ICBC overhaul includes new $50 fee for lending out your car to friends, family

ICBC overhaul includes new $50 fee for lending out your car to friends, family

Unlisted driver protection one way the B.C. NDP and ICBC is planning to overhaul the Crown corporation

Do you let friends or family members borrow your car every now and again? Starting next year, you’re going to have to pay a new fee through ICBC.

On Friday, the BC Utilities Commission approved ICBC’s rate revamp – originally announced by the B.C. NDP’s back in August.

A new $50 “unlisted driver protection” fee is just one of the changes starting as early as 2019. It will apply to motorists who lend their vehicle out to someone else fewer than 12 times a year.

“The goal is to ensure drivers pay premiums which better reflect their risk,” the Crown corporation said about the changes on its website. “These changes to how ICBC’s Basic insurance premiums are set and how a driver’s risk is assessed are the most significant updates in more than 30 years.”

While the fee is entirely optional, ICBC said it could cost you if a unlisted driver is to be involved in a crash and isn’t protected by coverage.

“We know that extraordinary events occur – such as an unlisted driver using the vehicle for a medical emergency – and there will be exemptions to recognize these situations,” it said.

Black Press Media has reached out to ICBC for further comment.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

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