ICBC says it will issue a second COVID-19 rebate as there were lower claims costs because of fewer crashes during the pandemic.
ICBC will start distributing rebates averaging $120 per policy in mid-July.
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 past year and a half has been tough on all British Columbians, but they’ve been doing the right thing – including staying closer to home and driving less because of the pandemic,” said Nicolas Jimenez, president and CEO, ICBC.
“Due to lower claims, we’re in a position to support our customers and bring them some extra relief, and that’s just what we’re going to do.”
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% of customers will get a rebate between $60 and $200.
A customer with several vehicles fully insured with ICBC Basic and Optional insurance may see a higher value COVID-19 rebate, while a customer who has a vehicle with only Basic ICBC coverage or a vehicle that was insured for a portion of the six-month period would see a lower value rebate.
For example, a customer who insured a recreational vehicle for one month may see a very low-value COVID-19 rebate of just one or two dollars.
Unlike the first COVID-19 rebate, which ICBC issued by cheque and mailed to customers, the second COVID-19 rebate will be distributed based partly on how customers paid for their insurance policy.
Customers who used a credit card will have their COVID-19 rebate returned to the card they used. Customers who paid by cash, debit or Autoplan payment plan will be mailed a cheque to the latest address on file with ICBC. Customers can update their address online: icbc.com
If a customer signs up for direct deposit by June 30, 2021, ICBC will deposit the rebate into their bank account.
