One Surrey family said adding their 18-year-old son to the family's insurance on a 15-year-old car sent premiums skyrocketing by 67 per cent.
As students prepare to head back to school next week, some say they’re being unfairly burdened by one of their expenses: vehicle insurance.scheme, better known as no-fault insurance, in May 2021, pledging to reduce costs for drivers.
“I’ve been working since I was 15 years old … I’m trying to save my money but with the car payments and the cost of gas, soon it’s going to outweigh what I’m making,” he said. ICBC maintains that its rates under the no-fault system are among the lowest in Canada, including for inexperienced drivers.But it said there is a reason new drivers pay more — and it has nothing to do with age.
“The good news, as they gain experience, if they drive safely, if they’re not involved in any crashes that are their fault, if they continue to do this they will save on their insurance premium year after year.”B.C.’s official opposition BC United says insurance costs for new drivers are simply too high given the current cost of living crisis, with inflation affecting everything from the price of gas to the price of food to housing costs.
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