Drivers get breaks from ICBC with rate freeze, rebate

If you had vehicle insurance through ICBC in February, you can expect to get cash back this year. The public insurer estimates 2.7 million drivers will each be eligible for the $110 rebate. Additionally, basic rates will not change until March 31, 2026, ICBC said.

“How drivers receive the rebate depends on how they paid for their insurance,” states the government’s announcement. “For people who paid by credit card, the rebate will be refunded to the credit card. People who paid by cash, cheque or debit can sign up for direct deposit or will receive a cheque from ICBC. For people who are on a payment plan, the rebate will be applied directly to an upcoming payment.”

David Wong, ICBC’s new president and CEO, said “Initial rebate payments will commence in late May, with ongoing processing until the end of July. Customers receiving rebates via cheque are advised to allow additional time for mail processing and delivery.”