VICTORIA, B.C. – Residents across the province could be receiving more money thanks to ICBC.
The company will be issuing a second wave of COVID-19 rebate cheques from lower claims costs due to a low number of crashes during the pandemic.
Mike Farnworth, Minister of Public Safety and Solicitor General, says “We’ve been clear that any pandemic-related savings against ICBC’s bottom line will benefit customers. 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 B.C. drivers.”
ICBC will be distributing rebates averaging around $120 per policy starting next month. The company will be sending out roughly $350 million in rebates for just under three million customers.
This means that ICBC will have given around $950 million in rebates, with the first round of cheques totalling $600 million.
Customers that had an active auto insurance policy from October 1st, 2020 to March 31st, 2021, will be eligible for the rebate. Exemptions for the rebate include customers with short-term, storage or distance-based policies, or whose premiums already reflect lower usage.
Unlike the first round of rebate cheques, which were mailed out to customers, this second round will refund customers based on how they paid for their insurance policy. If customers used credit cared, the rebate will be applied to that card. Those who paid by cash, debit or Autoplan payment will be mailed a cheque.