Skyrocketing claims, increases in cases of insurance fraud and more injury claims have led ICBC to project a worst-case scenario rate increase of 42 per cent by 2020. ICBC has also provided best-case scenario figures under which rates would only go up 15.8 in the same period. Transportation Minister Todd Stone announces changes to insurance for luxury vehicles in front of a damaged Ferrari. ICBC rates up 30% since 2011The provincial government has been facing criticism over ICBC rates that have gone up more than 30 per cent since Premier Christy Clark took office. Currently, luxury car owners pay about the same basic rate as the owner of a $15,000 car, the average value of a passenger vehicle in B.C.

Source: CBC News November 24, 2016 02:18 UTC