By Canadian Press

B.C. insurance corp. announces $110 vehicle rebate, rate increases on hold until 2026

May 8, 2024 | 10:41 AM

VICTORIA — Most drivers in British Columbia will receive a $110 vehicle insurance rebate this year.

The Insurance Corporation of B.C. says strong investment and financial returns and the 2021 shift to the “enhanced care” model for providing health coverage for people involved in crashes has put the Crown corporation in a solid position to offer rebates.

Corporation president David Wong says vehicle insurance rates will also remain frozen until at least March 2026.

He says the last basic insurance rate increase was 2019.

Wong says preliminary financial results show ICBC will earn net income of $1.5 billion this year, which includes the $400 million cost of the rebates.

One Man's Opinion

COLLINS: Are the B.C. Conservatives digging their own graves?

48m ago

Sound Off

SOUND OFF: Culturally appropriate food goes beyond the ingredients on a plate

Dec 14, 2024

Two and Out

PETERS: Whether building up or tearing down, Kamloops is what you make it

Dec 13, 2024

Premier David Eby and Solicitor General Mike Farnworth, the minister responsible for ICBC, and Wong are set to address rebate program at a news conference Wednesday.

This report by The Canadian Press was first published May 8, 2024.

The Canadian Press