$110 ICBC rebate coming for eligible drivers, no increase to basic insurance until 2026

Millions of eligible B.C. drivers will receive a rebate before the end of July, ICBC's CEO announced Wednesday.

The $110 rebate comes as the Crown corporation reported "strong financial health" in the last fiscal year.

Personal and commercial drivers who had basic insurance in February 2024 will receive the benefit by the end of July, with some rebates being sent out by late May. The rebate will be distributed per policy, which means drivers who own two vehicles will likely receive two rebates.

Rebates will be distributed by payment type. In other words, those who paid for their insurance with a credit card will see a refund on their card. Those who pay with a monthly payment plan will see a discount on their June statement. Others will see a payment via direct deposit or cheque.

No change to basic insurance

In addition to the rebate, ICBC announced there will be no change to basic insurance until March 31, 2026. A price freeze was already in effect until March 2025 and there have been no changes to basic rates since 2019.

Some drivers may see increases or decreases to their basic insurance based on other factors, however, like driving experience, at-fault crashes or location.

"Six years of stable rates and the fourth rebate for drivers comes as a result of work turning ICBC around so that it actually works for people," said Premier David Eby in a statement. "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."

ICBC switched to an Enhanced Care model in May 2021, changing from its previous legal-based system. According to the province, that shift lowered insurance rates for many drivers and helped ICBC build its capital reserves.

Some have criticized the new system, however, saying they haven't gotten adequate care or compensation following crashes. 

ICBC says its preliminary net income for the last fiscal year is estimated at $1.5 billion. The total amount of the upcoming rebate and the cost to distribute it is approximately $400 million.