Choosing a policy length | Monthly payments | Making changes | If you owe money to ICBC or the provincial government | Buying or selling a vehicle
A 12 or 6 month payment plan arranged with ICBC. You can finance your premium with monthly or quarterly payments over the 12 month term, or monthly payments over the 6 month term. It must be for a 12 or 6 month long policy.
Payment plan, six month term
A six-month payment plan is available to customers who are new to ICBC and do not have a B.C. driver's licence, or to customers just ending a two-year period on a cash-only basis with ICBC due to payment problems in the past. Once a six month payment plan is successfully completed, you are eligible for a 12 month payment plan.
The six month payment plan is not available to fleet customers or to those customers on a six-month storage and other special coverage policies.
You need to have a chequing or savings account at a Canadian financial institution that allows direct debit payments.
There is a $15 ICBC enrolment fee the first time you finance your premium. As long as you renew and finance your premium within 12 months of its expiry, you won't have to pay the ICBC enrolment fee again.
The finance fee on the payment plan is fixed at a competitive rate at the time you enroll and is based on prime minus 1.
This is less than most financial institutions charge for most short-term personal loans. It is much less than credit card interest rates.
There is no penalty for paying off your outstanding balance at any time.
The Annual Percentage Rate (APR) as it relates to the ICBC Payment Plan, shows the yearly cost of the Payment Plan including interest and fees, expressed as a percentage amount.
The APR is not a new fee or rate structure; it exists across all lending institutions as a comparison tool for borrowers.
The APR calculation is set out in the Business Practices and Consumer Protection Act. Please refer to the BPCPA website.
No. A one-year policy financed with ICBC's payment plan costs less than four 3-month policies. The payment plan is also less expensive than taking out a personal loan or financing through credit cards.
Bring your Autoplan renewal notice and a void cheque to Autoplan broker's office.
If you want the payments taken from your savings account, bring a bank statement instead of a void cheque.
You must have signing authority on the account, and the account must allow automatic withdrawals.
No, only the registered owner of the vehicle (or lessee [click for definition] for a leased vehicle) can apply for ICBC's payment plan.
Yes. However, if the driver is under the age of 19, a parent or guardian will have to sign the Payment Plan Agreement, too.
The only customers not eligible are those with an unsatisfactory payment history with ICBC, or those with no history with ICBC and no BC driver's licence.
The first payment is due on the effective date of your policy. You can choose the monthly or quarterly withdrawal date for the rest of the payments. The withdrawal date can be any day of the month. You may change the withdrawal date as often as desired during the term of the policy, as long as there is one payment in every given month. If your scheduled payment date falls on a weekend or statutory holiday, the payment may be withdrawn on the next business day.
The last payment on a plan must be withdrawn no less than 15 days before the policy expires.
