ICBC Update: COVID-19 Rebate
There are big changes underway at ICBC right now as they move to a new model of insurance this spring called Enhanced Care. Under the Enhanced Care model, most customers will see their premiums decrease, and ICBC will be refunding customers whose insurance expires later in the year.
While ICBC’s Enhanced Care premium reduction is on the top of most minds, there may be another refund coming your way as well.
During 2020, ICBC reports that they saved approximately $600 million as a result of the significant decrease in crashes, which ICBC attributes to the COVID-19 pandemic.
Because there were far fewer cars on BC roads during the height of the pandemic – which I am sure everyone who commuted into Victoria last spring and summer can attest to – ICBC saw a considerable decrease in the number of collisions, and in the cost of the claims that were made.
Even though ICBC collected less in premium, with many people cancelling their policies or reducing coverage during the pandemic, they still saved a substantial amount of money. Now that money is coming back to you!
An average of $190 per customer (or $210 for fleet customers) will be mailed to most of the nearly 3 million customers who insured a vehicle between April 1st, 2020 and September 30th, 2020. Your exact rebate will depend on the premium you paid during that period.
Vehicles insured by temporary operating permits do not qualify for the rebate, nor do storage policies.
Rebate cheques are being issued starting March 15th, 2021. Update your address with ICBC before that date, if you have recently moved, to ensure your cheque can easily find you.
Stay tuned for more information on your next potential rebate and what you need to know about Enhanced Care.