Insurance rates will be holding steady for BC drivers with no increase to basic rates through to spring 2027.

The Province says that marks seven consecutive years without an increase.

“Keeping basic insurance rates low and stable is part of our government’s commitment to affordability and helping people manage their day-to-day budgets,” said Niki Sharma, Attorney General and minister responsible for ICBC.

“We’re making sure drivers have access to affordable coverage and some of the strongest care and recovery benefits in the country without compromising financial sustainability.”

ICBC says that basic auto insurance rates do not require a change through to 2026-27 fiscal year, eliminating the need for an application to change rates with the B.C. Utilities Commission this year, and postponing any potential need for an application until late 2026.

In a release, the BC government says the introduction of Enhanced Care in 2021 marked a turning point for auto insurance in the province, with an immediate reduction in basic insurance rates, saving the average customer approximately 28% less than what they were paying.

The Province says the new model has played a key role in keeping the rates steady ever since.

As a result, British Columbia has moved from having some of the highest auto insurance rates in Canada to being among the most affordable.

For details, visit Government of British Columbia.