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The Insurance Corp. of B.C.’s new insurance for ride-hailing has been approved and is ready for when companies can apply beginning next month to start service in B.C.

“ICBC has been consulting with the industry and looking at … solutions that better fit their needs,” said Myrthee Blanco, senior director of product and customer strategy for ICBC. “It’s great news, great progress.”

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The B.C. Utilities Commission approved ICBC’s application to make changes to its rateslate last month. The changes go into effect on Sept. 16.

Once they have received approval to operate from the Passenger Transportation Board, companies like Uber and Lyft will be required to buy a “blanket” insurance certificate that covers vehicles that are used for ride-hailing.

That mandatory basic insurance will cover all drivers for up to $1 million in third party liability and $300,000 in accident benefits.

The insurance premiums are based on kilometres driven and the zone — there are three — where a passenger is picked up. One zone includes the Lower Mainland, another includes Maple Ridge, /Pitt Meadows, Pemberton, Hope, the Fraser Valley, the Okanagan and southern Vancouver Island. The third zone covers the rest of B.C.