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Autoplan payment plans

On this page: Find out how to sign up for and pay your Autoplan insurance premium in monthly or quarterly installments, the interest you will pay, and what happens if you miss a payment.

You can spread out the cost of your insurance by arranging an easy payment plan.

How to sign up

First, you need a Canadian chequing account. It must accept direct debit payments.

Next, visit your nearest Autoplan broker with

your insurance renewal reminder, and
a void cheque if you have a chequing account, or
a bank statement if you have a savings account.

The first payment will be withdrawn from your account on the start date of your policy.

Are there other fees?

You will pay

a $15 enrolment fee every time you begin a monthly payment plan, and
an $18 fee if you miss a monthly payment, but
no enrolment fee again as long as you choose to keep your plan and renew it within 12 months of your policy's expiry.

There are no other fees, and you can pay your full balance at any time.

Will you pay interest?

Yes. The interest you pay is the greater of these two amounts:

a rate called “prime minus 1,” which means one per cent less than the prime rate of interest on the day you sign, or
2.5 per cent per year.

The interest rate is fixed from the day you sign, so will be the same each month.

(For more information, see Facts & Tips in the right sidebar.)

What happens if you miss a payment

If...	Then...
there is not enough money in your account when your monthly payment is due	you’ll be charged $18 for a missed payment. After three to five days, we’ll try to withdraw the money again.
our second withdrawal attempt is not successful	we will contact you to let you know.
when your next monthly payment is due, there is again not enough money in the account	we will close your monthly payment account and charge another $18 missed-payment fee. All payments, charges and fees are due in full. Note: If debt isn't settled, a policy-holder’s optional insurance coverage may be cancelled or licence plates seized.

Note: If you miss a quarterly payment, we will make a second attempt to withdraw your fee 30 days after it was originally due.

Six-month payment plan

You can sign up for six months in the same way you would for a 12-month plan if you

are a new resident to B.C.
have previously missed a number of payments in the 12-month plan, or
do not have a B.C. driver's licence.

Once you have successfully completed a six-month payment plan, you can apply for the 12-month plan.

Are there any restrictions?

Leases (any rental over 30 days) have the name of the renter(s) on the Owners Certificate, and you may apply for Autoplan finance premiums.

Under 19? You will need to get your parent or guardian to co-sign the payment plan.

Did you know?

ICBC clients who do not finance their policies do not subsidize Autoplan financing. The Autoplan financing pricing structure is fully user–pay. The ICBC payment-plan finance fees are based on prime minus:

One per cent on premiums $9,999 or less
Two per cent on premiums $10,000 or more

The finance rate charge is the rate in effect on the date the policy is keyed into ICBC’s system; that is, the validation date.

When the payment plan's outstanding balance is recalculated the finance fee is also recalculated based on prime at the time of policy inception.

For early renewals, the plan's effective date will be the policy's effective date, and the finance fee is calculated on the process date.

Annual Percentage Rate (APR)

For the ICBC Payment Plan, the annual percentage rate (APR) shows the term cost of borrowing for the payment plan, including interest and fees, expressed as a percentage amount.

In accordance with the provincial Business Practices and Consumer Protection Act (BPCPAct), the purpose of the APR is to assist consumers when comparing loan options and lenders.