ICBC has officially announced a new $110 rebate to drivers throughout B.C.
The province says the rebate would be used to help stabilize rates for drivers in the long-term, while basic rates remain the same until March 31, 2026.
Premier David Eby says this comes after working on making ICBC work for people.
“On average, drivers have saved $2,000 in rebates and lower rates since our reforms to ensure that when auto insurance is properly managed, people in B.C. benefit,” said Eby.
They say ICBC’s net income stands at $1.5 billion for the 2023-24 fiscal year, with the rebate totaling $400 million.
The rebate will be given to those who had an active eligible basic insurance policy in February.
ICBC president and CEO David Wong says to get the rebate quickly, you need to update your address and sign up for direct deposit here.
Payments start in late-may this year.
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