ICBC customers will get a $110 rebate this spring

Article content

ICBC customers will get a $110 rebate this spring, which B.C.’s premier says is thanks to strong financial performance from the auto insurer.

The Insurance Corp. of B.C. said the rebate will be applied to 3.6 million policies, which will be paid by direct deposit or by cheque by July.

Article content

At a press conference Wednesday morning at the Hillside Mall in Victoria, Premier David Eby started his announcement to the tune of AC/DC’s Back in Black, a nod to ICBC’s healthy financial picture.

Article content

Eby said under the previous B.C. Liberal government, which included current B.C. United leader Kevin Falcon, ICBC was on the “highway to hell” but he boasted that the B.C. NDP government’s reforms have put it “back in black.”

The $110 rebate will be issued per policy, so if a household has two cars, they’ll get two rebates.

ICBC customers who paid by cash or debit card will receive a cheque in the mail. If they’ve signed up for direct deposit, the rebate will be deposited into their bank account. Customers who paid by credit card will get a refund on the card, while those on a payment plan will have their monthly payments adjusted. Customers are advised to make sure their address is up to date by May 21 so they can receive the cheque.

Drivers’ insurance rates will hold steady this year and remain the same until March 31, 2026. The last basic rate increase was in 2019.

The rebate will cost ICBC $400 million, but CEO David Wong said the Crown corporation can afford it thanks to a healthy financial position.

Wong said strong investment performance has left ICBC with $1.5 billion in net income for the fiscal year 2023-24.

Article content

He said the enhanced care model — or no-fault insurance — brought in by the NDP government in 2021 when Eby was attorney general, has reduced legal fees paid by ICBC and ensures more of the claim costs go directly to customers for their medical care.

The no-fault system also capped payouts for minor injuries and created a civil resolution tribunal to adjudicate disputes instead of relying on the court system.

The auto insurance reforms followed years of consecutive $1 billion losses for ICBC in 2018 and 2019, a “financial dumpster fire” that Eby blamed on the previous B.C. Liberal government.

The current rebate must be approved by the B.C. Utilities Commission.

kderosa@postmedia.com

Recommended from Editorial

1. 

   As B.C.'s carbon tax goes up, here's how you qualify for a rebate

2. 

   B.C. Hydro electricity credit: Here's how much you'll get and when

Bookmark our website and support our journalism: Don’t miss the news you need to know — add VancouverSun.com and TheProvince.com to your bookmarks and sign up for our newsletters here.

You can also support our journalism by becoming a digital subscriber: For just $14 a month, you can get unlimited access to The Vancouver Sun, The Province, National Post and 13 other Canadian news sites. Support us by subscribing today: The Vancouver Sun | The Province.

Share this article in your social network