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

Fruit farmers in the Okanagan and Creston valleys are in desperate need of cherry harvesters amid COVID-19 work shortages. (Photo: Unsplash/Abigail Miller)
‘Desperate’ need for workers at Okanagan cherry farms

Fruit farmers are worried they’ll have to abandon crops due to COVID-19 work shortages

Firefighters were called to a grass fire on a hillside slope behind the post office in Summerland on Friday shortly before 2 p.m. (John Arendt - Summerland Review)
Firefighters extinguish blaze behind Summerland Post Office

Fire on hillside slope occurred Friday, June 18 shortly before 2 p.m.

A tent housing a mobile vaccination clinic. (Interior Health/Contributed)
Over 5K jabbed at Interior Health mobile COVID-19 vaccine clinics

The clinics have made stops in more than 40 communities since launching last week

Emergency crews responded to Highway 97 after a motorcycle incident. (John Arendt - Summerland Review)
Motorcyclist taken to hospital after collision on Highway 97

It is not known the extent of their injuries

The illegal open fire above Naramata continues to smoke on Friday, June 18. The fire was left to burn itself out by BC Wildfire. (Monique Tamminga - Western News)
Illegal open burn in Naramata will be left to smoke

BC Wildfire could not confirm whether the property owner had been fined

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Starting in 2022, the Columbia Shuswap Regional District is extending dog control to the entire Electoral Area D. (Stock photo)
Dog control bylaw passes in Shuswap area despite ‘threatening’ emails

CSRD board extending full dog control in Electoral Area D starting next year

A North Vancouver man was arrested Friday and three police officers were injured after a 10-person broke out at English Bay on June 19, 2021. (Youtube/Screen grab)
Man arrested, 3 police injured during 10-person brawl at Vancouver beach

The arrest was captured on video by bystanders, many of whom heckled the officers as they struggled with the handcuffed man

Patrick O’Brien, a 75-year-old fisherman, went missing near Port Angeles Thursday evening. (Courtesy of U.S. Coast Guard)
Search for lost fisherman near Victoria suspended, U.S. Coast Guard says

The 75-year-old man was reported missing Thursday evening

Bruce Springsteen performs at the 13th annual Stand Up For Heroes benefit concert in support of the Bob Woodruff Foundation in New York on Nov. 4, 2019. (Greg Allen/Invision/AP)
Canadians who got AstraZeneca shot can now see ‘Springsteen on Broadway’

B.C. mayor David Screech who received his second AstraZeneca dose last week can now attend the show

New research suggests wolves can be steered away from the endangered caribou herds they prey on by making the man-made trails they use to hunt harder to move along. THE CANADIAN PRESS/Nathan Denette
Culling cutlines, not B.C. wolves, key to preserving caribou herds: researcher

The government has turned to killing hundreds of wolves in an effort to keep caribou around

Gary Abbott (left) and Louis De Jaeger were two of the organizers for the 2014 Spirit of the People Powwow in Chilliwack. Monday, June 21, 2021 is Indigenous Peoples Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of June 20 to 26

Indigenous Peoples Day, Take Your Dog to Work Day, Onion Rings Day all coming up this week

Gwen Spencer Hethey with her uncle and mentor Major Frederick Richardson. (Courtesy of Greater Victoria Sports Hall of Fame)
‘She was a killer’: The B.C. woman who pioneered female sharpshooting

Gwen Spencer Hethey made military men ‘look like turkeys’ says her son

Most Read