ICBC says $110 rebates will be going out to eligible British Columbians. (Christer Waara/CBC)
Many ICBC customers will soon receive $110 rebates, as the auto insurer distributes a new round of refunds. The rebates, totaling $410 million, are set to benefit drivers with an active Basic insurance policy as of January 2025.
Financial Strength Leads to Rebates
This is the fifth rebate since 2021, a move made possible by ICBC’s strong financial performance.
"When ICBC is financially strong and stable, we all benefit," said David Wong, ICBC President and CEO.
He highlighted that steady investment returns have enabled the company to give back to customers. ICBC has also managed to hold Basic insurance rates steady for six years without any increases, while maintaining healthy capital reserves.
How Will Customers Receive Their ICBC Rebate?
Eligible customers will receive a letter detailing their rebate amount and payment method. The refund will be processed as follows:
- If insurance was paid by credit card, the rebate will be credited back to the same card.
- If payment was made by cash, cheque, or debit, customers will receive the rebate via cheque or direct deposit.
ICBC Supports Canadian Vendors
ICBC also announced that, in response to U.S. trade actions, it will be working exclusively with Canadian vendors to distribute the rebates.
"This rebate is just one small way for ICBC to give back to its customers as we all navigate global economic uncertainty and increased costs in the face of unjustified tariffs," said Public Safety Minister Garry Begg.
The rebate comes as a welcome relief to drivers, reinforcing ICBC’s commitment to financial stability and customer support.
