ICBC customers will receive COVID-19 rebate

VICTORIA, B.C. -ICBC customers are set to receive a rebate this Spring averaging $190. On Tuesday, Premier Joh…

VICTORIA, B.C. -ICBC customers are set to receive a rebate this Spring averaging $190.

On Tuesday, Premier John Horgan announced the rebate due to the company saving $600 million in costs during the COVID-19 pandemic.

Most customers who had insurance through ICBC from Apr. 1st to Sept. 30st of last year will be eligible for the rebate. The amount received will depend on what they paid for coverage during that period.

“Our work to make life more affordable for British Columbians includes fulfilling our commitment to take earnings at ICBC that are related to the pandemic and give that money back to the people. Those cheques will be in the mail soon,” said Horgan.

Since the beginning of 2020, ICBC reported 35 per cent fewer collisions than they expected, which resulted in lower claim costs. This resulted in ICBC taking in $720 million. The gain was offset by $120 million in losses due to less premium revenue.

Customers with short-term, storage or distance-based policies will be excluded from the rebate.

The basic insurance portion of the rebate must be approved by the British Columbia Utilities Commission.

ICBC will start mailing cheques to customers mid-March 2021.

 

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