ICBC is switching to a new care-based model called Enhanced Care Coverage on Saturday.
Customers who buy full basic and optional insurance from ICBC for a policy effective on or after May 1st will save 20%, on average, compared with last year’s premiums.
The new model brings significantly lower auto insurance premiums, improved care and recovery, and wage loss benefits for people injured in crashes.
“This is the culmination of significant work by government and ICBC, in consultation with a wide spectrum of stakeholders and experts, to secure a sustainable, affordable and care-centered future for public auto insurance in British Columbia,” said Mike Farnworth, Minister of Public Safety and Solicitor General.
Because ICBC customers are able to renew their insurance 45 days before their expiry date, thousands have already renewed under Enhanced Care, with average savings of more than $400.
“Some customers have already renewed under Enhanced Care, or benefited from a significant decrease in the costs of our optional third-party liability coverage earlier this year,” added Nicolas Jimenez, president, and CEO of ICBC.
Autoplan brokers across BC have all been trained on Enhanced Care coverage changes and are now ready to assist BC residents to make the switch.
Many ICBC customers are also eligible to receive a one-time refund based on the portion of their current policy that extends past May 1st.
These Enhanced Care refunds will be issued starting later in May.
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