ICBC waiving cancellation and replacement cost savings during pandemic

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VANCOUVER (NEWS 1130) – ICBC released measures on Thursday to help save money for customers who drive less due to COVID-19.

ICBC will waive the $ 30 cancellation and $ 18 replacement fee for those who choose to cancel their insurance.

“We know that many British Columbians are facing financial challenges as a result of the COVID-19 pandemic,” said Nicolas Jimenez, President and CEO of the ICBC, in a statement.

Customers must remove the plates from their vehicles and store them without being insured.

Customers who reinsure vehicles on or after May 30 will be able to reuse their plates. Those who reinsure before that date will be issued new plates for free, and at that time, they should return their old ones, according to ICBC.

It will also allow customers of fleet vehicles to suspend their insurance, while drivers whose apprenticeship licenses expire during the pandemic will not have to pay retest fees.

ICBC customers will be able to use their vehicles to deliver food and medical products and services without changing insurance or paying a higher premium.

The latter includes those who volunteer to shop for groceries or essential supplies for the elderly and those in need.

“Businesses also need to adapt to the situation, with many businesses changing their business models to offer delivery services so that people can access the food and medical supplies they need while physically distancing themselves. ICBC is responding to these needs and is taking steps to ease the burden for everyone during this difficult time, ”says Jimenez.

ICBC also encourages customers to call brokers about changing coverage and lower premiums to reflect changes in the amount they drive or on storage coverage.

The public insurer has submitted a request to the BC Utilities Commission regarding the proposed changes and an interim decision is expected shortly.

ICBC previously decided to allow customers who pay their insurance monthly to defer payments for up to 90 days without penalty.



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