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$110-rebate coming to B.C. drivers by end of July: ICBC CEO

No increase in basic insurance rate until at least March 1, 2026
ICBC CEO David Wong says eligible drivers will get a $110-rebate in summer 2024 after better-than-expected investment returns. (The Canadian Press files)

Eligible drivers in B.C. will once again be getting a rebate this summer.

Rebates of $110 will be going out to an estimated 3.6 million customer policies, ICBC CEO David Wong said during a news conference in Victoria Wednesday (May 8). He was joined by Premier David Eby and Public Safety Minister Mike Farnworth.

The provincial Crown corporation will also be keeping the basic insurance rate steady until next year, with no rate increase until at least March 1, 2026. It has been six years since the last increase.

Walking out to AC/DC’s “Back In Black,” Eby said some may think car insurance is boring but he thinks it’s “rock ‘n’ roll.”

“There’s no question that drivers in B.C. renewing their insurance were on the ‘Highway to Hell’ under Kevin Falcon and John Rustad, but now ICBC is ‘Back in Black’ and drivers will be ‘Thunderstruck’ by the announcement today, Eby said, taking a dig at his political rivals ahead of the announcement.

An estimated 3.6 million customers policies will be eligible for the rebate.

Wong said the rebate is per policy, so if someone has insurance policies for two vehicles, they will get two rebates of $110 each. To be eligible for the rebate, drivers had to have an active policy in February 2024.

Processing for the rebates will begin in late-May. Wong said ICBC will be working every day to have all the rebates out by the end of July.

Rebate delivery is based on how a customer paid: if it was through a credit card, it will be refunded; if it was through autoplan payments, the rebate will be applied to the next payment in June; and if it was by debit, cash or cheque, a rebate will be mailed unless the customer signs up for direct deposit. People need to be signed up for direct deposit before May 21 to be eligible.

The rebate, which totals about $400 million provincewide, will be filed by the government with the B.C. Utilities Commission Wednesday.

READ MORE: Cyclists and pedestrians injured in crashes no longer need to pay costs: ICBC

Lauren Collins

About the Author: Lauren Collins

I'm a provincial reporter for Black Press Media's national team, after my journalism career took me across B.C. since I was 19 years old.
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