Victoria, British Columbia – Meeting its promise to return a portion of the $600 million in savings accrued during the pandemic, the Insurance Corporation of British Columbia (ICBC) has announced that drivers in the province will have rebate cheques in their pockets come March.
All customers who had a policy with ICBC from April to September of 2020 are eligible for a one-time rebate of about $190 per customer.
“Rather than being in the red, ICBC is a favourable financial situation,” Premier John Horgan said Tuesday.
“Our work to make life more affordable for British Columbians includes fulfilling our commitment to take earnings at ICBC that are related to the pandemic and give that money back to people.”
These massive savings are the result of the pandemic shifting regular driving habits, resulting in a significant decline in claims to be settled by ICBC, and therefore greatly reducing the crown insurer’s usual litigation costs.
“As people’s driving behaviours changed during the pandemic, including staying close to home and off the roads, ICBC’s savings grew,” said Public Safety Minister Mike Farnworth.
“After assessing the full benefit of pandemic-related savings against ICBC’s bottom line, we are now set to deliver a significant rebate to millions of B.C. drivers.”
According to ICBC, the $190 cheque makes up for 19 percent of the average premium rate paid by BC drivers during the pandemic and is to be sent out to 2.86 million drivers in the province.