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
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Federal government grants B.C.'s request to recriminalize hard drugs in public spaces
The federal government is granting British Columbia's request to recriminalize hard drugs in public spaces, nearly two weeks after the province asked to end its pilot project early over concerns of public drug use.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had with him in 2006 that resulted in her being paid off to keep silent during the presidential race 10 years later.
MPs agree Canadian gov't should improve new disability benefit
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL has suspended Toronto Argonauts quarterback Chad Kelly for at least nine regular-season games following its investigation into a lawsuit filed by a former strength-and-conditioning coach against both the player and club.
Boy Scouts of America changing name for first time in 114 years, aiming for inclusivity
The Boy Scouts of America is changing its name for the first time in its 114-year history and will become Scouting America. It's a significant shift as the organization emerges from bankruptcy following a flood of sexual abuse claims and seeks to focus on inclusion.
opinion Tom Mulcair: Trudeau's handling of Poilievre's 'wacko' House turfing a clear sign of Liberal desperation
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
New charges for Ont. woman who previously admitted to defrauding doulas
The Brantford, Ont. woman who was previously sentenced to house arrest after admitting to deceiving doulas has been charged again in connection to a new victim.