Effective July 1st, 2024, ICBC will be updating the CL332 to reflect the latest rate increase. ICBC will be applying an across-the-board rate increase of 3% for towing and storage rates across the province. The increase is part of its previous 3-year deal with industry and is based on the BC Consumer Price Index. While the increase is welcome news there is still more work to be done. The ARA will be working closely with its industry partners over the next year to ensure ICBC’s new multi-year framework adequately addresses rate inequality, updating the storage zone criteria, and updating its Heavy Duty/Rotator Tow rates.
This is an update regarding year three of the multi-year rate framework announced in 2022 for material damage partners. Moving into year three, effective July 1, 2024, towing suppliers will receive a 3% increase to labour and storage rates – the maximum allowed under the framework. The rate increase is based on the BC Consumer Price Index (CPI), up to 3%.
The increase is designed to help address rising cost pressures faced by industry, while delivering on our commitment to keeping rates affordable for British Columbians. Additionally, we’re finalizing a new multi-year rate framework for towing suppliers. We’ll be sharing those details with you in the upcoming weeks.
If you have any questions, please email: towingprograms@icbc.com or reach out to Ken Hendricks kenhendricks@ara.bc.ca