B.C.’s vehicle insurance rates now among cheapest in nation: report
Global News
A report conducted by Ernst and Young on behalf of ICBC compared driver profiles and their vehicles across nine provinces, and surprisingly, B.C. had some of the best rates.
Bring Cash. It’s a common aphorism of British Columbia, and how expensive Canada’s westernmost province is compared to life on the Prairies.
While that adage certainly rings true for gas and housing, when it comes to vehicle insurance, a new, 42-page report says B.C. actually has among the nation’s best rates.
On Thursday, ICBC released the results of the report by Ernst and Young, which compared rates in B.C., Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, Prince Edward Island and Newfoundland.
The report included comparisons of prices in various cities, along with age-related drivers, their vehicles, average daily commute and annual kilometres driven.
The first example listed was an 18-year-old male student with a Stage 2 learner’s license and a 2012 Honda Civic LX.
In B.C., there were four prices listed for the teen’s insurance rates:
The rates in B.C. were considerably cheaper than the prices listed in Alberta, but still not as cheap as Saskatchewan:
The same price differences were generally mirrored across 30 different driver profiles, with B.C. coming in with lower prices than Ontario and the Atlantic provinces.