ICBC customers will receive one-time rebates averaging $190 this spring.
The company ill begin mailing rebate cheques in mid-March 2021.
This one-time rebate is separate from the Enhanced Care refunds customers will start to receive in May 2021, the province said.
Since the beginning of the 2020-21 fiscal year, ICBC has had fewer reported collisions and lower claim costs, resulting in higher-than-expected income.
Most customers who had an active policy from April 1 to Sept. 30, 2020 will be eligible for the rebate. The rebate in March is based on a portion of what customers paid for coverage during that period.
Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage.
“Our work to make life more affordable for British Columbians includes fulfilling our commitment to take earnings at ICBC that are related to the pandemic and give that money back to people,” said Premier John Horgan.
“Those cheques will be in the mail soon.”