ICBC’s rate reduction on basic and optional insurance take effect

ICBC’s 2.4% reduction in its basic rates are officially in effect.The public insurer also implemented a 3% reduction in optional insurance premiums.This marks the third consecutive year ICBC has offered rate reductions to its insureds.”Our customers’s smart driving decisions, combined with positive claims outlook and ICBC’s multi-million dollar investments in road safety are paying off in the form of reduced rates,” said John Schubert, ICBC’s president and CEO.ICBC estimates the reductions will save consumers a total of more that $80 million.