ICBC Rebate - What Does This Mean for Me?
Following up again on the upcoming relief plan for high car insurance rates in BC, ICBC is poised to make changes in order to improve the extremely high insurance premiums. These high rates, for some time now, have placed BC residents right smack at the top of the list of highest rates compared to all other provinces.As previously revealed, the 15% reduction in rates is set to take effect on May 1st, and in the meantime, there will be some financial relief coming very soon in the form of the ICBC rebate.If you are a BC resident and car owner, read on to learn more about what these rebates will mean for you in the upcoming weeks.
Who is Eligible?
As a BC driver, if you had an ICBC insurance policy between April 1 and September 30, 2021, you are very likely eligible to receive this rebate. There are however some exceptions, such as individuals with lower insurance usage, for example in the case of those with vehicle operating permits that spanned less than 15 days. Rebate cheques are expected to be mailed directly to those who qualify beginning on March 15th.
The origins of the rebates stem from the reduction in collision claims made during this time period. As a result of the COVID-19 pandemic, and perhaps also due to less vehicle operations overall, the Crown corporation was able to save approximately $600 million this year. These excess funds are being re-directed back into the pockets of many BC car insurance policy holders in mere upcoming weeks.
How Much Will You Receive?
It is important to also mention that the exact rebate amount that you will receive will depend on the type of coverage you had. With that said, these amounts will average approximately $190 for each eligible BC driver falling into this category. Ultimately, this amount is a breakdown of the 19% that each policy holder paid between April and September of the last year.
Furthermore, the BC government has stated that these amounts will be automatically calculated based on the nature of each individual policy. It is significant to also note that these payments also reflect the largest insurance rebates that have historically been paid out across the entire country.
As BC drivers wait for the Utilities Commission’s 15% insurance rate decrease to take effect in May, this timely monetary support is on the way. The rebates, combined with these future lower premiums, will aim to make driving in this province more financially manageable.
For more details on this rebate, it is suggested that you reach out to your insurance broker for the most up-to-date information.
At Leaders Insurance, we are here to support you with your individual insurance needs. As a driver in BC, we can offer you the insurance policy that best reflects the right amount of coverage for your vehicle and for your peace of mind.
As the province looks forward to more affordable vehicle insurance premiums, you can reach out to us with any questions you have about your current policy, as well as your future insurance needs.