If you’re still running on the steam of that first ICBC COVID-19 rebate, anticipate another.
ICBC will issue a second COVID-19 rebate to customers who had an active auto insurance policy through October 1st, 2020, to March 31st, 2021.
The rebate is in recognition of lower claims costs due to fewer crashes during the COVID-19 pandemic.
ICBC will start distributing rebates averaging $120 per policy in mid-July, returning approximately $350 million in additional rebates to close to three million customers.
This builds on the first COVID-19 rebate of $600 million for a total of $950 million.
ICBC said that roughly 70% of customers will get a rebate between $60 and $200 — approximately 11% of the premium customers paid for coverage during this six-month period.
Exceptions may include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage.
Between October 2020 and March 2021, ICBC reported 20% fewer crash claims and saw a reduction in premium revenue due to cancelled or new insurance policies.
ICBC said the estimated impact of fewer claims is $450 million, while written premium revenue is down $100 million compared to what would normally be received for the period, resulting in net underwriting savings of about $350 million.
If a customer signs up for direct deposit by June 30th, ICBC will deposit the rebate into their bank account.
Customers who used a credit card will have their COVID-19 rebate returned to the card they used.
Customers who paid by cash, debit or Autoplan payment plan will be mailed a cheque to the latest address on file with ICBC. Update your address online.
“We’ve been clear that any pandemic-related savings against ICBC’s bottom line will benefit customers,” said Mike Farnworth, Minister of Public Safety and Solicitor General.
“The good news is that ICBC is in a strong financial position to issue a second COVID-19 rebate to customers, putting more money back in the pockets of B.C. drivers.”