ICBC, the provincial corporation that handles car insurance in British Columbia (BC), announced on May 8 that it will issue a $110 rebate due to last year’s strong financial performance. As of February 2024, most passenger and commercial vehicle owners with mandatory basic insurance in B.C. will be eligible for a refund.
Refunds are for each policy, so if you own two cars, you will receive a refund for both cars. Refunds will begin at the end of May and will be credited to eligible individuals by the end of July. The company also announced that basic insurance premiums will not increase until March 31, 2026. It had already been announced that the suspension would last until March 2025, but it has been extended further. Insurance premiums have not increased since 2019.
“Six years of premium deferrals and a fourth rebate are the fruits of ICBC’s transformation,” British Columbia Premier David Eby said in a statement, adding that affected individuals are saving an average of about $2,000. According to the provincial government, ICBC’s introduction of the Enhanced Care model in May 2021 led to lower premium rates and helped ICBC build its capital reserve.
According to ICBC’s preliminary financial results for last year, net income is estimated at $1.5 billion. Of this amount, refunds and refund costs account for approximately $400 million.