It actually pays to be a better driver it seems. With fewer crashes in BC, it means more ICBC rebates for insured drivers.
Due to lower claims being made, the Insurance Corporation of British Columbia (ICBC) is providing another round of rebates this summer.
These ICBC rebate cheques can be expected in mid-July.
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How Much is the Rebate?
ICBC says it will be returning approximately $350 million to nearly 3 million ICBC customers. That means each rebate will be an average of $120 per policyholder.
The amount will vary per person, as it does depend on how long the vehicle has been insured and the amount paid in premiums. ICBC says that nearly 70% can expect to see between $60 and $200 come back.
In March, ICBC had already given out nearly $600 million in rebate cheques. This is due to the drop in insurance claims as part of pandemic relief. They then introduced enhanced care which provides discounted / more affordable rates.
More affordable auto insurance and better benefits are now available under Enhanced Care. Customers can now use ICBC’s online estimator tool to calculate their own Enhanced Care savings and refund. Try the estimator tool: https://t.co/ag53dvA9Po pic.twitter.com/O4FkSrtdzt
— ICBC (@icbc) June 10, 2021
With this second round of relief rebates, ICBC would have returned a total of $950 million to B.C. drivers.
Who Is Eligible?
Most customers who had an active auto insurance policy from Oct. 1, 2020 to Mar. 31, 2021 will be eligible.
Although there are exceptions, including those with short-term, storage or distance-based policies, whose premiums already reflect lower usage.
Although ICBC were reporting deficits up until 2019, since 2020 they have been in a good financial position. They have reported receiving 20% fewer crash claims than expected. So as a result, drivers are being compensated via these pandemic savings rebate cheques.
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