Drivers in British Columbia continue to pay the highest auto insurance premiums in the country, new data show.
According to the latest figures released by the General Insurance Statistical Agency, the average yearly cost for insurance is $1,832 in the province.
That number is found by dividing the total premiums in BC (for personal vehicles only) by the total number of personal vehicles.
In Alberta, the average cost is $1,316 while in Ontario it’s $1,505.
"Under ICBC's monopoly, British Columbians will again pay the highest auto insurance prices in Canada, with premiums now averaging $1,832 annually,” Aaron Sutherland, the vice-president of the Insurance Bureau of Canada’s Pacific branch, said.
“While many important changes are under way in BC, none are expected to begin to reduce the price most drivers are paying.
"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."
ICBC is yet to respond to the latest criticism, but BC Attorney General David Eby has previously said the “system needs to change”.
