The commission must approve ICBC’s proposal, which is based on the Crown corporation’s own assessment of the lower costs it will incur by not offering all injured drivers an opportunity to claim damages from minor car accidents. The new no-fault “Enhanced Care” system proposes higher care, treatment and income benefits, funded by a significant reduction in legal costs. Under the current system, ICBC projected, last February, it would pay $960 million in legal costs and $940 million in injury claim settlement costs in 2022. The new system, which is slated to take effect in May 2021, is expected to reduce legal costs to $100 million and settlement costs to $130 million – decreases of nearly 90% and 86%, respectively.
BC Bringing In Hefty Fines For COVID-19 Violators
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ICBC working to make online auto insurance renewals a reality by 2022 | iNFOnews
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