ICBC says its new approach to automobile insurance will see millions of dollars put back into the pockets of customers starting next week.
The switch to “enhanced care” is expected to save the corporation around $1.5-billlion annually and individual British Columbians around $400 on insurance premiums.
This, due to the NDP government’s removal of court cases as a means of resolving most accident and injury claims.
One-time rebates of around $150 will be given to customers, amassed from the savings in cost between their current policy and the new one, which came into effect May 1.
“There will also be a number of refunds for just a few dollars or less,” reads a Thursday (May 13) statement from ICBC.
Customers who paid by cash or debit can expect to receive a cheque in the mail. Those who signed up for direct deposit will get their refund that way.
Monthly payments will automatically be adjusted to the lower rate on May 24.
The refunds are separate from COVID-19 rebate cheques issued in April, says ICBC, and different from the savings on premiums drivers got when they renewed their insurance.
Customers eligible for the enhanced care refund can use ICBC’s online estimator to see how much they are expected to receive.
Refunds are expected to reach 3.95-million customers by the end of July.
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