$110 rebate coming to all ICBC policyholders, basic rate stays steady

ICBC customers can expect a little cash from the auto insurer this year.

The insurance corporation says its 3.6 million policyholders will begin to receive a $110 rebate at the end of May.

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In its financial update Wednesday, ICBC said the rebates will cost the insurance provider $400 million.

ICBC says all eligible commercial and personal policyholders who had an active policy in February of this year will receive the rebate. Eligible policyholders do not need to apply for the rebate.

“This is the fourth rebate that ICBC has been able to issue since our reforms and it puts $400 million back in the pockets of drivers across British Columbia,” Premier David Eby said Wednesday.

The auto insurer also explained its base rate for its customers will also stay steady until March 2026.

“That’s six years that British Columbia has rates not increasing, staying the same for families across the province, saving hundreds of dollars annually for them,” Eby said.

“This underscores the benefit of having a public insurer in British Columbia that works for the benefit of British Columbians, not for corporate shareholders. In the private insurance model, the CEOs would benefit while drivers pay for those benefits,” he added.

“There’s no question that this is not the full solution to all challenges facing British Columbians right now we’re going to work every day to make sure that they’re supported with those challenges. But it is one piece that families don’t need to worry about when it comes to renewing their car insurance. Every little bit helps.”

ICBC explains it’s able to pass along the rebates to its customers due to its capital levels sitting over 100 per cent.

ICBC’s CEO David Wong explained that the insurer has “strong financial health,” with a net income of $1.5 billion.

“This is largely due to better than expected investment returns in the fourth quarter,” he said. “The first rebates are expected to go out at the end of May, and then we’re working every day thereafter to get the rest of the rebates out and we expect that to be done by the end of July.”

Wong explained that he is “committed” to making ICBC work for British Columbians, through either rate stability “or being there when a customer gets into a car crash.”

“As we move forward, we’re continuing to look for ways to make services better for our customers.”

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