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By Liam Verster

'Back in the black'

B.C. drivers to receive insurance rebate, rate freeze continues

May 8, 2024 | 11:39 AM

Vehicle owners in British Columbia are getting some money back.

Premier David Eby announced Wednesday, May 8, that the Insurance Corporation of B.C. (ICBC) is “back in the black” and profitable, with some of that money able to be put back into the pockets of British Columbians.

“Thanks to prudent management at ICBC and careful stewardship of ICBC’s growing investments, ICBC today is able to announce that they will provide a $110 rebate to drivers,” Eby stated.

“This is the fourth rebate that ICBC has been able to issue since our reforms, and it puts $400-million back in the pockets of drivers across British Columbia.”

Rebates will be provided to all ICBC customers who had a policy as of February 2024. The money is expected to be distributed to British Columbians between the end of May and beginning of July.

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“How the customers get their rebates will be based on how they pay for their insurance,” David Wong, President and CEO of ICBC, explained.

“So if they pay by credit card, they’re going to get a refund on their credit card. A new thing is if you pay for it by auto-plan monthly payments, you’re going to get a rebate on your payment plan, the first month starting in June. If you pay by cash, debit or cheque, you’ll get your rebate by cheque or direct deposit, if you’ve signed up for direct deposit.”

Wong noted the fastest way for people to get their rebates is through direct deposit, which people can sign up for by May 21 through their broker or ICBC’s website.

Along with the rebate, Eby stated basic rates will not be increasing and will remain at the same level through to March of 2026.

“That’s six years in British Columbia of rates not increasing, staying the same across the province, saving hundreds of dollars annually for [residents],” the Premier said.

Wong said the rebates and flat rates are being made possible because of the insurance corporation’s strong financial health.

“In fiscal 2023-24, we have preliminary net income of $1.5-billion,” Wong said.

“This is largely due to better than expected investment returns in the fourth quarter.”

Eby noted many British Columbians are facing financial challenges, and said the rebates and stable rates will help people somewhat, though added more work is still needed to address the affordability crisis.