(Release from ICBC)
You may have already heard the news that we’re sending out 3.5 million relief rebates to our customers this spring. We’re providing this one-time rebate, totalling $396 million, to help ease the financial challenges facing drivers in our province right now.
We’re able to do this while also rebuilding our capital reserves for long-term rate affordability for British Columbians thanks to higher-than-expected investment income this year.
Read on for answers to the questions you may have about the upcoming rebate
Am I eligible for the rebate?
If you had an active eligible basic auto insurance policy at any time during the month of February 2022, you’ll receive a rebate.
Our goal with this rebate is to provide financial relief to the largest amount of customers as possible – exceptions include personal insurance customers with temporary operating permits and policies related to golf carts, off-road vehicles, rental vehicles and trailers. Exceptions for commercial customers include commercial rental vehicles, roadbuilding and industrial machines, including forklifts and commercial trailers.
How much is the rebate?
Personal insurance customers who had an active eligible basic auto insurance policy at any time during the month of February will receive a $110 relief rebate.
Commercial insurance customers who had an active eligible basic insurance policy at any time during the month of February will receive a $165 relief rebate. The higher amount is in recognition that these drivers incur higher expenses for insurance premiums.
When will I receive the rebate?
PLEASE NOTE: ICBC will not issue any rebates to customers via text message or email. If you receive a text message asking you to click a link to receive your relief rebate, please delete the message – this is a scam. Read on for information on how you will receive your rebate.
Starting in May, customers who have signed up for direct deposit with us will receive their rebate in their bank account.
Customers who have paid for their insurance with a credit card can expect to receive their rebate as a credit on their card from May to June.
All other customers, including those on payment plans, will receive their rebate as a cheque starting in June. Customers on payment plans can sign up until April 30 to receive their rebate through direct deposit.
Customers with leased vehicles will receive a cheque starting in June. Typically, the company that the vehicle is leased from must endorse the customer’s refund cheque. However, we’ll be contacting some leasing companies to obtain authorization to issue cheques directly to customers. In our letters to customers, we’ll outline whether they need the leasing company to endorse their cheque.
Regardless of the rebate payment method, all eligible customers will receive a letter confirming when their rebate is issued.
Am I eligible if I drive an electric car?
While drivers of electric vehicles aren’t impacted by rising gas prices, there have been other cost pressures in recent months for all British Columbians.
Electric vehicle owners have also contributed to our strong financial position through their insurance premiums, just as all customers have.
Our goal with this rebate is to provide financial relief to the largest amount of customers as possible.
If I have unpaid penalties, will I receive the rebate?
If an eligible customer has an outstanding debt under the Family Maintenance and Enforcement Program (FMEP) and we’ve received an active notice of attachment from the FMEP, we will apply the rebate amount to that debt.
To avoid delays and complexity in issuing the rebates, ICBC will not apply the relief rebate to any other debt.
Will this rebate negatively impact ICBC’s financial situation?
We’re in a good financial position today to provide some relief to our customers while also strengthening our capital reserves, which will ensure long-term rate affordability for British Columbians.
Rebuilding our depleted capital levels continues to be a priority for us and with our strong net income figure this fiscal year, we feel confident in our ability to provide this one-time rebate to British Columbians during these challenging times while continuing to rebuild capital.