Drivers to get $110 rebates from ICBC, basic rate to stay same for sixth year

The ICBC basic rate will remain the same for a sixth year and rebates of $110 will be sent to all eligible customers starting later this month, Premier David Eby said Wednesday.

Eby, who made the announcement at an ICBC office in Hillside Shopping Centre in Victoria, attributed the rate freeze to years of work turning the public auto insurer around “so that it actually works for people.” The other pre-election goodie for drivers will come in the form of a rebate for all personal and commercial customers who had an active eligible basic insurance policy in February 2024.

Public Safety Minister and Solicitor General Mike Farnworth said ICBC is able to return $400 million to drivers because of prudent fiscal management and a commitment in law that ICBC’s surplus should go toward drivers instead of general government coffers. The only customers who won’t see rebates are those with average annual premiums of less than $250, typically for golf carts, utility vehicles and temporary operating permits and storage policies.

Source: Insurance Report (insurancereport.net)

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