ICBC waives fees and offers money saving tips during pandemic
$30 cancellation fee waived and drivers reminded to change vehicle use if working from home
ICBC is temporarily waiving a number of fees amid the pandemic.
Drivers who choose to suspend their insurance won't have to pay the usual $30 cancellation and $18 re-plating fees.
"We know many British Columbians are facing financial challenges as a result of the COVID-19 pandemic," said Nicolas Jimenez, president and CEO of ICBC.
In a statement, ICBC says drivers who cancel must remove their licence plates from their vehicle but can reuse the same plates as long as they reinsure after May 30. Those who do so earlier will be issued new plates for free.
Companies that own fleets of cars are also eligible to suspend their insurance.
With many businesses now switching to delivery models, ICBC says drivers don't need to change their insurance or pay higher premiums. Previously, additional insurance was required.
These changes are still subject to approval by the B.C. Utilities Commission. ICBC says it has submitted an application and an interim decision is expected.
However, aspiring drivers whose learners' licence expires during the pandemic are being reassured they won't have to pay for their first knowledge test once testing resumes.
Adjust coverage for savings
The public auto insurer is reminding drivers to adjust their insurance if they're now driving less or not at all to work.
Changing coverage and risk levels could lead to lower premiums.
"These changes will provide some relief to customers during this challenging time," said Chuck Byrne of the Insurance Brokers Association of B.C.
Drivers can suspend or adjust their insurance by phoning their brokers.