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ICBC will begin issuing a second round of COVID-related rebate cheques next month

2nd ICBC rebate coming

A second round of COVID-19 rebate cheques should begin showing up as early as mid-July courtesy of ICBC.

Solicitor General Mike Farnworth announced Friday morning rebate cheques averaging $120 per policy will be issued to reflect lower claim costs due to fewer crashes during the pandemic.

Farnworth says ICBC is in a good financial position, making it possible to issue the second round of rebates.

ICBC will be returning about $350 million in rebates to policy holders on top of the $600 million distributed to drivers earlier this spring.

Farnworth says most customers who had an active policy from Oct.1, 2020 to March 31, 2021 will be eligible. Exceptions to the rebate are those with short-term, storage or distance-based policies.

The rebate will amount to about 11per cent of the premiums charged over the six month period.

"Due to lower claims, we're in a position to support our customers and bring them some extra relief, and that's just what we're doing," said ICBC CEO Nicolas Jimenez.

The insurance corporation says it saw about 20 per cent fewer crashes during that six month period from October through March.

Rebate amounts will depend on whether a vehicle was insured for the full six month period, and the price paid for premiums.

Most customers can expect to receive between $60 and $200.



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