Tuesday’s provincial budget predicted a shift from shortfall to surplus in wake of recently introduced changes.
The province says it will remove lawyers and legal costs to reduce rates and increase medical care coverage, predicting an average savings of 20 per cent, or $400 per driver starting in May 2021.
Those estimated savings come through the implementation of what some lawyers call a “no fault” system – reducing costly battles with personal injury lawyers by expanding a tribunal that’s already been handling smaller injury disputes. The tribunal will expand to handle all ICBC disputes, a change expected to save the insurance company $1.5 billion in legal fees, courtroom experts and other related costs.
The 2020 three-year fiscal budget predicts an $86-million surplus for ICBC in 2020-2021, with a steady incline over the following years – leading up to a $191-billion surplus for 2022-2023.
Are you in favour of the changes made to ICBC? Take our poll and let us know.