24 February 2021
ICBC UPDATES: Cheques to arrive mid-March and insurance savings
A new online tool that will give you an estimate of how much money you will save when you renew your car insurance under the new Enhanced Care model that comes into effect on May 1, 2021.
On average, people will save about 20% on their premiums the next time they renew.
The new Enhanced Care model is designed to work for British Columbians. That means your car insurance will be more affordable, and it will provide significantly better care and benefits if you are hurt in a crash. We are making this possible by removing many of the legal costs that are associated with our current system.
I encourage you to check out enhancedcare.icbc.com to see how much you could save – you just need your driver’s licence and licence plate number to log in.
With far fewer people on the road during the pandemic, we’ve also had fewer crashes in B.C.
This means that ICBC actually saved money this year, about $600 million overall. And because your insurance should work for you, we are giving those savings back to you with one-time rebates.
Most customers who had an active policy from April 1 to September 30, 2020 will be receiving a rebate. The average person will receive about $190 back, depending on the type of policy you have and how much you paid. Rebate cheques will be mailed out starting in mid-March.
Our New Democrat government is committed to making life more affordable. As we plan our economic recovery from COVID-19, we are building an economy that works for everyone, not just those at the top.