ICBC announces $110 rebate, freezes rates for another 2 years

Most drivers in British Columbia will receive a $110 vehicle insurance rebate this year after the Insurance Corporation of B.C. announced strong investment and financial returns.

Premier David Eby also announced that basic vehicle insurance rates will remain frozen until at least March 31, 2026, making it six straight years with no increase.

Preliminary financial results show ICBC will make a net income of $1.5 billion this year, which includes the $400 million cost of the rebates.

The vast majority of personal and commercial ICBC customers who held an active basic insurance policy in February 2024 are eligible for the rebate.

However, the insurer says that some policy types are not eligible. Those include storage policies, temporary operation permits, and policies for golf carts, off-road vehicles, trailers and collector vehicles.

Rebates will begin being processed later this month.

ICBC president David Wong encouraged customers to update their addresses or sign up for direct deposit to receive the money as quickly as possible.

Drivers who paid for their insurance by credit card will see the rebate refunded to the card. Those who paid by cash, cheque or debit will see it refunded by cheque or direct deposit.

In 2021, the provincial insurer shifted to a no-fault or "enhanced care" model for providing health coverage for people involved in crashes, effectively removing millions of dollars in legal costs from the system and putting the Crown corporation in a position to offer rebates.

"Six years of stable rates and the fourth rebate for drivers comes as a result of years of work turning ICBC around so that it actually works for people," Eby said.

"On average, drivers have saved $2,000 in rebates and lower rates since our reforms to ensure that when auto insurance is properly managed, people in B.C. benefit."