$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
Trump delivers rambling response to conviction in hush money trial
A day after a New York jury delivered a historic guilty verdict in Donald Trump's criminal hush money trial, the presumptive Republican presidential nominee held a press conference Friday where he spoke publicly about the conviction and his White House bid.
Mediterranean diet helps women live much longer, a large new study finds
Women who closely followed a Mediterranean diet lived much longer than those who did not, according to a new study that followed more than 25,000 women for 25 years.
How did Ontario's bankrupt 'Crypto King' travel the world on Scene+ points?
Newly released documents suggest Ontario’s so-called ‘Crypto King’ paid for months of world travels with $13,000 worth of Scene+ points while bankrupt – but how?
'We will go with the majority': Liberals slammed by opposition over proposal to delay next election
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Solutions coming for piled-up bodies outside Newfoundland hospital
Health officials in Newfoundland and Labrador say they are only weeks away from a solution to move unclaimed human remains out of roadside freezers and into a nearby hospital.
Actor Nick Pasqual charged with attempted murder after allegedly stabbing estranged girlfriend
An actor who has appeared in film and TV projects like 'Rebel Moon' and 'How I Met Your Mother' has been arrested and charged with stabbing his estranged girlfriend multiple times.
'Unprecedented': Human smuggling from B.C. to U.S. soars, using train, Uber and foot
American prosecutors and law enforcement officers say they're dealing with a huge increase in human smuggling from British Columbia.
The northern lights are returning to night skies across Canada this Friday
If you missed the brilliant displays of the aurora borealis over North America on May 10, you may have another chance to see them on Friday night.
Incendiary device thrown at Vancouver synagogue, Jewish Federation says
An incendiary device was thrown at a Vancouver synagogue Thursday night, leading to increased police presence at local institutions, the Jewish Federation of Greater Vancouver says.