ICBC will start distributing the second rebates averaging $120 per policy in mid-July.
ICBC will issue a second COVID-19 rebate thanks to fewer crashes during the COVID-19 pandemic.
Minister of Public Safety Mike Farnworth made the announcement Friday, saying the government is sticking to its promise to share pandemic-related savings with ICBC customers.
“The good news is that ICBC is in a strong financial position to issue a second COVID-19 rebate to customers, putting more money back in the pockets of B.C. drivers,” said Farnworth, in a statement.
ICBC will start distributing rebates averaging $120 per policy in mid-July, returning approximately $350 million in additional rebates to 2.94 million customers, he said, adding that about 70 per cent of customers will get a rebate between $60 and $200.
This rebate follows the first one announced in February for $600 million.
Most customers who had an active auto insurance policy from Oct. 1, 2020, to March 31 will be eligible for the rebate.
Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage.
The rebate is approximately 11 per cent of the premium customers paid for coverage during this six-month period, the government said.
“The past year and a half has been tough on all British Columbians, but they’ve been doing the right thing – including staying closer to home and driving less because of the pandemic,” said ICBC president Nicolas Jimenez.
“Due to lower claims, we’re in a position to support our customers and bring them some extra relief, and that’s just what we’re going to do.”
The government said ICBC received about 20 per cent fewer crash claims than expected between Oct. 1, 2020, and March 31, 2021, but also saw a reduction in premium revenue as customers made changes to their insurance policies, held off on getting new ones or cancelled them.
More to come…