B.C. Premier David Eby says ICBC customers will be receiving a $110 rebate.
Additionally, basic rates will remain unchanged until March 31, 2026, making it six years in a row with no increase, Eby said.
All personal and commercial ICBC customers who had an active eligible basic insurance policy in February 2024 will receive the rebate, totalling roughly 3.6 million policies, according to the province.
“Six years of stable rates and the fourth rebate for drivers comes as a result of years of work turning ICBC around so that it actually works for people,” Eby said in a release.
“On average, drivers have saved $2,000 in rebates and lower rates since our reforms to ensure that when auto insurance is properly managed, people in B.C. benefit.”
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The province transitioned to a no-fault insurance model on May 1, 2021.
Under the new system, medical bills and loss of income are covered for people involved in a crash, as are specialist treatments such as physiotherapy.
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However, many British Columbians have come forward with stories about a lack of compensation under the new system, battling ICBC for medical coverage, lost wages or pain and suffering.
The province remains committed to the no-fault model, however, saying the benefits for all customers saving money is preferred to the previous model.
To receive the rebate as quickly as possible, customers are encouraged to update their addresses and sign up for direct deposit or through an Autoplan broker.
Initial rebate payments will commence in late May, with ongoing processing until the end of July. Customers receiving rebates via cheque are advised to allow additional time for mail processing and delivery.
Drivers will receive their rebate based on how they pay for insurance.
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