Vancouver, British Columbia — ICBC announced Thursday that it will begin offering customers a distance-based discount for those who travel less than 10,000 kilometres per year.
British Columbia’s crown insurer claims this new offer will allow eligible customers to save between ten and 15 percent on the annual renewal of their optional coverage.
Customers may be eligible for the distance-based discount if they:
- Drive less than 10,000 kilometres per year
- Provide two odometer readings one year apart, as proof of your driving distance
- Have a 12-month Autoplan policy with ICBC optional coverage
- Have an eligible vehicle (motorcycles, RVs, collector vehicles and certain other vehicles are not)
This decision from ICBC comes from insights gained following a recent survey, the company said in its press release, in which 56 percent of respondents said they would be interested in more usage-based insurance options.
The news also builds on ICBC’s low-kilometre discount, launched in 2019, which would similarly provide discounts to local drivers, but with a lower threshold at 5,000 kilometres.
Drivers eligible for the low-kilometre discount who receive 10 percent off their basic insurance may also be eligible for the new distance-based discount on select ICBC optional coverages, according to the press release.
