Thursday, February 22, 2024

ICBC launches online tool that estimates insurance savings for BC motorists


ICBC has launched an online tool that offers an estimate on savings customers can expect under the province’s new Enhanced Care plan.

The tool is live now at and provides annual estimated savings as well as information on if and when a customer can expect their one-time, pro-rated refund.

B.C.’s new Enhanced Care plan is set to take effect May 1st and will remove most options for litigation in favour of increased benefits.

In January Minister of Public Safety Mike Farnworth said that the proposed changes are likely to save the average customer $400 a year.

“Today the rubber hits the road,” Farnworth said at a press conference Tuesday morning.

“You can rely on this tool to give you an estimate that’s accurate based on the information you put in at the time you use it.”

The minister says that the online estimator will be able to handle 1,000 customers at a time, or 6,000 an hour, based on 10-minute sessions.

Customers need their B.C. driver’s license and license plate numbers in order to log in to the tool.

If the estimator is accessed by a customer within 45 days of their renewal date the information can be used to review their plan with an Autoplan broker.

Nicolas Jimenez, president and CEO of ICBC says that the province’s changes to auto insurance are estimated to save about $1.5 billion.

He added that the net income for ICBC for Q2 is about $410 million, while Q3 figures are set to be released in the near future.

“We’re working with government right now to finalize Q3, and to isolate what portion of our net income – which is higher than planned – is attributable to COVID,” Jiminez said on Tuesday.

Tim Ford
Tim Ford
Digital staff writer with Victoria Buzz

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