British Columbians pay the most for auto insurance

British Columbians continue to pay the highest auto insurance premiums in the country, according to the General Insurance Statistical Agency (GISA) – the statistical agency run by Canada's provincial insurance regulators.

Prices are expected to continue rising in the years ahead, according to ICBC latest financial statements.

"Under ICBC's monopoly, British Columbians will again pay the highest auto insurance prices in Canada, with premiums now averaging $1,832 annually. While many important changes are underway in BC, none are expected to begin to reduce the price most drivers are paying," said Aaron Sutherland, Vice-President, Pacific, Insurance Bureau of Canada (IBC). "With ICBC stating that it will need price increases to raise over $1 billion in the years ahead, now, more than ever, the market must be opened to competition and choice to improve the affordability of auto insurance for drivers."

Calculation of average premium in each province (CNW Group/Insurance Bureau of Canada)