ICBC to hand out rebates this year and keep basic rates flat until 2026

ICBC will distribute around $400 million in rebates over the next few months, which is good news for drivers.

That amounts to $110 per policy for eligible individuals. Approximately 3.6 million customer policies are eligible. If you have two cars, that means you get two rebates.

The first rebates should be sent out in late May this year, and all of them should be processed by the end of July.

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Personal and commercial customers with an active basic insurance policy in February 2024 are entitled to the rebate.

The provincial Crown corporation recommends setting up direct deposit, which is the quickest way to get the rebate. It wants your direct deposit information by May 21. ICBC will also be handing out rebates in the form of cheques to some customers, so make sure your address is up to date.

If you pay by credit card, you’ll receive the rebate as a refund on your credit card. If you have an automatic payment plan, your June payment will be reduced. If you pay by debit cash or cheque, you’ll receive it by mail unless you’ve set up direct deposit.

ICBC has other good news: basic rates will remain flat until March 31, 2026, as they have since 2019. Depending on the policy, some drivers with different policies could see their rates go up or down.

At a press conference on Wednesday morning, BC Premier David Eby came to the podium to the sounds of ACDC’s Back in Black, suggesting that while some people think car insurance is boring, he thinks it’s rock and roll.

“On average, drivers have saved $2,000 in rebates and lower rates since our reforms to ensure that when auto insurance is properly managed, people in BC benefit,” Eby said of the rebates.

The news comes thanks to ICBC’s strong financial health, including a net income of $1.5 billion for the 2023/2024 fiscal year.

Does this news make you believe that the financial dumpster fire is finally being put out?