ICBC to issue BC drivers second pandemic rebate, averaging $120 each
Drivers in British Columbia will receive a second rebate cheque from ICBC as a result of fewer crashes during the COVID-19 pandemic.
The announcement was made on Friday morning by the Crown corporation and the Ministry of Public Safety and Solicitor General.
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“We’ve been clear that any pandemic-related savings against ICBC’s bottom line will benefit customers,” said Mike Farnworth, Minister of Public Safety and Solicitor General, in a release.
“The good news is that ICBC is in a strong financial position to issue a second COVID-19 rebate to customers, putting more money back in the pockets of BC drivers.”
The Crown corporation says that it will be returning approximately $350 million in savings to drivers. This will be issued by cheque, averaging around $120 per policyholder. The Ministry adds that this is on top of the $600 million in net savings issued earlier this spring, for a total of $950 million in savings.
The rebate will be issued to most drivers with an active auto insurance policy between October 1, 2020, and March 31, 2021.
“Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage,” ICBC explains. “The rebate is approximately 11% of the premium customers paid during this six-month premium.”
The amount that a driver receives from the rebate cheque will vary based on whether they had a vehicle insured during the six-month period and the amount they paid in premiums during that time.
A customer with multiple vehicles insured could see a higher rebate issued, while someone with basic ICBC coverage could see a lower amount given. According to ICBC, approximately 70% of customers will receive between $60 and $200.
Additionally, unlike the first COVID-19 rebate issued earlier this year, the second rebate will be distributed based on how customers paid for their insurance policy. The BC government says that these rebates will start going out in mid-July.
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