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ICBC launches new online tool to help British Columbians figure out savings

Last Updated Jan 26, 2021 at 10:33 am PDT

FILE - ICBC claims centre sign. (Lasia Kretzel, NEWS 1130 photo)

ICBC launches new online tool to let British Columbians see their rates

New tool will help British Columbians figure out how much they will have in savings before renewing

VANCOUVER (NEWS 1130) – You won’t have to worry about sticker shock the next time you get car insurance in B.C.

ICBC has launched an online tool that will help British Columbians figure out how much their car insurance will set them back.

“What it will do is show you how much you’ll save under enhanced care versus what you paid last time. And if you’re eligible, it will also display a refund amount of the difference between your current Autoplan coverage and the new lower cost enhanced care coverage,” explained Public Safety Minister Mike Farnworth.

He says it will take you about 10 minutes to figure out how the changes being brought in will impact your premiums.

“All you need is have your driver’s license and your plate number, and as you use the tool, you can also look at how changes that you may want to make may to your coverage will affect your savings and premiums,” Farnworth sai.

He noted refunds would be issued between May and July, “after enhanced care coverage comes into effect.”

The refunded amount will depend, in part, on your renewal date as well as how much of a driver’s current policy falls after May 1.

Meanwhile, ICBC’s request for a temporary 15 per cent decrease on basic insurance rates was approved by the BC Utilities Commission earlier this month. The new rates will kick in on May 1.

This comes ahead of the future plan for customers to be able to renew their insurance online. That, however, won’t be available until May 2022.

The province has said it’s allowing for one year of its no-fault insurance program to kick in before launching the option to renew policies online.

People will still be able to renew their insurance policies through traditional means.

-With files from Renee Bernard and Ben Wilson