$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.
CTVNews.ca Top Stories
More Canadians are moving to the U.S. Here's one of the main reasons, according to an immigration expert
Recent data from the U.S. census revealed that more than 126,000 people moved from Canada to the U.S. in 2022. An expert said that one of the main reasons for this move is the cost of living.
Bus carrying Quebec tourists crashes in Cuba, leaving 1 dead and 26 injured
One person is dead and 26 were injured after a bus carrying Quebec tourists was involved in a collision in Cuba on Sunday.
Her gut was producing alcohol. Doctors didn't believe her
For two years doctors told her she was an alcoholic. Then they realized her gut was making alcohol from carbohydrates, a rare condition called auto-brewery syndrome.
'They need this protection': Trudeau gov't re-offers $1.5M for enhanced Pride security in Canada
For the second year, the federal government is offering up to $1.5M to Pride organizations across the country to fund enhanced security measures, amid a continued rise in anti-LGBTQ2S+ hate.
Here's how far B.C. drivers must keep from cyclists, pedestrians under new law
A new law protecting cyclists and pedestrians in British Columbia takes effect Monday, establishing minimum distances that drivers must keep from so-called vulnerable road users.
Prospective jurors in Hunter Biden's firearms case questioned on gun rights, addiction
A federal gun case against U.S. President Joe Biden’s son Hunter opened Monday with jury selection, following the collapse of a plea deal that would have avoided the spectacle of a trial so close the 2024 election.
AFN national chief blasts governments' inaction on fifth anniversary of MMIWG report
On the fifth anniversary of a national inquiry's report into missing and murdered Indigenous women and girls, the national chief of the Assembly of First Nations is blasting all levels of government for what she calls slow progress to stop the crisis.
B.C. school district apologizes for asking students 'Should Israel exist?'
The Burnaby School District superintendent has issued an apology and launched an investigation after a Grade 6/7 class was presented with a question regarding the existence of Israel.
Toyota apologizes for cheating on vehicle testing and halts production of three models
Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them.