Starting next week, ICBC says it will begin moving forward with issuing millions of Enhanced Care refunds to eligible customers.
Each customer's refund amount will be for the difference between what they paid when they last renewed their current insurance policy and the new, lower cost of Enhanced Care, for however long their current policy extends past May 1, said a news release.​
​“Customers who are eligible for an Enhanced Care refund will receive a personalized letter explaining the amount they are being refunded for each eligible vehicle they insure,” said ICBC.
These letters will det​ail how the refund will be returned to customers based on how they paid for their insurance:
- Customers who paid using a credit card will receive a refund to that credit card. If your credit card has expired or ICBC is unable to validate this method of payment, you will receive a cheque.
- Customers who paid by cash or debit will receive a cheque in the mail, or a direct deposit into their bank account if they are eligible and have signed up.
- ICBC payment plan customers will receive their refund in the form of adjustments to their monthly payments, which will now be lower.
“With millions of refunds to process, it will take some time for all refunds to be sent to customers,” said ICBC. “No matter when their refund arrives, customers can be assured they will be getting the full refund they are entitled to receive.”
Customers who are eligible for an Enhanced Care refund can use to see their estimated refund.
ICBC estimates the average Enhanced Care refund will be approximately $150 but some will be for more, while others will be for less. There will also be a number of refunds for just a few dollars or less. Since policy renewal dates vary between customers, some customers will receive low value refunds if their policy only extends a short time – for example, a few days or less – beyond May 1st, while customers with policy renewal dates later in the year and into 2022 would typically see higher value refunds.
