If you’ve been keeping a clean driving record in Victoria, here’s some financial relief headed your way. ICBC is offering a $110 rebate to eligible drivers starting in April 2025.
This rebate is part of the 2025 BC Budget, which was announced yesterday.
The provincial government revealed that drivers with active ICBC Basic insurance policies in January 2025 are eligible to receive this rebate, with payments expected to roll out between March and May 2025.
According to ICBC, the rebate comes thanks to a strong financial position. After better-than-expected investment income and efforts to rebuild capital reserves, ICBC said it is in a good spot financially, allowing them to pass on the savings to customers.
If you had an active Basic insurance policy in January 2025, you’re likely in line for the $110 rebate. This includes both personal and commercial policies, and if you’ve got multiple policies, you’ll receive a rebate for each eligible one.
However, a few policy types are excluded, such as storage policies, temporary operation permits and policies for golf carts, off-road vehicles, trailers, and limited speed motorcycles, to name a few.
Most rebates will be processed between mid-March and May 2025, but it’s important to note that this isn’t necessarily when the funds will land in your account. The timing will depend on a few factors like your financial institution’s processing times, your payment plan’s next payment date, and even mail delivery timelines in your area.
To speed up the process, make sure you sign up for direct deposit through ICBC’s website or contact an Autoplan broker by March 26th.
The provincial budget has allocated $410 million for this rebate program, benefiting around 3.7 million drivers across the province. This is the fourth rebate ICBC has issued since 2021, bringing the total savings to $640 for customers.
Plus, ICBC’s basic insurance rates will stay steady through March 2026, making this the sixth consecutive year without any increases.
So, if you’ve got an active basic insurance policy in 2025, keep an eye out for your rebate later this spring!
