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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:
MY VEHICLE IS LEASED. HOW DO I GET MY REFUND?
You'll be receiving a cheque in the mail from ICBC. If it is issued in the names of both you and the leasing company, the cheque must be endorsed (signed) by the leasing company before you can deposit or cash it.
WHY ARE SOME REFUND CHEQUES BEING ISSUED IN THE NAMES OF BOTH THE LEASING COMPANY AND THE POLICYHOLDER WHILE OTHERS ARE ISSUED IN THE NAME OF JUST THE POLICYHOLDER?
As the leasing company is considered to be the registered owner of the vehicle, ICBC is legally required to issue refund cheques in both the names of the leasing company and the policyholder.
To help streamline this process, a number of leasing companies were contacted by ICBC to provide their consent for cheques to be issued only to the policyholders. Those that have their leases with companies who consented will not be required to have their cheques endorsed.
WHY DO CHEQUES HAVE TO BE ENDORSED?
For any cheque issued in two or more names, the financial institution requires signatures from all parties before they can proceed with depositing or cashing it. Without all required signatures, there may be delays with releasing the funds or it may be rejected altogether.
HOW DO I CONTACT MY LEASING COMPANY?
Check your insurance documents to find the name of your leasing company. Contact them directly and they should be able to connect you with an authorized agent that can sign your cheque.
Questions? Find a CapriCMW office and get in touch with one of our experienced, knowledgeable Client Advisors. Be sure to keep us updated with your current phone number, email and direct deposit information.
See what you'll save in premiums under Enhanced Care with ICBC's new online estimator.
Read more about ICBC Enhanced Care
Part 1: New Accident Benefits
Part 2: New Savings for Drivers
Part 3: Changes to Vehicle Damage Coverage
