Question
Why don't I get a full refund for the unused portion of my cancelled policy?
Answer
When you are on a monthly payment plan for your insurance, you are actually financing your premium over a 12 or 6 month term through an in-house payment plan with ICBC.
If the insurance is cancelled part way through the policy term, the refund will first be applied to any outstanding balance under the payment plan. As well, fees may apply that are not refundable. If there is any amount remaining, ICBC will send you a refund.
For more information, please contact your Autoplan broker.
