The Insurance Corporation of British Columbia (ICBC) will waive certain fees to provide its auto insurance customers some financial relief during the COVID-19 pandemic.
In addition to providing customers with a 90-day insurance payment deferral, ICBC will be waiving the $30 cancellation fee and $18 re-playing fee for those customers who choose to cancel their insurance at this time. This cancellation fee change is subject to the approval of the BC Utilities Commission.
A release said that customers who opt to cancel their insurance for a period of time are required to remove the plate from their vehicle while it is not insured, and the vehicle should be kept off the road.
Customers who reinsure from May 30, 2020 onwards will be able to re-use their plate. Those reinsuring prior to May 30 will be issued a new plate at no charge, but will be required to surrender their old plate.
ICBC is also allowing fleet vehicle customers to suspend their insurance to save on expenses.
For learner driver’s licenses (class 5-8) that expire during the pandemic, they will not have to pay a fee for their first knowledge test after their class 5-8 license expires, ICBC added.
The insurer also confirmed in a release that it would not change the insurance and/or charge higher premiums for policyholders using their vehicles for the delivery of food, medical supplies, and essential services. This also includes people volunteering to help deliver groceries or other essential supplies.
“We know many British Columbians are facing financial challenges as a result of the COVID-19 pandemic,” said ICBC president and CEO Nicolas Jimenez. “Businesses are also having to adapt to the situation, with many companies changing their business model to offer delivery services so people can access the food and medical products they need while physical distancing. ICBC is responding to these needs and taking action to ease the burden for everyone during this difficult time.”
