced legislation to impose limits on soft-tissue injury payouts from vehicle accident claims that could save enough to cover soaring costs that led to the public insurer losing $1.3 billion in the last fiscal year.