ICBC to give $110 rebate to drivers thanks to 'better-than-expected' financial situation

Many drivers in the province will reap the rewards of ICBC’s financial situation in the form of the organization’s latest $110 rebate on their insurance. 

In addition to this, ICBC has announced they will not be increasing basic rates until the end of March, 2026—marking six years with no increases.   

According to ICBC, this is because of their “prudent financial management and better-than-expected investment income.”

“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,” said Premier David Eby. 

“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 BC benefit.”

The last four rebates given out by ICBC are as follows:

• April 2021 – first COVID-19 rebate: $190
• July 2021 – second COVID-19 rebate: $120
• 2022 – relief rebate: $110
• 2024 – ICBC rebate: $110 

The Province says that ICBC’s net income for the last fiscal year will be an estimated $1.5 billion, so they are giving back to their clients.

With each eligible driver insured under ICBC getting $110, the total payoff to British Columbians is an estimated $400 million. 

According to the Province, all personal and commercial ICBC customers who had an active eligible basic insurance policy as of February 2024 will receive the rebate. 

This equates to around 3.6 million British Columbians. 

The total population of BC is around 5.1 million as of 2019, meaning that the majority of British Columbians will receive this rebate. 

“ICBC is able to return $400 million to drivers because of prudent fiscal management that puts people first, and our commitment in law that ICBC’s surplus should go toward benefiting drivers instead of going to government coffers,” said Mike Farnworth, Minister of Public Safety and Solicitor General. 

“This rebate, alongside the decision to not increase basic rates for six years in a row, underscores the benefit of a public auto insurer. When private insurance companies make a profit, it’s at the expense of, not for the benefit of drivers.”

Rebates will be paid out via cheque and direct deposit, so ICBC recommends its customers to update their addresses and sign up for direct deposit if they haven’t already to get their rebate as quickly as possible. 

For customers who are currently on a payment plan, this rebate will be applied directly to an upcoming payment.

Rebates will begin to be paid out in late May.