B.C. insurance corp. announces $110 vehicle rebate, rate increases on hold until 2026

VICTORIA — Most drivers in British Columbia will receive a $110 vehicle insurance rebate this year.

The Insurance Corporation of B.C. says strong investment and financial returns and the 2021 shift to the "enhanced care" model for providing health coverage for people involved in crashes has put the Crown corporation in a solid position to offer rebates.

Corporation president David Wong says vehicle insurance rates will also remain frozen until at least March 2026.

He says the last basic insurance rate increase was 2019.

Wong says preliminary financial results show ICBC will earn net income of $1.5 billion this year, which includes the $400 million cost of the rebates.

Premier David Eby and Solicitor General Mike Farnworth, the minister responsible for ICBC, and Wong are set to address rebate program at a news conference Wednesday.

This report by The Canadian Press was first published May 8, 2024.

The Canadian Press