ICBC 2024 Rebate Explained: Who’s Eligible and How to Claim

ICBC 2024 Rebate Explained: Who’s Eligible and How to Claim

British Columbia’s Insurance Corporation (ICBC) is offering a one-time $110 rebate to eligible insurance customers in 2024. This rebate comes as ICBC ends its fiscal year in a strong financial position, bolstered by better-than-expected investment returns and improved capital reserves. Here’s everything you need to know about the rebate, eligibility, and how to ensure you receive your payment.


Who is Eligible for the ICBC 2024 Rebate?

Most ICBC customers with an active Basic insurance policy in February 2024 qualify for the rebate. This includes both personal and commercial insurance holders. Customers with multiple policies can receive rebates for each eligible policy.

However, certain policies do not qualify, including:

  • Storage policies
  • Temporary Operation Permits
  • Policies for golf carts, off-road vehicles, limited-speed motorcycles, trailers, and collector vehicles

How and When Will Rebates Be Issued?

Processing Dates by Payment Method

ICBC started processing rebates in late May 2024, but the timing of when you’ll receive the funds depends on how you paid for your insurance:

  • Payment plan: Rebates processed between late May and mid-June
  • Credit card: Processed between late May and mid-July
  • Direct deposit: Processed between late May and the end of July
  • Cheque: Processed between late May and the end of July

Keep in mind these are the processing dates, and external factors like bank timelines or mail delivery may delay when you actually receive the rebate.


How Will You Receive Your Rebate?

Your rebate will typically be issued via the same method you used to pay for your eligible policy:

  1. Credit card: Credited back to the card used for payment.
  2. Payment plan: Applied directly to your account.
  3. Cash, cheque, or debit: Issued as a cheque mailed to your registered address.

Exceptions:

  • Leased vehicles: Rebate issued as a cheque made payable to both the lessee and the leasing company.
  • Jointly owned vehicles: A cheque will be issued in the name of all registered owners unless enrolled in a payment plan.
  • Outstanding debts with BCFMA: Rebates may be applied to your outstanding balance with the BC Family Maintenance Agency.

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What to Do If You Haven’t Received Your Rebate

If your rebate hasn’t arrived, you can submit a request online through the ICBC website. Depending on the circumstances, you may need to call ICBC directly for further assistance.

You can also verify your payment method and update your address if it has changed to ensure your rebate is delivered correctly.


Beware of Scams

ICBC warns customers to ignore any emails or text messages claiming to deliver your rebate. Rebates are only issued through official ICBC payment methods and never via digital transfers or links.


FAQs

Why is ICBC issuing a rebate?

ICBC’s financial strength from higher-than-expected investment returns and efficient reserve building enabled them to share the surplus with customers.

Is this rebate annual?

No, this is a one-time rebate for 2024. Future rebates will depend on ICBC’s financial performance.

Why is the rebate the same for everyone?

The uniform rebate reflects ICBC’s financial strategy to fairly distribute excess funds across all eligible policyholders.


This 2024 rebate is a financial relief measure for BC drivers, demonstrating ICBC’s improved fiscal health and commitment to supporting its customers. To ensure you don’t miss out, confirm your eligibility and payment details as soon as possible.

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