ICBC will be providing eligible drivers with a $110 rebate “through prudent financial management and better-than-expected investment income.”
They have also announced that basic rates will remain flat until March 31st, 2026, which will mark six years since the last rate increase.
“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 B.C. benefit.”
Each $110 rebate payment in the province totals $400-million, a substantial slice of ICBC’s $1.5 billion net income in 2023-24.
“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.”
ICBC says people will receive their rebates depending on how they paid for insurance.
Those that payed by credit card will have it refunded to their card, people on a payment plan will have the rebate go straight into an upcoming payment, and anyone who payed via cash, cheque or debit can sign up for direct deposit or will get a cheque in the mail.
The rebate payments will be made between now and the end of July.
You can learn more about the rebate here.
-files by Will Peters-MyPGNow