Advertisement

British Columbians to get second ICBC COVID-19 rebate

Click to play video: 'B.C. drivers expected to get around $190 rebate from ICBC' B.C. drivers expected to get around $190 rebate from ICBC
With fewer drivers on the road, and fewer crashes happening, insurance costs have fallen during the pandemic. So ICBC is giving B.C. drivers a $190 rebate. Richard Zussman reports. – Feb 2, 2021

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.”

Click to play video: 'B.C. drivers expected to get around $190 rebate from ICBC' B.C. drivers expected to get around $190 rebate from ICBC
B.C. drivers expected to get around $190 rebate from ICBC – Feb 2, 2021

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.

Story continues below advertisement

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.

Read more: ICBC customers set to receive an average rebate of $190 for COVID-19 related savings

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.

Click to play video: 'B.C. Public Safety Minister Mike Farnworth announces COVID-19 related ICBC rebate for drivers' B.C. Public Safety Minister Mike Farnworth announces COVID-19 related ICBC rebate for drivers
B.C. Public Safety Minister Mike Farnworth announces COVID-19 related ICBC rebate for drivers – Feb 2, 2021

ICBC is forecasting that the pandemic has led to about $350 million in savings.

Story continues below advertisement

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.

Sponsored content