The rebate, announced by ICBC on Friday, June 11, 2021, is approximately 11 per cent of the premium customers paid for coverage during this six-month period. (Pixabay photo)

The rebate, announced by ICBC on Friday, June 11, 2021, is approximately 11 per cent of the premium customers paid for coverage during this six-month period. (Pixabay photo)

2nd ICBC rebate set for mid-July, averaging $120 per policy

Most drivers who had an active auto insurance policy from October 2020 to March 2021 will be eligible

ICBC will issue a second COVID rebate as part of the plan to respond to fewer crashes during the past year and a half of the pandemic.

ICBC will start distributing rebates averaging $120 per policy in mid-July, returning approximately $350 million in additional rebates to 2.94 million customers. This builds on the first COVID-19 rebate of $600 million for a total of $950 million. Unlike the first rebate, for some this will be put back on their credit card, pending how a driver pays for their insurance.

Most drivers who had an active auto insurance policy from October 2020 to March of this year will be eligible for the rebate. Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage.

The rebate is approximately 11 per cent of the premium customers paid for coverage during this six-month period.

In a statement Friday (June 11), Public Safety Minister Mike Farnworth said the insurance corporation is in a “strong financial position,” receiving about 20 per cent fewer crash claims than expected between October 2020 and March 2021, with an estimated impacts of about $450 million.

RELATED: NDP government bails out ICBC with $1 billion transfer

RELATED: ICBC caps pain and suffering awards at $5,500 amid losses

This means that despite a reduction in $100 million in revenue due to drivers reducing or cancelling their insurance policies to reflect working from home and travel restrictions, savings totalled roughly $350 million.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

CoronavirusICBC

Just Posted

Taylor Bachrach, NDP MP for Skeena-Bulkley Valley addresses Parliament on June 7, in call for the federal government to stop fighting Indigenous children in court and to implement the Truth and Reconciliation Commission’s Call to Action. (Image: supplied from Facebook)
NDP motion calling for immediate reconciliation action passes

Skeena-Bulkley MP Taylor Bachrach addresses federal Parliament

Coho is one of many fish species that will benefit from a project to assess fish passage in the Falls River Watershed and offer options for improved connectivity and habitat restoration. The project will be delivered with funding from the Fish and Wildlife Compensation Program announced on June 8. (Photo: supplied by FWCP, istock, M.Haring)
More than $2.1 million for Northcoast fish and wildlife projects

Falls River Watershed SE of Prince Rupert to have fish passage and habitat study

UFAWU-Unifor stated on June 8 that there is no evidence of commercial fishing fleet overfishing for salmon. A salmon being weighed in Prince Rupert during the correct season in 2020. (Photo: K-J Millar/The Northern View)
UFAWU-Unifor responds to DFO’s Pacific Salmon Strategy Initiative

Union states there is no evidence of overfishing in the commercial fleet

Ocean Wise’s cetacean photogrammetry research program uses aerial images collected by boat-launched drones to measure the body condition of whales and assess their health and nutritional status. (Ocean Wise Marine Mammal License MML-18 photo)
LNG Canada commits $750K to Ocean Wise

New three-year initiative expands whale research, conservation and education programs in the north west

Loki, a young bald eagle is seen in recovery after being found hanging from power lines on just her second day of independence, last July. Equipped with a GPS, Loki has made a home in Prince Rupert with Hancock Wildlife Foundation asking for help in photographing her. (Photo: Hancock Wildlife Foundation)
Looking for Loki, the new Prince Rupert local

Hancock Wildlife Foundation is asking the public for help

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

The Kamloops Indian Residential School is photographed using a drone in Kamloops, B.C., Monday, June, 14, 2021. The remains of 215 children were discovered buried near the former school earlier this month. THE CANADIAN PRESS/Jonathan Hayward
Communities grapple with what to do with former residential and day schools

Some tear them down as a tool to help healing, others repurpose them as tools for moving forward

FILE – Provincial health officer Dr. Bonnie Henry talks about B.C.’s plan to restart the province during a press conference at Legislature in Victoria, Tuesday, May 25, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. officials watching U.K.’s Delta variant struggles, ‘may need to slow’ restart plan

Studies show that one dose of vaccine is only 33 per cent effective in preventing B.1.617.2 spread

RCMP Const. Shelby Patton is shown in this undated handout photo. RCMP say that Patton was hit by an allegedly stolen truck that he had pulled over on Saturday morning in Wolseley, east of Regina. THE CANADIAN PRESS/HO, RCMP
Pair charged in Saskatchewan Mountie’s death make first court appearance

Const. Shelby Patton was hit by an allegedly stolen truck that he had pulled over Saturday morning

David and Collet Stephan leave for a break during an appeal hearing in Calgary on Thursday, March 9, 2017. THE CANADIAN PRESS/Todd Korol
Appeal Court rejects stay for Alberta couple facing third trial in son’s death

Pair accused in their earlier trials of not seeking medical attention for their son sooner

Highway notices like this come down effective June 14. Public health restrictions on non-essential travel and commercial operation have hit local businesses in every corner of B.C. (B.C. government)
Province-wide travel back on in B.C.’s COVID-19 restart plan

Gathering changes include up to 50 people for outdoor events

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Calgary Stampeders’ Jerome Messam leaps over a tackle during second half CFL western semifinal football action in Calgary, Sunday, Nov. 15, 2015.THE CANADIAN PRESS/Jeff McIntosh
CFL football will be played this summer in Canada

Governors vote unanimously in favour to start the ‘21 campaign on Aug. 5

Citizenship Minister Marco Mendicino holds a press conference in Ottawa on Thursday, Nov. 12, 2020. The federal government is announcing that Indigenous people can now apply to reclaim their names on passports and other government documents. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous people can now reclaim traditional names on their passports and other ID

Announcement applies to all individuals of First Nations, Inuit and Métis background

Most Read