Personal Finance

Insurance Corporation of British Columbia temporarily waiving a number of fees

  • Last Updated:
  • May 1st, 2020 8:49 pm
[OP]
Banned
Dec 28, 2019
1021 posts
645 upvotes

Insurance Corporation of British Columbia temporarily waiving a number of fees

The following additional temporary changes are being made to help alleviate the financial hardship you may be experiencing during the COVID-19 pandemic.

The ($30) cancellation fee non-fleet customers will be waived when you cancel insurance*
The ($18) plating fee will be waived when you choose to reinstate the policy on your vehicle
You can suspend insurance on fleet vehicles that are not being driven*
An exemption is available if you would like to insure a vehicle that is usually insured for personal use to allow for the delivery of food and medical products*
* We anticipate the B.C. Utilities Commission (BCUC) to provide interim approval (for changes noted by an asterisk) very shortly, at which time it will come into effect on a go-forward basis. These will be in effect for 60 days after the date of the BCUC approval and will be extended as needed. We will update this information once the BCUC has provided its interim approval.

https://www.icbc.com/about-icbc/contact ... id-19.aspx

ICBC currently allows one monthly deferral request per policy term. You can change the date of an upcoming monthly payment online.
https://onlinebusiness.icbc.com/eforms/ ... ACG398.jsp
16 replies
Deal Addict
Dec 16, 2012
2592 posts
491 upvotes
Vancouver
Sgtalpowell wrote: The following additional temporary changes are being made to help alleviate the financial hardship you may be experiencing during the COVID-19 pandemic.

The ($30) cancellation fee non-fleet customers will be waived when you cancel insurance*
The ($18) plating fee will be waived when you choose to reinstate the policy on your vehicle
You can suspend insurance on fleet vehicles that are not being driven*
An exemption is available if you would like to insure a vehicle that is usually insured for personal use to allow for the delivery of food and medical products*
* We anticipate the B.C. Utilities Commission (BCUC) to provide interim approval (for changes noted by an asterisk) very shortly, at which time it will come into effect on a go-forward basis. These will be in effect for 60 days after the date of the BCUC approval and will be extended as needed. We will update this information once the BCUC has provided its interim approval.

https://www.icbc.com/about-icbc/contact ... id-19.aspx

ICBC currently allows one monthly deferral request per policy term. You can change the date of an upcoming monthly payment online.
https://onlinebusiness.icbc.com/eforms/ ... ACG398.jsp
I probably will be cancelling my insurance once this gets approved and just put on storage insurance.

I just don't understand the logic behind this though
Customers who re-insure after May 29 will be able to re-use their plate. Customers re-insuring prior to that date will be issued a new plate at no charge.
https://globalnews.ca/news/6829291/icbc ... ronavirus/

I don't understand why if you re-insure after May 29th you would get to keep your existing license plate but if you would re-insure before this time you get a new license plate a no charge. Like why not just let everyone keep their plates?
Member
Aug 8, 2013
207 posts
241 upvotes
Delta
what if I cancelled about 2 weeks ago will I be eligible to get a $30 refund?
Deal Fanatic
Oct 7, 2007
8346 posts
4306 upvotes
This isn't a great concession by ICBC but I guess it's better than nothing. I would rather they DIDN'T give everyone big refund cheques and then jack up our rates later to make up for it so if this is the best they can do, so be it. Based on car insurance companies in other jurisdictions, I think ICBC must be SAVING a ton of money right now, so I hope they put that money to good use and not SQUANDER it away.
Deal Addict
Dec 16, 2012
2592 posts
491 upvotes
Vancouver
choclover wrote: This isn't a great concession by ICBC but I guess it's better than nothing. I would rather they DIDN'T give everyone big refund cheques and then jack up our rates later to make up for it so if this is the best they can do, so be it. Based on car insurance companies in other jurisdictions, I think ICBC must be SAVING a ton of money right now, so I hope they put that money to good use and not SQUANDER it away.
Yeh, honestly I did not think they would do nothing, so like you said it is not much but better than nothing. I don't understand why if you would re-insurance before May 29th you lose your plates but after 29th you can keep them but happy it is now possible to keep your plates as this was one of the things topping me from canceling even more so than the fees.
Deal Addict
Oct 3, 2013
1621 posts
2337 upvotes
West
ICBC cannot afford to refund anyone since they are a pile of flaming debt - that's why. Pretty sad.

They'd better come out better financially from this pandemic - claims for losses must be plummeting.
Deal Fanatic
Oct 7, 2007
8346 posts
4306 upvotes
Phonophoresis wrote: ICBC cannot afford to refund anyone since they are a pile of flaming debt - that's why. Pretty sad.

