New discount offered by ICBC for drivers, could save up to 15 per cent

A new discount is being offered by ICBC for drivers who tend to drive less than the typical motorist.

If a driver drives less than 10,000 kilometres per year, they qualify for ICBC’s new distance-based discount. They may be eligible to save between 10 and 15 per cent on their ICBC optional coverage when renewing.

You may be eligible for the new distance-based discount if you:

• Drive less than 10,000 kilometres per year.
• Provide two odometer readings one year apart as proof of your driving distance.
• Have a 12-month autoplan policy with ICBC optional coverage.
• Have an eligible vehicle (motorcycles, RVs, collector vehicles and certain other vehicles are not).

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ICBC recently conducted a survey where 56 per cent of British Columbians said they are interested in usage-based insurance, with cost savings being the top motivating factor.

“The new distance-based discount builds upon our existing low-kilometre discount, which was introduced in 2019 and is for vehicles driven less than 5,000 kilometres a year,” ICBC staff said in a release.

“Drivers eligible for the low-kilometre discount receive 10% off their Basic insurance and may also be eligible for the new distance-based discount on select ICBC optional coverages.”

More information regarding usage-based insurance, and the new discount can be read online.