VICTORIA — Most British Columbia drivers will get a vehicle insurance rebate of $110 this year and basic renewal rates will remain frozen until at least March 2026.
"This will be the sixth year of zero per cent basic rate increases, no change to the basic rate," he said."This is the fourth rebate ICBC has been able to provide since the COVID-19 period, since the restructuring." "Despite zero per cent basic rate, despite four rebates now, ICBC continues to be in strong financial standing," he said, more than six years after he referred to ICBC's finances inherited from the previous government as a"dumpster fire."
Preliminary financial results show ICBC will earn a net income of $1.5 billion this year, which includes the cost of the rebates, he said.
Source: Insurance Report (insurancereport.net)
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