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

From the left: Market on Market manager Heather Underwood, the DBA’s Alf Him (formerly co-chair), John McNamara and Couns. Christine Thompson and Cathy Korolek wave to the camera on the market’s opening day, Saturday, May 15. Photo: Laurie Tritschler
Grand Forks street market curtailed after city council meeting

Market Avenue will reopen to vehicle traffic Sundays through Thursdays, starting June 20

Daryl Jolly, his wife Kerry Pagdin, their sons Cole Jolly (left) and Graeme Jolly, and their dogs Gracie and Clover. Photo: Submitted
Selkirk College arts chair diagnosed with lung cancer, family launches fund drive

Daryl Jolly co-founded the college’s digital arts program

An ambulance waits to pick up an elderly couple injured in a vehicle collision in Christina Lake Monday, June 14. Photo: Laurie Tritschler
Christina Lake collision under investigation, say Grand Forks RCMP

No one was seriously hurt in a two-car collision on Highway 3 Monday, June 14

TELUS is proposing to construct a 5G tower at Pople Park. Photo: Sheri Regnier
First 5G tower in Trail proposed for placement in popular park

TELUS has a consultation process open until June 28

The Kootenay International Junior Hockey League met for their AGM and announced a number of new initiatives, new awards and changes in their executive committee, as well as the starting date for the 2021-22 season. Paul Rodgers file.
KIJHL announces start dates for 2021-22 season

Season set to begin Oct. 1 with league still following all health guidelines

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

(Black Press Media file)
Dirty money: Canadian currency the most germ-filled in the world, survey suggests

Canadian plastic currency was found to contain 209 bacterial cultures

(pixabay file shot)
B.C. ombudsperson labels youth confinement in jail ‘unsafe,’ calls for changes

Review states a maximum of 22 hours for youth, aged 12 from to 17, to be placed in solitary

Grace (left), a caribou that was born in a maternal pen north of Revelstoke, is alive and well said the province. It appears she even has a calf. Maternity pens aim to increase caribou calf survival by protecting them from predation until they are older and less vulnerable. (Contributed)
For the first time in years, caribou numbers increasing near Revelstoke

North herd growing but south herd still concerning

Eleonore Alamillo-Laberge, 6, reads a book in Ottawa on Monday, June 12, 2017. THE CANADIAN PRESS/Sean Kilpatrick
Parents will need to fight ‘COVID learning slump’ over summer: B.C. literacy experts

Parents who play an active role in educating their children this summer can reverse the slump by nearly 80%, says Janet Mort

Kelowna General Hospital. (File photo)
COVID-19 outbreak at Kelowna General Hospital declared over

Three people tested positive for the virus — two patients and one staff — one of whom died

The border crossing on Highway 11 in Abbotsford heading south (file)
Western premiers call for clarity, timelines on international travel, reopening rules

Trudeau has called Thursday meeting, premiers say they expect to leave that meeting with a plan

The B.C. government’s vaccine booking website is busy processing second-dose appointments, with more than 76 per cent of adults having received a first dose. THE CANADIAN PRESS/Jonathan Hayward
B.C.’s COVID-19 infections, hospitalizations stable for Tuesday

108 new confirmed cases, 139 in hospital, 39 in intensive care

A worker, at left, tends to a customer at a cosmetics shop amid the COVID-19 pandemic Thursday, May 20, 2021, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Half of cosmetics sold in Canada, U.S. contain toxic chemicals: study

Researchers tested more than 230 commonly used cosmetics and found that 56% of foundations and eye products, 48% of lip products and 47% of mascaras contained high levels of fluorine

Most Read