ICBC to return money to drivers in two ways this spring

 
Find out if you’ll be getting money back through ICBC’s COVID-19 Rebate and Enhanced Care Refund

 
Updated: April 16, 2021  2 min read

If you’re a resident of British Columbia who drives, head’s up—ICBC has a nice little kickback for you. Here are more details on the 2 ways you could get money back from ICBC in the coming weeks:

COVID-19 Rebate

What it is: A one-time rebate averaging about $190 per driver. The rebate comes from unexpected savings ICBC incurred due to people driving less during the pandemic.

Who gets it: Most people who had an active auto insurance policy from April 1 – September 30, 2020.

How much to expect: Your rebate amount will be approximately 19% of the premium you paid from April 1 – September 30, 2020. Most drivers can expect around $190 being returned to them.

When to expect it: After a temporary delay, ICBC is now sending out cheques. According to ICBC, eligible customers should receive their cheques by the end of April.  

Good to know: If you have the Coastal Community mobile banking app, you can deposit your COVID-19 rebate cheque “virtually.” Select the Deposit button in the app to get started.  

Enhanced Care Refund

What it is: ICBC will be transitioning to a “no-fault” insurance system later this spring. Moving away from a litigation-based model means savings for ICBC, which they’re passing on to BC drivers. This will take the form of a pro-rated refund, returned to you based on how you paid for your insurance. 

Who gets it: Most British Columbians who had an active auto insurance policy prior to May 1, 2021.

How much to expect: The refund amount will be different for everyone. It’s based on how many months you have left on your old policy as of May 1st, 2021 (when ICBC transitions to its new model). ICBC will return to you the difference between your old rate and the new lower premium.

When to expect it: ICBC customers should start to receive their refund in May, 2021. Since it’ll be returned based on how you paid for your insurance, you could see it as an adjustment to your monthly payments, returned to your credit card, or returned by cheque or direct deposit.

Good to know: Find out much you can expect to get back through ICBC’s Estimator Tool (you’ll need to know when you renew your insurance, plus your driver’s licence number and serial number, and your licence plate number). All drivers receiving a refund will get a letter from ICBC with details on how it was calculated.

A special note on the Enhanced Care Refund: Get your money safely and quickly by signing up for direct deposit through ICBC. Note that you’ll need your account info. Here’s an article that outlines how to find that out.

Has your mailing address recently changed? Help avoid any issues with receiving your COVID rebate or Enhanced Care refund by updating your address with ICBC

Other topics to explore:

 Fine-tuning your insurance

 Ways to save with ICBC

 Upcoming ICBC changes

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