Victoria, British Columbia — ICBC is issuing a second COVID-19 rebate 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 2.94 million customers. This builds on the first COVID-19 rebate of $600 million for a total of $950 million.
Most customers who had an active auto insurance policy from Oct. 1, 2020, to March 31, 2021, will be eligible for the rebate. Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage. The rebate is approximately 11 percent of the premium customers paid for coverage during this six-month period.
“The past year and a half has been tough on all British Columbians, but they’ve been doing the right thing – including staying closer to home and driving less because of the pandemic,” said Nicolas Jimenez, president and CEO, ICBC. “Due to lower claims, we’re in a position to support our customers and bring them some extra relief, and that’s just what we’re going to do.”
ICBC received about 20 percent fewer crash claims than expected between Oct. 1, 2020, and March 31, 2021, but also saw a reduction in premium revenue as customers made changes to their insurance policies, held off on getting new ones or cancelled them.
Rebate amounts will vary between customers, depending on whether they had a vehicle insured for the full six months and how much they paid in premiums during that time. Roughly 70 percent of customers will get a rebate between $60 and $200.
Unlike the first COVID-19 rebate, which ICBC issued by cheque and mailed to customers, the second COVID-19 rebate will be distributed based partly on how customers paid for their insurance policy.
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. Customers can update their address online: icbc.com
If a customer signs up for direct deposit by June 30, 2021, ICBC will deposit the rebate into their bank account.
