Today, May 1, marks the start of a new era for ICBC as the corporation launches Enhanced Care coverage and transitions to a new care-based model.
Enhanced Care is a redesigned approach to auto insurance.
"Under Enhanced Care, millions of people will breathe easier - both at renewal time and if they're injured in a crash," said Mike Farnworth, minister of Public Safety and Solicitor General. "This is the culmination of significant work by government and ICBC, in consultation with a wide spectrum of stakeholders and experts, to secure a sustainable, affordable and care-centred future for public auto insurance in British Columbia."
Customers who buy full basic and optional insurance from ICBC for a policy effective on or after May 1 will save 20%, on average, compared with last year's premiums. Because ICBC customers are able to renew their insurance 45 days before their expiry date, thousands have already renewed under Enhanced Care, with average savings of more than $400.
Autoplan brokers throughout the province have been trained on all Enhanced Care coverage changes. Brokers are ready to help customers understand their savings, as well as new and altered coverage options to help ensure that British Columbians get the protection they need.
Many ICBC customers are also eligible to receive a one-time refund based on the portion of their current policy that extends past May 1. These Enhanced Care refunds will be issued starting later in May.