Follow us on social media to stay informed on the upcoming ICBC changes:
As of May 1, 2021, ICBC's new Enhanced Care coverage comes into effect which introduces significant changes to BC's auto insurance system. At CapriCMW, we're here to help you understand the changes and how they affect you.
BC drivers with existing ICBC policies expiring after May 1, 2021 will receive one-time, pro-rated refunds. The refund amounts will be the difference in premiums between existing policies and what policyholders will be paying under new, lower rates with Enhanced Care. Each individual's refund will depend on the renewal date and the number of months remaining on the current policy that extends beyond May 1.
In addition to these refunds, most drivers with active ICBC policies between April 1, 2020, to September 30, 2020 will receive one-time rebates that will be issued around mid-March. These rebates are a result of approximately $600 million in net savings seen by ICBC due to major decreases in accidents and costs resulting from the spread of the COVID-19 pandemic. The average rebate will be $190 ($210 for fleets) but will differ between individuals depending on the actual amounts paid in premiums during the relevant six-month period.
Getting Your Refunds With Leased Vehicles: