ICBC customers can check their savings with new online tool

The B.C. government has launched an improved online tool to show how much you will save on their auto insurance under the province’s new enhanced care program.

The insurance estimator – at icbc.com/enhancedcare – will help customers understand what the upcoming savings will mean to them. When Enhanced Care comes into effect May 1, 2021, customers who purchase basic and optional insurance from ICBC will save 20 per cent, or $400, on average. Most customers will also be eligible for a one-time, pro-rated refund.

“The online estimator lets you find out what those savings are going to mean for you personally. It’s live now,” Mike Farnworth, minister of public safety and solicitor general, said at a media conference Tuesday.

Farnworth said the refunds will be issued between May and July after the program comes into effect.

“The tool is very user-friendly. All you need is to have your driver’s licence and your plate number,” Farnworth added.

Customers can view and adjust coverage options, and calculate an estimate for their upcoming renewal. The tool will compare what they paid last time and approximately how much they will save under enhanced care. If a customer is within 45 days of their renewal date, they can save the information to review it with an Autoplan broker when it is time to renew and pay.

For eligible customers, the tool will display a refund amount of the difference between their current Autoplan coverage and the new, lower-cost enhanced care coverage. The refund amount depends on the customer’s renewal date and how much of their current policy extends beyond May 1, 2021.

Farnworth said people who don’t drive a lot may also be eligible for a low-kilometre discount.

“Your autoplan broker can walk you through these extra saving options when you renew your auto insurance,” the minister said.

“Today’s announcement brings us one step closer to the promise of more affordable auto insurance rates for British Columbians,” Nicolas Jimenez, president and CEO of ICBC said. “Our online estimator tool will help to make clear the extent of enhanced care savings British Columbians can expect as we move toward our May 1 launch, delivering not just lower-cost insurance but also significantly improved benefits, regardless of fault.”

Jiminez said the overall savings to the system with enhanced care will be around $1.5 billion, in terms of delivery and the costs of auto insurance.

For more on the online premium estimator tool and more details of ICBC’s enhanced care coverage: go here: http://icbc.com/EnhancedCare