ICBC says that it will be issuing refunds to “millions of British Columbians” starting next week.
Saturday, May 1, marked the first day of ICBC’s new insurance system. The Crown corporation transitioned to a new “care-based model” and rolled out what they describe as “Enhanced Care coverage.”
Customers who purchase full basic and optional insurance from ICBC on or after May 1 will save an average of 20% compared to last year’s premiums. Minister of Public Safety and Solicitor General Mike Farnworth says that the basic rate decrease is the “largest in the province in more than 40 years.”
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A one-time, pro-rated refund will also be issued to drivers who renewed their insurance policy under the old system. A policy holder’s refund will be the difference between what they paid when they last renewed and the lower cost of ICBC’s care-based model.
The amount will also vary based on however long their current policy extends past May 1, 2021.
“Customers who are eligible for an Enhanced Care refund will receive a personalized letter explaining the amount they are being refunded for each eligible vehicle they insure, ICBC says in a statement. “These letters will detail how the refund will be returned to customers based on how they paid for their insurance.”
According to ICBC, the average Enhanced Care refund will be approximately $150, although the company stresses that it will vary for customers.
“Since policy renewal dates vary between customers, some customers will receive low-value refunds if their policy only extends a short time,” the corporation says.
They also stressed that they would be issuing refunds of all sizes, even those of just a few dollars or less.