Wednesday March 26, 2025 | VICTORIA, BC [Posted at 12:41 pm | Updated 6:22 pm]
by Mary P Brooke | Island Social Trends
“We’re putting money back into the pockets of hardworking people,” says Garry Begg, BC Public Safety Minister and Solicitor General.
“ICBC’s strong investment returns means another $110 rebate is coming—because ratepayers deserve a break,” says Begg.
“At the end of our most recent fiscal year, ICBC is in a strong financial position thanks to better-than-expected investment income and the work we’ve done to build back our capital reserves,” states ICBC on their website.
“So, we’ve issued another $110 rebate to eligible insurance customers,” states ICBC.
Initial rebates started going out in mid-March and more will be processed through to the end of May.
The rebate was announced on March 4 in Budget 2025.
Eligibility:
Most customers who had an active Basic insurance policy in January 2025, including personal and commercial policies, are eligible to receive this rebate. Customers with multiple policies will receive a rebate for each policy that is eligible.
Some policy types are not eligible, including:
- Storage policies
- Temporary Operation Permits
- Policies for golf carts, off-road vehicles, limited speed motorcycles, trailers and collector vehicles
Delivery timing:
Even after ICBC has issued your rebate, the following factors could affect when you receive it:
- Processing times at your financial institution or credit card issuer
- The date of your payment plan’s next scheduled payment
- Mail processing and delivery timelines in your community
All eligible customers will be sent a letter with details on how they will receive their rebate.
Amount:
Not everyone will think that $110 is a big deal, but it will make a momentary difference in affordability to many low-income British Columbians.
To put the amount into context: there is no ICBC rate increase so far this year.
===== RELATED:
NEWS SECTIONS: 43rd BC PARLIAMENT | BC NDP