icbc, enhanced care plan, icbc enhanced care plan, client savings under the icbc enhanced care plan,
ICBC clients renewing personal auto insurance under Crown-run auto insurer’s enhanced care plan save more than the $ 400 average originally predicted when the new system was first announced in February of last year.
In a press release Thursday, ICBC said customers had renewed more than 1.3 million personal insurance policies as part of its enhanced care program – also known as no-fault insurance – between the May 1 and August 31, 2021. During this time, customers saw an average of $ 496, or about 28%, in savings over last year’s premiums.
“While these savings reflect only the first four months of enhanced care and may vary over the next few months, ICBC predicts that the majority of clients will continue to save over $ 400 on average when they renew their full ICBC coverage.” , said ICBC’s media relations advisor. Brent Shearer in the press release.
The amount of money customers can save through the enhanced care model depends on a number of factors, including whether they purchase both basic and optional ICBC coverage, their driving experience and driving history. accidents, where they live and how they use their vehicles, ICBC said.
For example, an 18-year-old from West Kelowna with a beginner’s license driving a 2014 Hyundai Elantra might expect to pay around $ 2,379 per year under the enhanced care program.
In the meantime, this rate drops considerably for someone with more driving experience.
A 42-year-old man in Abbotsford driving a 2017 Ford F150 SuperCrew with 26 years of driving experience and no accidents could be expected to pay around $ 1,517 a year, ICBC said.
“When British Columbia’s auto insurance system transitioned to improved care, millions of customers also became eligible for a one-time prorated reimbursement for the portion of their existing policy that extended after May 1.” , Shearer said.
Since then, ICBC has processed 3.6 million enhanced care reimbursements for an average of $ 150 per client, for a total of approximately $ 594 million.