An insurance document. Stock photo / Getty Images
Drivers in British Columbia are getting a nice little payout courtesy of their provincial insurer and its fat bank accounts.
Fewer claims made during the pandemic has meant more money in the ICBC coffers. So, the government is giving it back to its customers at an average of $190 per driver.
That’s almost enough to help buy that new pair of summer tires. Or AirPods. Either-or.
ICBC will be handing out a total of $600 million in individual rebates that may range as high as $400 to drivers who held full policy coverage during the six months from April to September. Drivers “whose premiums already reflect lower usage,” like those with storage or short-term policies, will not be receiving any cash.
VANCOUVER Drivers in B.C. will be receiving rebate cheques from ICBC later this year. Premier John Horgan announced Tuesday that the Crown corporation saved millions of dollars last year during the COVID-19 pandemic due to a lower number of claims, and $600 million in savings will be passed on to British Columbians. “This will be in the form of a one-time rebate cheque averaging about $190 per policy holder, the largest single give back to policy holders in Canada through COVID-19,” the premier said, adding the insurer is in a favourable financial position. Drivers who held policies with ICBC between Apr. 1 and Sept. 30 of last year will be eligible and cheques will be sent out starting in March.
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B.C. drivers to receive average of $190 each from ICBC pandemic rebate
B.C. drivers are going to get a partial refund on their car insurance, the province announced Tuesday, with the rebates coming from money ICBC saved during the pandemic.
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Posted: Feb 02, 2021 11:44 AM PT | Last Updated: February 3
ICBC claims centre is pictured in Vancouver on Tuesday. The province has announced drivers will receive an average of $190 from an ICBC rebate drawn from money the corporation has saved during the pandemic.(Ben Nelms/CBC)