They'd better come out better financially from this pandemic - claims for losses must be plummeting.
You are absolutely correct. It would be nice if all of our government(s) were transparent with us, even if it means that they are "taking a risk" by doing so. For example, I would love to know how much is ICBC saving during this pandemic? I know crime in my otherwise friendly neighbourhood is going up like crazy with car break-ins and even worse but it would be great to have some stats and $ for the additional costs and savings that ICBC is experiencing. There is something that can be learned from every situation and we will unlikely see another social experiment like this one again. At least, I hope not.
Deal Addict
User avatar
Mar 25, 2012
1865 posts
1052 upvotes
Kelowna
choclover wrote: You are absolutely correct. It would be nice if all of our government(s) were transparent with us, even if it means that they are "taking a risk" by doing so. For example, I would love to know how much is ICBC saving during this pandemic? I know crime in my otherwise friendly neighbourhood is going up like crazy with car break-ins and even worse but it would be great to have some stats and $ for the additional costs and savings that ICBC is experiencing. There is something that can be learned from every situation and we will unlikely see another social experiment like this one again. At least, I hope not.
They're protecting their union friends' jobs. Plain and simple.

Consumers get screwed with at-fault insurance, but caps on payouts, and even higher premiums. The whole premise behind ICBC was a noble one, to have experienced drivers subsidize new drivers such that everyone paid roughly equal premiums. It hasn't hadn't been that way for years, with their driver risk premiums. Essentially, ICBC operates like a private insurance company without the competition. Notionally, they have competition for the optional insurance, but since they don't sell Autoplan online, as an expensive gift to the brick-and-mortar insurance brokers for little to no work but a few button clicks and pages printed, effectively, they have no competition. In short, it's not worth the hassle to unbundle one's insurances if they are sold through the same broker and ICBC is price competitive on the optional insurance or, even if they aren't, they just ratchet up the basic insurance cost.

Public power = still a noble endeavour. Public transit and ferry service = always a noble endeavour.

Public auto insurance, at least in B.C. with the current system and rate structure, absolutely not.

Cheers,
Doug
[OP]
Banned
Dec 28, 2019
1021 posts
645 upvotes
https://bc.ctvnews.ca/icbc-given-approv ... -1.4908779

ICBC given approval to offer COVID-19 relief to drivers

For new drivers, there's also a break for those who can’t take the required knowledge or driving tests, and whose licence expires during the pandemic.

Individuals and businesses can also call their broker to change their coverage.

Drivers can also request to defer their payments for up to 90 days with no penalty.
Deal Addict
Oct 17, 2012
1276 posts
1193 upvotes
Vancouver
LOLUMIRINBRO wrote: what if I cancelled about 2 weeks ago will I be eligible to get a $30 refund?
goingaround1 wrote: I cancelled yesterday but still got charged for both.
I'm wondering the same thing... I cancelled on Saturday because I didn't realize it wasn't approved yet and got charged the $30.
Deal Fanatic
Oct 7, 2007
8346 posts
4306 upvotes
Sgtalpowell wrote: https://bc.ctvnews.ca/icbc-given-approv ... -1.4908779

ICBC given approval to offer COVID-19 relief to drivers

For new drivers, there's also a break for those who can’t take the required knowledge or driving tests, and whose licence expires during the pandemic.

Individuals and businesses can also call their broker to change their coverage.

Drivers can also request to defer their payments for up to 90 days with no penalty.
Hopefully, there is no sacrifice to public safety on this one. Because public safety is #1.
Newbie
Dec 9, 2018
77 posts
41 upvotes
I ended up cancelling my Insurance on April 12th.

I did a rough calculation at the time for how much insurance was costing me per day and also around that time all I heard was they were going to waive the $30 cancellation fee.

I pay just over $2000/yr which came to about $5.50/day.

I thought by the time they approve this I'll have paid more than $30.
Deal Addict
User avatar
Dec 31, 2006
1516 posts
97 upvotes
choclover wrote: This isn't a great concession by ICBC but I guess it's better than nothing. I would rather they DIDN'T give everyone big refund cheques and then jack up our rates later to make up for it so if this is the best they can do, so be it. Based on car insurance companies in other jurisdictions, I think ICBC must be SAVING a ton of money right now, so I hope they put that money to good use and not SQUANDER it away.
They are.. think about all the people that cannot go to rehab for physio, massage, active rehab etc.. All the cash is now being saved.
GamerzPlace
Deal Addict
User avatar
Dec 31, 2006
1516 posts
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For those that cancelled, how much did you actually save ?

And, did you get storage insurance ?

I think I have about 6 months left still.
Haven't driven my car for 1 month now, and we have 2 cars at home.

Really, we need 1 at most for groceries.

Thinking about cancelling mines and converting it to storage insurance.
I don't plan on driving at least till summer any ways depending on how things go.
GamerzPlace
Deal Addict
Jul 27, 2015
3080 posts
2492 upvotes
Main & Hastings
harryt wrote: For those that cancelled, how much did you actually save ?

And, did you get storage insurance ?

I think I have about 6 months left still.
Haven't driven my car for 1 month now, and we have 2 cars at home.

Really, we need 1 at most for groceries.

Thinking about cancelling mines and converting it to storage insurance.
I don't plan on driving at least till summer any ways depending on how things go.
We cancelled 1 car. Switched it to storage insurance. Went from $17x down to $30 (must do min 3 months)

Might do another car to storage.

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