ICBC payment plan — six month term
The ICBC payment plan taken over a six month term is one way for you to establish a good credit record with ICBC. This option is available in only very specific situations. These are:
- if you have just finished two years on a cash-only basis with ICBC because of payment problems in the past, or
- if you do not have a recent history with ICBC and you do not have an active B.C. driver's licence.
What it is
The six month payment plan allows these customers to finance a 6-month premium. This is the only time that a policy of less than 1 year can be financed. In all other ways, the six month payment plan operates just like the 12 month payment plan. The finance fee and enrolment fee is the same whether you pay monthly over 6 or 12 months, or quarterly over 12 months.
Customers enrolled in the six month payment plan do have to pay the usual surcharge for a short-term policy. All Autoplan policies of less than one year incur a short-term surcharge which must be paid regardless of whether you finance your premium or not.
Once you have successfully completed a six month term , you may be eligible for a 12 month term of ICBC's payment plan.
