The public insurer will issue a second COVID-19 reimbursement due to lower claims costs due to fewer accidents during the pandemic.
“We have made it clear that any savings from the pandemic relative to ICBC’s bottom line will benefit clients,” Public Safety Minister and Solicitor General Mike Farnworth said on Friday.
“The good news is that ICBC is in a strong financial position to issue a second COVID-19 rebate to customers, putting more money in the pockets of BC drivers. “
BC Drivers Should Get Around $ 190 Off ICBC
On average, drivers will receive discounts of $ 120 per policy in mid-July, returning about $ 350 million in additional discounts to 2.94 million customers.
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This is in addition to the first COVID-19 reimbursement of $ 600 million, for a total of $ 950 million.
Most customers who had an active auto insurance policy from October 1, 2020 to March 31, 2021 will be eligible for the discount.
Exceptions include customers with short-term, storage, or distance-based policies, whose premiums already reflect lower usage. The discount is approximately 11 percent of premium customers paid for coverage during that six month period.
ICBC customers expected to receive average rebate of $ 190 for COVID-19 savings
Drivers also get an ICBC discount linked to the province’s transition to a no-fault insurance system.
Accident claims were 20% lower than forecast between October 1, 2020 and March 31, 2021. The public insurer also saw a reduction in premium income as customers changed their insurance policies, delayed getting new or canceled. them.
British Columbia Public Safety Minister Mike Farnworth Announces ICBC Driver Discount Linked to COVID-19
ICBC predicts that the pandemic has resulted in savings of approximately $ 350 million.
Rebate amounts will vary from customer to customer, depending on whether or not they had a vehicle insured for the full six months and how much they paid in premiums during that time. About 70 percent of customers will get a discount between $ 60 and $ 200.