Victoria, British Columbia — According to the British Columbia government, the Insurance Corporation of British Columbia (ICBC) is providing a $110 rebate to eligible drivers.
The ICBC has also announced that basic rates will be maintained until March 31st, 2023, marking six years in a row with no increases.
This rebate is attributed to positive investment performance and responsible fiscal management by the ICBC, resulting in a preliminary net income for the fiscal year of 2023 to 2024 of approximately $1.5 billion. The total amount of the rebate is $400 million, equivalent to the $110 per eligible insurance policy.
As the provincial law now requires, the balance will stay with ICBC, “helping to stabilize rates for drivers over the long term,” said a recent press release. “The final, audited net income figure, along with a full financial summary of the fiscal year, will be released this summer.”
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.
How drivers receive the rebate will depend on how they paid for their insurance, the press release further noted. For people who paid by credit card, the rebate will be refunded to the credit card. People who paid by cash, cheque or debit can sign up for direct deposit or can receive a cheque from the ICBC. For people who are on a payment plan, the rebate will be applied directly to an upcoming payment.
“To receive your rebate as quickly as possible, we encourage customers to update their addresses and sign up for direct deposit or through an Autoplan broker,” said David Wong, ICBC’s new president and CEO.
