VANCOUVER (NEWS 1130) – ICBC will be issuing a second COVID-19 rebate because of lower claims costs amid the pandemic.
The new rebates, which the auto insurer says will average $120 per policy, will be sent out beginning in mid-July. The province expects the total cost of these additional rebates to be about $350 million, going to about 2.94 million British Columbians.
Customers who are eligible for this new rebate must have had an active auto insurance policy from Oct. 1, 2020, to March 31, 2021, with the province noting the rebate will amount to about 11 per cent of the premiums people paid during this period.
NEW: ICBC will be sending out a second round of COVID rebate cheques.
It's because of lower claims costs due to fewer crashes throughout the pandemic.
The new rebates, which will average $120 per policy, will be sent out in mid-July.
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— Amanda Wawryk (@AmandaWawryk) June 11, 2021
Exceptions will be made for people with short-term, storage, or distance-based policies.
“Roughly 70% of customers will get a rebate between $60 and $200,” the province says, adding ICBC received about 20 per cent fewer claims than expected between the six-month period mentioned. The insurer also saw a reduction in premium revenue with many British Columbians opting to change their policies, or in some cases not renewing or even cancelling them.
People with several, fully insured vehicles with ICBC Basic and Optional insurance may see a higher rebate amount. Drivers who have a vehicle with only basic coverage or one that was only insured for part of the six-month period will likely see a smaller cheque.
Unlike the first round, ICBC says the second rebate will be distributed to customers partly based on how they paid for their insurance.
For example, those who used a credit card are expected to see their rebate amount be credited to that method of payment, while those who paid with cash, debit, or Autoplan will be mailed a cheque to the address on file.
If you’d like to see your rebate deposited directly into your bank account, the province says you will need to sign up for direct deposit by June 30.
This comes as thousands of British Columbians are still waiting to receive cheques as part of the auto insurer’s first rebate promise. In early June, ICBC told NEWS 1130 14,000 people’s cheques were being re-processed and re-sent out. That meant a delay for money that was supposed to arrive in April, now expected in June or even July.
You are being encouraged to double check your address and information as soon as possible, so ICBC’s other refund, which is currently being sent out, gets to you on time.