Relief rebates coming to B.C. drivers this spring
March 25, 2022
You may have already heard the news that we're sending out 3.5 million relief rebates to our customers this spring. We're providing this one-time rebate, totalling $396 million, to help ease the financial challenges facing drivers in our province right now.
We're able to do this while also rebuilding our capital reserves for long-term rate affordability for British Columbians thanks to higher-than-expected investment income this year.
Read on for answers to the questions you may have about the upcoming rebate.
Am I eligible for the rebate?
If you had an active eligible basic auto insurance policy at any time during the month of February 2022, you'll receive a rebate.
Our goal with this rebate is to provide financial relief to the largest amount of customers as possible. Exceptions include storage policies, golf carts, collector vehicles, off-road vehicles, rental vehicles, trailers, temporary operation permits, commercial rental vehicles, roadbuilding and industrial machines, including forklifts and commercial trailers.
How much is the rebate?
Personal insurance customers who had an active eligible basic auto insurance policy at any time during the month of February will receive a $110 relief rebate.
Commercial insurance customers who had an active eligible basic insurance policy at any time during the month of February will receive a $165 relief rebate. The higher amount is in recognition that these drivers incur higher expenses for insurance premiums.
When will I receive the rebate?
PLEASE NOTE: ICBC will not issue any rebates to customers via text message or email. If you receive a text message asking you to click a link to receive your relief rebate, please delete the message – this is a scam. Read on for information on how you will receive your rebate.
Starting in May, customers who have signed up for direct deposit with us will receive their rebate in their bank account. Customers can sign up for direct deposit on icbc.com or contact their Autoplan broker.
Customers who have paid for their insurance with a credit card can expect to receive their rebate as a credit on their card between May and June. Some leasing
customers, and customers who are joint registered owners can expect to receive
their rebate as a cheque, beginning in June.
All other customers, including those who paid by debit, cash or payment plan will receive their rebate as a cheque starting in June. However, customers can sign up until April 30 to receive their rebate through direct deposit instead.
We expect to have all
cheques in the mail by the end of July.
Regardless of the rebate payment method, all eligible customers will receive a letter confirming when their rebate is issued.
Customers with leased vehicles will receive a cheque starting in June. Typically, the company that the vehicle is leased from must endorse the customer's refund cheque. However, we'll be contacting some leasing companies to obtain authorization to issue cheques directly to customers. In our letters to customers, we'll outline whether they need the leasing company to endorse their cheque.
Is it one rebate per insurance policy or customer?
Customers will receive a rebate per eligible insurance policy.
Customers will receive their rebate depending on how they paid for their policy.
If a customer has multiple policies and paid with the same payment method, they'll receive one rebate. If a customer paid with multiple credit cards, they'll receive a refund to the first card used.
What if I don't have the same credit card?
If your credit card is now invalid or expired, you'll receive a refund via cheque or direct deposit (if you signed up for direct deposit before April 30). If you paid with multiple credit cards, you'll receive a refund to the first card used but if at the time of processing, that credit card is invalid, the refund will be processed via cheque or direct deposit if you signed up for it.
What if my address has changed?
If your mailing address has changed, please update your address online or contact your Autoplan broker. The rebate cheque will be mailed to the latest address we have on file.
Am I eligible if I drive an electric car?
While drivers of electric vehicles aren't impacted by rising gas prices, there have been other cost pressures in recent months for all British Columbians.
Electric vehicle owners have also contributed to our strong financial position through their insurance premiums, just as all customers have.
Our goal with this rebate is to provide financial relief to the largest amount of customers as possible.
What is a commercial customer?
Customers who have indicated to ICBC that their vehicle is being used for commercial purposes and have a commercial rate class would be eligible for the $165 commercial relief rebate.
This would include vehicles being used for deliveries, passenger transportation such as limousines, taxis and buses, dump trucks and garbage trucks, farm use vehicles, cement mixers, and logging trucks, among others.
If a vehicle is used for ride hailing (such as Uber and Lyft) and has a personal rate class, they're eligible for the $110 rebate. If a vehicle is used for ride hailing and has a commercial rate class, they're eligible for the $165 rebate.
If I have unpaid debt, will I receive the rebate?
If an eligible customer has an outstanding debt under the Family Maintenance and Enforcement Program (FMEP) and we've received an active notice of attachment from the FMEP, we will apply the rebate amount to that debt.
To avoid delays and complexity in issuing the rebates, ICBC will not apply the relief rebate to any other debt.
If you wish to use your rebate to make a payment on your ICBC debt, please visit your broker or icbc.com to do so: https://www.icbc.com/driver-licensing/tickets/Pages/Paying-and-disputing-tickets.aspx
Will this rebate negatively impact ICBC's financial situation?
We're in a good financial position today to provide some relief to our customers while also strengthening our capital reserves, which will ensure long-term rate affordability for British Columbians.
Rebuilding our depleted capital levels continues to be a priority for us and with our strong net income figure this fiscal year, we feel confident in our ability to provide this one-time rebate to British Columbians during these challenging times while continuing to rebuild capital.