No increase in basic insurance rate until at least March 1, 2026
Rebates of $110 will be going out to an estimated 3.6 million customer policies, ICBC CEO David Wong said during a news conference in Victoria Wednesday . He was joined by Premier David Eby and Public Safety Minister Mike Farnworth.
The provincial Crown corporation will also be keeping the basic insurance rate steady until next year, with no rate increase until at least March 1, 2026. It has been six years since the last increase.Wong said the rebate is per policy, so if someone has insurance policies for two vehicles, they will get two rebates of $110 each. To be eligible for the rebate, drivers had to have an active policy in February 2024.
Processing for the rebates will begin in late-May. Wong said ICBC will be working every day to have all the rebates out by the end of July. Rebate delivery is based on how a customer paid: if it was through a credit card, it will be refunded; if it was through autoplan payments, the rebate will be applied to the next payment in June; and if it was by debit, cash or cheque, a rebate will be mailed unless the customer signs up for direct deposit. People need to be signed up for direct deposit before May 21 to be eligible.
The rebate, which totals about $400 million provincewide, will be filed by the government with the B.C. Utilities Commission Wednesday.READ MORE: Cyclists and pedestrians injured in crashes no longer need to pay costs: ICBC
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