ICBC Rebate 2024 – Eligibility for $110 Reimbursement!

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ICBC Rebate

Premier David Eby of British Columbia says ICBC customers would get a $110 ICBC Rebate in 2024. Furthermore, basic rates won’t rise for another six years, ending on March 31, 2026, according to the schedule.

ICBC Rebate 2024

ICBC is giving qualifying drivers a $110 refund money management and higher-than-expected investment profits. Furthermore, basic tariffs will remain unchanged for another six years, until March 31, 2026.

As a result of prudent financial management and strong investment performance, ICBC has projected a $1.5 billion preliminary net income for the fiscal year 2023–2024. $400 million is the total refund amount or $110 for each qualifying insurance policy. 

According to the province, the reimbursement would be given to all individual and business ICBC Rebate 2024 customers who, in February 2024, have a current, qualifying basic insurance policy. This will account for almost 3.6 million policies.

How will you receive your 2024 ICBC rebate?

The majority of clients will get their refund using the same payment method they used to purchase their qualifying policy. You may get your refunds in various ways if you have numerous policies and pay using different methods.

If you paid for your policy by credit card

You will get your 2024 rebate as a credit card return, which you used to purchase your insurance. Look for a refund marked “ICBC Refund” on your credit card bills; you could have already gotten it. 

There will be credit card reimbursements between late May and mid-July. But it can take your credit card company up to a month to handle and apply the refund. 

If the credit card isn’t active right now:

  • If you’re registered, your 2024 rebate will be sent to you as a check or by direct deposit.  
  • Your 2024 rebate will be instantly transferred into your account if you choose direct payment. Beginning in late May, deposits will be made; they usually take one to three days to appear in your account. 
  • The time frame for processing checks is late May through the end of July. Cheques may arrive after an additional one to six weeks. 

If you paid for your policy via the ICBC payment plan

  • Your 2024 refund will begin to be credited to your next scheduled payment(s) in June and continue until you get the full $110 amount. This applies to clients making quarterly and monthly payments. 
  • Your 2024 rebate will be sent to you as a check. The time frame for processing checks is late May through the end of July. Cheques may arrive after an additional one to six weeks. 

If you paid for your policy By cash, cheque, Or debit

Your account will instantly get the 2024 rebate. Beginning in late May, deposits will be made; they usually take one to three days to appear in your account. 

You have two choices if you haven’t enrolled in direct deposit:  

  • By May 21, you must register for direct deposit with ICBC to get the refund put into your bank account. Beginning in late May, deposits will be made; they usually appear in your account one to five business days later.  
  • You may choose to get your 2024 rebate by checking if you would rather not enroll in direct deposit. The time frame for processing checks is late May through the end of July. Cheques may arrive after an additional one to six weeks. 

Who is eligible for the ICBC rebate?

The payment will be sent to all ICBC clients, including personal and business, who as of February held a current, qualifying basic insurance policy. 

This will account for over 3.6 million policyholders. The reimbursement will not be available for cars with a two-year average basic premium of less than $250. 

This covers limited-speed motorbikes, golf carts, off-road vehicles, utility vehicles, trailers, and collector automobiles. Each insurance will get a $110 refund, so a family with two vehicles will receive two rebates.

Nevertheless, some insurance types are ineligible, such as: 

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

When ICBC will process your rebate

The dates shown above indicate when ICBC will process your refund; they do not indicate when your check will be sent to you or when it will be put to your credit card or payment plan.  

The following variables might impact when you get your refund, even after ICBC has given it:  

  • The duration of processing at your credit card issuer or banking institution 
  • The next scheduled payment date under your payment plan 
  • Timelines for mail delivery and processing in your neighborhood 
  • A letter explaining the refund process will be sent to all qualified clients.

Make sure you update your address by May 21 if you’ve recently moved or changed addresses to prevent any delays in getting your reimbursement. You may get in touch with your Autoplan broker or alter your address online.

Visit NCBLPC Homepage To Get Relevant Updates.

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