The rebate, announced by ICBC on Friday, June 11, 2021, is approximately 11 per cent of the premium customers paid for coverage during this six-month period. (Pixabay photo)

The rebate, announced by ICBC on Friday, June 11, 2021, is approximately 11 per cent of the premium customers paid for coverage during this six-month period. (Pixabay photo)

2nd ICBC rebate set for mid-July, averaging $120 per policy

Most drivers who had an active auto insurance policy from October 2020 to March 2021 will be eligible

ICBC will issue a second COVID rebate as part of the plan to respond to fewer crashes during the past year and a half of the pandemic.

ICBC will start distributing rebates averaging $120 per policy in mid-July, returning approximately $350 million in additional rebates to 2.94 million customers. This builds on the first COVID-19 rebate of $600 million for a total of $950 million. Unlike the first rebate, for some this will be put back on their credit card, pending how a driver pays for their insurance.

Most drivers who had an active auto insurance policy from October 2020 to March of this year will be eligible for the rebate. Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage.

The rebate is approximately 11 per cent of the premium customers paid for coverage during this six-month period.

In a statement Friday (June 11), Public Safety Minister Mike Farnworth said the insurance corporation is in a “strong financial position,” receiving about 20 per cent fewer crash claims than expected between October 2020 and March 2021, with an estimated impacts of about $450 million.

RELATED: NDP government bails out ICBC with $1 billion transfer

RELATED: ICBC caps pain and suffering awards at $5,500 amid losses

This means that despite a reduction in $100 million in revenue due to drivers reducing or cancelling their insurance policies to reflect working from home and travel restrictions, savings totalled roughly $350 million.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

CoronavirusICBC

Just Posted

Terry Mazzei next to a truck after it was struck by lightning, with him inside, on Wednesday afternoon, June 9. He walked away from the incident without injury and the truck sustained only mild damage; a blown front tire and newly broken gas gauge. (Wendy Mazzei photo)
Nanoose Bay man walks away unscathed after lightning strike

VIDEO: ‘We like to think that his dad was watching over him’

This young fledgling white raven was spotted in the Coombs area on May 16. (Mike Yip photo)
Expert says 2 sets of parents producing rare white ravens in mid-Island area

One of the iconic birds is currently recovering at wildlife centre after being rescued

Flowers planted along Highway 19 in downtown Parksville. (Submitted photo)
City of Parksville plants more than 15,000 annual bedding plants

Residents encouraged to take flower photos and post to social media

New COVID-19 cases on Vancouver Island by local health area for the week of May 30-June 5. (B.C. Centre for Disease Control image)
COVID-19 cases drop again almost everywhere on Vancouver Island

Nanaimo had four new cases last week, down from 22 the week before

The Parksville Civic and Technology Centre. Offices will re-open to the general public on June 21. (PQB News file photo)
Parksville’s city hall offices to open again on June 21

Offices will resume pre-COVID hours of operation

t
How to tell if a call from ‘CRA’ is legitimate or a scam

Expert says it’s important to verify you really are dealing with the CRA before you give out any info

Prime Minister Justin Trudeau greets campers while visiting McDougall, Ont. on Thursday, July 19, 2018. THE CANADIAN PRESS/Frank Gunn
71% of B.C. men say they’d prefer to go camping with Trudeau: survey

Most British Columbians with plans to go camping outdoors say they’d prefer to go with Trudeau or Shania Twain

The courthouse in Nanaimo. (News Bulletin file)
Nanaimo man, already in jail, found guilty of sexual abuse of sons

Man previously sentenced for sexual interference involving girl in Nanaimo

Members of the Department of Fisheries and Oceans’ Marine Mammal Response Program rescued an adult humpback what that was entangled in commercial fishing gear in the waters off of Entrance Island on Thursday, June 10. (Photo courtesy Marine Mammal Response Program)
Rescuers free humpback ‘anchored’ down by prawn traps off Vancouver Island

Department of Fisheries and Oceans responders spend hours untangling whale

British Columbia-Yukon Community News Association’s 2021 Ma Murray Awards were handed out during a virtual ceremony on Friday, June 10. (Screen grab)
Black Press Media winners take gold at B.C. and Yukon journalism awards

Publications received nods in dozens of categories

Unofficial holidays: Here’s what people are celebrating for the week of June 13 to 19

Flag Day, Garbage Man Day, International Panic Day all coming up this week

Chilliwack cocaine trafficker Clayton Eheler seen with a tiger somewhere in Asia in 2014. Eheler was sentenced to nine years jail in 2018, but was released on bail in October 2020 pending his appeal of conviction.(Facebook)
Director of civil forfeiture seeks $140,000 from Fraser Valley drug dealer’s father-in-law

Clayton Eheler’s father-in-law Ray Morrissey caught with money in Fort St. John by B.C.’s gang unit

A Comox Valley shellfish operator pleaded guilty and was fined $10,000 in provincial court in Courtenay earlier this year. Record file photo
B.C. clam harvester fined $10,000 for Fisheries Act violations

Charges against three others were stayed in Courtenay Provincial Court

Frank Phillips receives a visit from his wife Rena at Nanaimo Seniors Village on their 61st wedding anniversary, March 31, 2020. Social visits have been allowed since COVID-19 vaccination has been offered in all care homes. (Nanaimo News Bulletin)
B.C. prepares mandatory vaccination for senior care homes

180 more cases of COVID-19 in B.C. Friday, one more death

Most Read