How COVID-19 affects your ICBC services
(updated February 26, 2021)
As the COVID-19 pandemic develops, we continue to review and adjust the steps we’re taking to support the health and safety of our employees, customers and partners.
COVID-19 customer rebate
ICBC customers will receive one-time rebates averaging $190 this spring – their part of approximately $600 million saved due to a major decrease in crashes and costs as the COVID-19 pandemic took hold. It's the choices that our customers made during an unprecedented time that helped our bottom line, and the vast majority of them will now share in that success, through one of the largest COVID-19 rebates by any insurer in Canada.
Since the beginning of the 2020-21 fiscal year, ICBC has seen fewer reported collisions and lower claim costs, resulting in higher-than-expected income. That gain was partly offset by lower premium revenue due to lapsed and cancelled insurance policies.
After careful considerations, we're returning net savings of about $600 million directly to our customers – specifically, most of the people who had an active policy from April 1, 2020, to Sept. 30, 2020.
Am I eligible for the rebate?
Most customers who had an active policy from April 1, 2020, to Sept. 30, 2020 will be eligible, with their rebate amount based on a portion of what they paid for coverage during that period. Exceptions include customers with temporary operation permits (permits for 15 days or less), storage or per kilometre-based policies, as those already reflect lower usage. The low kilometre discount does not make a customer's policy ineligible.
How much is the rebate?
The rebate is approximately 19% of the premium customers paid for coverage during the six month period. There are 2.86 million eligible customers with an active policy between April 1, 2020 and September 30, 2020. The average refund for non-fleet customers, which represents the majority of this group, is approximately $190 (and approximately $210 for fleets). However, this varies depending on the amount of premium the customer paid for coverage during the six month period.
The Driver Risk Premium, like Driver Penalty Points, is separate from ICBC insurance premiums, therefore they are not included in the calculation of the COVID rebate.
When can I expect my rebate?
We'll begin mailing rebate cheques starting March 15, 2021. This one-time rebate is in addition to the Enhanced Care refunds customers will start to receive in May 2021.
Has your mailing address recently changed? If so, to avoid any issues receiving your COVID rebate or Enhanced Care refund, please make sure to update your address: Change your name or address (icbc.com)
Scroll down for the latest information on all affected ICBC services.
Affected ICBC services: