Customer savings under enhanced care plan better than projected: ICBC
ICBC customers renewing their personal auto insurance under the Crown-run auto insurer's enhanced care plan are saving more than the average of $400 originally projected when the new system was first announced in February of last year.
In a news release Thursday, ICBC said customers renewed more than 1.3 million personal insurance policies under its enhanced care program – also known as no-fault insurance – between May 1 and Aug. 31, 2021. During that time, customers saw an average of $496, or about 28 per cent, in savings compared to last year's premiums.
"While these savings reflect just the first four months of enhanced care and may vary over the coming months, ICBC anticipates the majority of customers will continue to save more than $400 on average when they renew their full ICBC coverage," said ICBC media relations advisor Brent Shearer in the release.
How much money customers can save through the enhanced care model depends on a number of factors, which include whether they purchase both basic and optional ICBC coverage, their driving experience and crash history, where they live and how they use their vehicle, ICBC said.
For example, an 18-year-old in West Kelowna with a novice licence driving a 2014 Hyundai Elantra could expect to pay approximately $2,379 annually under the enhanced care program.
Meantime, that rate goes down significantly for someone who has more driving experience.
A 42-year-old in Abbotsford driving a 2017 Ford F150 SuperCrew with 26 years of driving experience and no crashes could expect to pay about $1,517 annually, ICBC said.
"When B.C.'s auto insurance system transitioned to enhanced care, millions of customers also became eligible for a one-time, pro-rated refund for the portion of their existing policy that extended past May 1," Shearer said.
Since then, ICBC has processed 3.6 million enhanced care refunds averaging $150 per customer, for a total of approximately $594 million.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.