The new discounts, which the auto insurer says will average $ 120 per policy, will be sent out starting in mid-July. The province expects the total cost of these additional rebates to be about $ 350 million, for about 2.94 million British Columbians.
Customers eligible for this new discount must have an active auto insurance policy from October 1, 2020 to March 31, 2021, with the province noting that the discount will amount to approximately 11% of premiums paid during this period. .
NEW: ICBC will send a second set of COVID rebate checks.
This is because of lower claims costs due to the lower number of accidents throughout the pandemic.
The new rebates, which will average $ 120 per policy, will be sent out in mid-July.
– Amanda Wawryk (@AmandaWawryk) June 11, 2021
Exceptions will be made for people with short-term, storage, or distance-based policies.
“About 70% of customers will get a rebate between $ 60 and $ 200,” the province said, adding that ICBC received about 20% fewer claims than expected between the six-month period mentioned. The insurer has also seen a reduction in premium income, with many British Columbians choosing to change their policies or, in some cases, not to renew or even cancel them.
People with multiple vehicles fully insured with ICBC Basic and Optional Insurance may see a higher reimbursement amount. Drivers who have a vehicle with only basic coverage or one that was only insured for part of the six-month period will likely see a smaller check.
Unlike the first round, ICBC says the second discount will be distributed to customers in part based on how they paid for their insurance.
For example, those who have used a credit card should have their cashback amount credited to that payment method, while those who have paid by cash, debit, or Autoplan will receive a check in the mail at appearing in their file.
If you want your refund deposited directly into your bank account, the province says you’ll need to sign up for direct deposit by June 30.
It comes as thousands of British Columbians are still waiting to receive checks as part of the auto insurer’s first repayment pledge. In early June, ICBC told NEWS 1130 that 14,000 people’s checks were being reprocessed and reshipped. This meant a delay for the money which was due to arrive in April, now expected in June or even July.
We encourage you to verify your address and information as soon as possible, so that ICBC’s other refund, which is currently being sent, reaches you on time.