ICBC’s Financial Success Brings New Benefits to BC Drivers: $110 Rebate and Continued Rate Stability

Strong Financial Performance Benefits BC Drivers

The Insurance Corporation of British Columbia (ICBC) is delivering welcome news to drivers with a $110 rebate to eligible policyholders, while maintaining basic insurance rates steady until March 31, 2026. This marks the sixth consecutive year without rate increases, with drivers saving an average of $2,000 in rebates and lower rates since reforms were implemented. The corporation’s preliminary net income for fiscal year 2023-24 stands at an impressive $1.5 billion.

Expanded Coverage and Services

Starting May 1, 2025, British Columbians will benefit from increased coverage amounts for health care services following vehicle accidents, as the Province implements improvements to Enhanced Accident Benefits paid by ICBC. Additionally, drivers covering less than 15,000 kilometers annually will soon qualify for a new discount on their Optional insurance premium, potentially saving between 10 to 15% on select coverages.

Financial Stability and Investment Success

ICBC maintains approximately $18 billion in investments managed by the British Columbia Investment Management Corporation (BCI). Strong investment portfolio performance helps offset claims costs and reduces the need for future rate increases. The current rebate will benefit roughly 3.6 million policy holders who had active eligible basic insurance policies in February 2024. This initiative demonstrates the advantages of having a public auto insurer focused on benefiting drivers rather than government coffers.

Commitment to Service Excellence

As a public insurer, ICBC remains committed to providing essential services to British Columbians, including insurance coverage for vehicle repairs, recovery benefits for accident victims, driver licensing and identification services, and investments in road-safety initiatives.