Vancouver, British Columbia – Customers of the Insurance Corporation of British Columbia’s (ICBC) personal optional insurance will see their rates for optional coverage go down by an average of three per cent, effective July 1, 2008. Almost 71 per cent of customers who purchase both their basic and optional insurance for their private passenger vehicles from ICBC will see their combined rates decrease or stay roughly the same.

ICBC announced the optional rate reduction earlier this year, when it also indicated there was no need for an additional basic rate change in 2008. A recent reduction in some claims costs, particularly for vehicle theft, have allowed for a decrease in optional rates this year.

“Over the past five years, ICBC has been able to hold the line or reduce rates for our optional insurance customers,” said Geri Prior, ICBC president and CEO. “Overall insurance rates for B.C. drivers continue to be low and stable. Customers who have purchased the same basic and optional coverage from ICBC over the last five years have seen only a $2 increase on average in their premium over this period.”

The combined effect of basic and optional rate setting for 2008 means that 56 per cent of private passenger vehicle customers will see a savings of between $5 and $99 on their yearly insurance premiums, while three per cent will save $100 or more. Twelve per cent will see their rates stay roughly the same.