ICBC has improved its online tool to provide customers an estimate of how much they will save when they renew their vehicle insurance under Enhanced Care and how much they will get in a refund from ICBC.
The insurance estimator will help personal customers understand what the upcoming premium savings will mean to them. When Enhanced Care comes into effect May 1, 2021, customers who purchase basic and optional insurance from ICBC will save 20% on average. Most customers will also be eligible for a one-time, pro-rated refund.
“Our government is set to deliver much more affordable ICBC premiums, and now drivers can see how much they’re going to save and how much of a refund they can expect after May 1,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “In just minutes, drivers will be able to get an estimate of how much less they’ll be paying for auto insurance going forward.”
To use the tool, a customer needs only to log in with their B.C. driver’s licence and licence plate numbers. Customers can view and adjust coverage options, and calculate an estimate for their upcoming renewal. The tool will compare what they paid last time and approximately how much they will save under Enhanced Care. If a customer is within 45 days of their renewal date, they can save the information to review it with an Autoplan broker when it is time to renew and pay.
For eligible customers, the tool will display a refund amount of the difference between their current Autoplan coverage and the new, lower-cost Enhanced Care coverage. The refund amount depends on the customer’s renewal date and how much of their current policy extends beyond May 1, 2021.
“Today’s announcement brings us one step closer to the promise of more affordable auto insurance rates for British Columbians,” said Nicolas Jimenez, president and CEO, ICBC. “Our online estimator tool will help to make clear the extent of Enhanced Care savings British Columbians can expect as we move toward our May 1 launch, delivering not just lower-cost insurance but also significantly improved benefits, regardless of fault.”