ICBC has announced it will be introducing a new distance-based discount in 2023 for those who drive their vehicles less than 10,000 km per year.
HOW MUCH WILL I SAVE?
Eligible drivers will save between 5 and 15 per cent on certain ICBC optional coverages. The amount of your discount will be higher the less you drive.
DO I QUALIFY?
To be eligible for this discount, you must:
- drive less than 10,000 km per year
- provide photos of two odometre readings one year apart as proof
- have an existing annual ICBC Autoplan policy with optional coverages
- have a vehicle that falls under an eligible rate class (motorcycles, RVs and collector vehicles are excluded)
HOW DO I GET THE DISCOUNT?
To get the discount, provide a photo of your odometre reading the next time you renew or purchase a new ICBC policy. The discount will be applied a year later at renewal if you can provide a photo of your odometre reading which shows that the vehicle has been driven less than 10,000 km in that year.
HOW IS THIS DIFFERENT FROM THE LOW-KILOMETRE DISCOUNT?
This distance-based discount is separate from the low-kilometre discount, which applies to ICBC Basic insurance and Extended Third Party Liability and Collision coverage on vehicles driven than 5,000 km per year. If you qualify for the low-kilometre discount, you may also simulaneously qualify for the distance-based discount, as they can apply to different coverages.