ICBC rebate: B.C. drivers to get another round of cheques for pandemic savings
British Columbia’s auto insurer is issuing a second round of COVID-19 rebate cheques in recognition of lower claims costs due to fewer crashes during the COVID-19 pandemic.
The Insurance Corporation of British Columbia (ICBC) says it will start sending out the new rebates in mid-July, returning approximately $350 million to nearly three million ICBC customers.
The new rebates are estimated to be worth an average of $120 per policyholder, according to a statement released Friday.
In March, the auto insurer began mailing out approximately $600 million in rebate cheques due to the drop in insurance claims during the early months of the COVID-19 pandemic. Many of those rebates, however, were delayed in getting to customers due to a "criminal" cyberattack on the Ontario company ICBC hired to print and distribute the rebate cheques.
“I believe we acted responsibly by separating the rebates into two components,” B.C. Premier John Horgan said at a news conference Friday. “We wanted to make sure that the company was in a position to give those rebates.”
The premier said he believes B.C. drivers “deserve the rebate” and said his government has “turned ICBC into a modern publicly owned and publicly focused corporation to meet the needs of British Columbians.”
With the second round of rebates, the insurer says it will have returned a total of $950 million to B.C. drivers.
“We’ve been clear that any pandemic-related savings against ICBC’s bottom line will benefit customers,” said Mike Farnworth, Minister of Public Safety and Solicitor General, in the statement.
“The good news is that ICBC is in a strong financial position to issue a second COVID-19 rebate to customers, putting more money back in the pockets of B.C. drivers,” Farnworth said.
Most customers who had an active auto insurance policy from Oct. 1 to March 31 will be eligible for the rebate, according to ICBC.
Exceptions to the rebate include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage. ICBC says the rebate is approximately 11 per cent of the premium customers paid for coverage during this six-month period.
“The past year and a half has been tough on all British Columbians, but they’ve been doing the right thing, including staying closer to home and driving less because of the pandemic,” said ICBC president and CEO Nicolas Jimenez in the statement.
“Due to lower claims, we’re in a position to support our customers and bring them some extra relief, and that’s just what we’re going to do,” Jimenez added.
The insurance corporation says it received about 20 per cent fewer crash claims than expected between Oct. 1 and March 31, but also saw a reduction in premium revenue as customers made changes to their insurance policies, held off on getting new ones or cancelled them.
Rebate amounts will vary between customers, depending on whether they had a vehicle insured for the full six months and how much they paid in premiums during that time. Roughly 70 per cent of customers will get a rebate between $60 and $200, according to ICBC.
Customers who used a credit card to pay their insurance premiums will have their COVID-19 rebate returned to the card they used. Customers who paid by cash, debit or Autoplan payment plan will be mailed a cheque to the latest address on file with ICBC.
CTVNews.ca Top Stories
NEW From yearning for a change to cost of living, why some Canadians have left or may leave the country
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
NEW Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Defence attacks Stormy Daniels' credibility as she returns to the stand in Trump's hush money trial
Stormy Daniels will return to the witness stand Thursday in Donald Trump's hush money trial as the defence tries to undermine the credibility of the porn actor's salacious testimony about their alleged sexual encounter and the money she was paid to keep quiet.
With contactless screening tech, this Toronto startup hopes to catch breast cancer early — and save lives
Amid evidence of rising breast cancer rates among young women in Canada, one Toronto startup is offering a contactless and radiation-free device that can help doctors identify suspicious changes in breast tissue. The company, Linda Lifetech, says this can lead to earlier detection of breast cancer.
Tornadoes tear through southeastern U.S. as storms leave 3 dead
Forecasters warned a wave of dangerous storms in the U.S. could wash over parts of the South early Thursday, a day after severe weather with damaging tornadoes and large hail killed at least three people in the region.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.