ICBC’s new rebate program announced Tuesday will offer B.C. drivers a partial refund on their car insurance.
As a result of more people continuing to work from home and travelling less often, there have been fewer cars on the road and ultimately fewer accidents over the past year.
The rebates will be available to motorists who held policies from April 1 to September 30, 2020. If you held a full policy, you will receive a full rebate, with partial coverage leading to a partial rebate.
Rebates could be as high as $400 for some drivers, but will average out to $190 for most British Columbians.
According to Premier John Horgan, the one-time rebate will be drawn from ICBC’s net savings of $600 million during the pandemic. This will mark the largest COVID-19 rebate offered to Canadians.
There are approximately 2.8 million people in B.C. eligible for the funds which will be delivered by cheque in March.
B.C. drivers will be able to save more money on their insurance later this Spring when ICBC drops car rates by 15% in May.
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