(The Victoria Times Colonist) – The Insurance Corp. of B.C. is seeking a consultant to collect public opinion on potential changes to how it sets premiums.
While no details are in place, the concept has been raised for a system in which lower-risk drivers would pay less.
“Customers advise ICBC that low-risk drivers should pay less, and that high-risk drivers should pay more,” said the organization’s tender document, issued Friday.
“ICBC has been using the claim-rated scale (CRS) since 1982 to assess driver risk and help set premiums. However, even with modifications to CRS in 2001, CRS does not effectively differentiate pricing for highrisk and low-risk customers. To move toward rates more reflective of risk, the corporation is considering replacing its existing system.”
ICBC is treading carefully. The corporation backed down in May from a plan that would have led drivers to pay higher premiums after only one traffic violation. Minister of Public Safety and Solicitor-General Shirley Bond told ICBC officials its plan was not reasonable.
Bids close Sept. 12 for the job to design, implement and report on results of a public engagement strategy. It would include a range of ways for the public to share ideas. The contract is expected to start in October.
“We are just at the very beginning of this process and we don’t know how it is going to end. But we are certainly looking forward to engaging the people of B.C. to hear their thoughts on the best way forward,” said Mark Jan Vrem, ICBC spokesman.
A time line to make a decision has not been determined.
Surveys have shown support for the risk-based idea. Now ICBC is aiming for wider public engagement to bring in comments and “to gauge the level of support for risk-based pricing and changes that make the most sense and have the most significance to British Columbians,” the tender document said.