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ICBC customers will get a $110 rebate this spring, which B.C.’s premier says is thanks to strong financial performance from the auto insurer.
The Insurance Corp. of B.C. said 3.6 million British Columbians are expected to get the rebate, which will be paid by direct deposit or by cheque by July.
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At a press conference Wednesday morning at the Hillside Mall in Victoria, Premier David Eby started his announcement to the tune of AC/DC’s Back in Black, a nod to ICBC’s healthy financial picture.
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Eby said under the previous B.C. Liberal government, which included current B.C. United leader Kevin Falcon, ICBC was on the “highway to hell” but he boasted that the B.C. NDP government’s reforms have put it “back in black.”
The $110 rebate will be issued per policy, so if a household has two cars, they’ll get two rebates.
ICBC customers who paid by cash or debit card will receive a cheque in the mail. If they pay by direct deposit, the rebate will be deposited into their bank account. Customers who paid by credit card will get a refund on the card, while those on a payment plan will have their monthly payments adjusted. Customers are advised to make sure their address is up to date by May 21 so they can receive the cheque.
Drivers’ insurance rates will hold steady this year and remain the same until March 31, 2026. The last basic rate increase was in 2019.
The rebate will cost ICBC $400 million, but CEO David Wong said the Crown corporation can afford it thanks to a healthy financial position.
Wong said strong investment performance has left ICBC with a $1.5 billion surplus.
He said the enhanced care model — or no-fault insurance — brought in by the NDP government in 2021 when Eby was attorney general, has reduced legals fees paid by ICBC and ensures more of the claim costs go directly to customers for their medical care.
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