Risky drivers hit with hefty ICBC increases starting today
Beginning today, risky drivers — those convicted of excessive speeding, impaired driving, distracted driving and other violations — will be hit with hefty penalty increases, Attorney General David Eby announced Tuesday.
ICBC said there will be a 20-per-cent increase in the amount of the driver-risk premium, charged annually to drivers who are convicted of dangerous driving offences, and the driver penalty point premium, charged to drivers who have collected four or more points from traffic violations.
“Reckless drivers put others at risk, and they’re contributing to the rise in crashes we’re seeing on our roads,” Eby said in a statement. “To help make our roads safer and hold people accountable, we’re bringing in higher penalties for drivers who engage in dangerous behaviour behind the wheel.”
Drivers who fail to pay the premiums will not be allowed to renew their driver’s licence or buy vehicle insurance through ICBC. They’ll also be charged 19.6 per cent in interest after 60 days without payment. Both premiums are insurance penalties that drivers must pay on top of their original violation fines.
According to the attorney general’s office:
The driver penalty point premium currently ranges from $175 for four points to $24,000 for 50 or more points. With the 20-per-cent increase starting Nov. 1, these penalties will go up to $210 for four points and $28,800 for 50 or more points.
Penalties will increase by 20 per cent again on Nov. 1, 2019, to keep in line with previous increases in basic premiums.
Penalties will match any changes to the basic insurance premium. Based on the increases, ICBC expects to collect $26 million in penalties in 2019, $32 million in 2020 and $36 million in 2021 (fiscal year from April to March).
In January, it was revealed that ICBC expected to lose $1.3 billion this year because of more crashes and skyrocketing bodily injury claims costs, something Eby called a “financial dumpster fire.”