ICBC customers are set to get more of their money back.
The public insurer will issue a second COVID-19 rebate because of lower claims costs due to fewer crashes during the pandemic.
“We’ve been clear that any pandemic-related savings against ICBC’s bottom line will benefit customers,” Minister of Public Safety and Solicitor General Mike Farnworth said Friday.
“The good news is that ICBC is in a strong financial position to issue a second COVID-19 rebate to customers, putting more money back in the pockets of B.C. drivers.”
On average, drivers will receive rebates of $120 per policy in mid-July, returning approximately $350 million in additional rebates to 2.94 million customers.
This is on top of the first COVID-19 rebate of $600 million, for a total of $950 million.
Most customers who had an active auto insurance policy from Oct. 1, 2020, to March 31, 2021, will be eligible for the rebate.
Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage. The rebate is approximately 11 per cent of the premium customers paid for coverage during this six-month period.
Drivers are also getting an ICBC rebate related to the province’s transition to a no-fault insurance system.
Crash claims were 20 per cent lower than expected between Oct. 1, 2020, and March 31, 2021. The public insurer also saw a reduction in premium revenue as customers made changes to their insurance policies, held off on getting new ones, or cancelled them.
ICBC is forecasting that the pandemic has led to about $350 million in savings.
Rebate amounts will vary between customers, depending on whether they had a vehicle insured for the full six months and how much they paid in premiums during that time. Roughly 70 per cent of customers will get a rebate between $60 and $200.