By Canadian Press

ICBC

ICBC announces $110 rebate to drivers, basic rates remain unchanged

May 8, 2024 | 11:00 AM

Most drivers in British Columbia will receive a $110 vehicle insurance rebate this year.
The Insurance Corporation of B.C. says strong investment and financial returns and the 2021 shift to the “enhanced care” model for providing health coverage for people involved in crashes has put the Crown corporation in a solid position to offer rebates.
Corporation president David Wong says vehicle insurance rates will also remain frozen until at least March 2026.
He says the last basic insurance rate increase was 2019.
Wong says preliminary financial results show ICBC will earn net income of $1.5 billion this year, which includes the $400 million cost of the rebates.

Courtesy: ICBC

The dates above are when ICBC will process your rebate, not when you will see it applied to your credit card or payment plan, deposited into your account or when your cheque will be delivered to you.

Even after ICBC has issued your rebate, the following factors may affect when you receive it:

• Processing times at your financial institution or credit card issuer
• The date of your payment plan’s next scheduled payment
• Mail processing and delivery timelines in your community

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