ICBC Rebate 2025 will be issued to eligible policyholders between mid-March and May. The exact timeline will be based on their policy payment method, however ICBC has advised to set up direct deposit to get faster payment. The rebate amount will be $110 which will be part of the rebate budget allocation of $410 million.
ICBC Rebate 2025
The ICBC Rebate 2025 is a financial relief initiative introduced as part of British Columbia’s 2025 provincial budget. This rebate aims to provide monetary benefit of $110 to eligible drivers, both personal and commercial. The new budget for this rebate program is set at $410 million and it will assist those drivers who have an active insurance policy in January 2025.
The rebate is a result of better-than-expected investment returns and financial management during the fiscal year 2024/2025. This initiative fulfils the commitment of the government who are trying to maintain affordability for customers as ICBC’s basic insurance rates are set to remain unchanged until March 2026.
Customers who are on multiple active policies will receive this payment based on their eligible policy. There will be some non eligible policies including Storage policies, Temporary Operation Permits, Policies for golf carts, off-road vehicles, limited speed motorcycles, trailers and collector vehicles.
Who is eligible to receive ICBC Rebate 2025?
The eligibility criteria of ICBC Rebate 2025 is crucial to know if you are interested in this program. So you can check the requirements from below.
- To qualify, individuals must have an active basic insurance policy holding in January 2025.
- All the personal and commercial policy holders during eligibility period are eligible to receive rebate amount pof $110 while certain policies with an average Basic premium less than $250 over a two-year period are not eligible for the rebate including:
- Policies for utility vehicles, Golf carts, road building and industrial machines, limited speed motorcycles, off-road vehicles, farm tractors, trailers and vehicles insured in a collector rate class
- Temporary Operation Permits
- Vehicles exempt from Basic Insurance
- Storage policies
When will ICBC Rebate 2025 be issued?
The scheduled time for ICBC Rebate 2025 is between mid-March and May, 2025 but the exact time will be varied based on many factors such as payment type and delivery services. All the eligible customers will receive a letter which explains how they will receive their rebate amount.
Those who are on any payment plan will receive $110 with their next scheduled payment from April 2025. Those who paid for their insurance policy through credit card will receive their payments through the same payment method between mid March to late April, 2025.
Customers who have set up their direct deposits can expect their payments between mid March to late April while through paper check, the payments will reach eligible people between April to late May. To expedite the payment arrival process, ICBC advised customers to sign up for direct deposit by contacting an Autoplan broker or visiting ICBC’s website.
How will ICBC Rebate 2025 be issued?
All the eligible customers will receive ICBC Rebate 2025 through the payment method which they used for their insurance policy. Those who are on multiple payment methods will receive their rebates in multiple ways. Customers who paid via credit card will receive a refund directly to their cards, while others may receive a direct deposit(if signed up) or cheque.
Through direct deposit, the rebate will take almost 3 days to appear into your bank account while the cheque will be mailed in late April and it can take additional 6 weeks for delivery. It’s important to keep in mind that ICBC does not issue rebates by text message or email so if you receive any type of text or email with the link of claiming it, click the delete or spam button.
What can be the reasons for the late payment of ICBC Rebate 2025?
However, the ICBC has given the timeline for every payment time to receive rebate 2025 but there have also said that there can be several reasons which could affect the payment timeline.
- This can be mail time processings and delivery time requirements in your community.
- The delay can be also due to the processing times at your financial institution or credit card issuer.
- The rebate payment can also be late due to the date of your payment plan’s next scheduled payment.
- Higher volume of rebates issuance can also affect the timeline of your rebate so be patient. ICBC will issue almost 3.7 million rebates during the given timeline.