ICBC to issue millions of refunds under new ‘enhanced care’ approach
ICBC is set to issue nearly four million refunds to customers following the insurance corporation’s switch to “enhanced care.”
The approach, which launched May 1, is expected to save ICBC about $1.5 billion annually. It has led to lower ICBC insurance premiums — about $400 less for the average British Columbian — and refunds of about $150.
The one-time pro-rated refund will be the difference of the amount drivers paid when they last renewed their insurance policy and the lower cost of the enhanced care program for the duration of their policy past May 1.
Eligible customers can expect to get their refunds by the end of July.
Customers who paid by cash or debit card can expect to receive a cheque in the mail or have the refund directly deposited in their bank account, if they had signed up for direct deposit. Customers who paid with a credit card will get a refund on the card, while those who are on a payment plan will have their monthly payments adjusted after May 24.
These refunds are separate from the average 20 per cent savings on premiums drivers got when they renewed their insurance, said ICBC. It’s also different from the COVID-19 rebate cheques ICBC issued to customers in April.
Customers who are eligible for the enhanced care refund can use ICBC’s online estimator tool to see how much they can expect to get back.