ICBC will soon be rolling out a new discount for eligible drivers
The Insurance Corporation of BC is rolling out a new usage-based discount starting this spring, and eligible drivers could save a pretty penny with the program.
Drivers who add 15,000 km or less to their vehicle’s odometer per year will be eligible for a new discount on their optional insurance premium.
According to David Wong, ICBC’s president and CEO, cost savings are top of mind for drivers in British Columbia.
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“We know many of our customers are interested in usage-based insurance with cost savings being the top motivating factor, and it’s our goal to provide affordable auto insurance to the people living in B.C.,” said Wong in a release.
“Driving less not only lowers your risk of getting into a crash, it’s also better for the environment. We hope more of our customers will be able to take advantage of the new Optional distance-based discount now available.”
Drivers who come in below the 15,000-km mark could save 10 to 15 per cent on select ICBC optional coverages. The amount will depend on how much they drive during the one-year policy term.
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The new policy is available to anyone who renews their policy on or after June 1, 2025, as long as you have two photos of the odometer taken a year apart, proving you drove less than 15,000 km the previous year.
Drivers must also have an eligible vehicle, as motorcycles, RVs, collector vehicles, and select other vehicles are not included in the discount offer.
ICBC already offers a discount to those who drive 5,000 km or less per year, and the 15,000 km or less discount expands eligibility.
So if you haven’t already, snap a photo of your odometer!
With files from Megan Devlin