No action is required! Your 2024 rebate will be issued to you as a refund to the credit card you used to pay for your policy. Check your credit card statements for a refund labelled “ICBC Refund,” as you may have already received it. 

Credit card refunds will be issued from late May to mid-July. However, your credit card issuer may require up to a month to process and apply the refund. 

Some customers may see the "ICBC Refund" applied to their credit card, then disappear. This is typically due to how your credit card issuer processes refunds. If the refund has not been applied to the credit card after a month, please contact us for assistance.

If the credit card is inactive or expired

You’ll receive your 2024 rebate by direct deposit (if you’re signed up) or by cheque.  

• For direct deposit, your 2024 rebate will be automatically deposited to your account. Deposits will be issued starting in late May, and typically take one to three days to show up in your account. 

• Cheques will be processed from late May to the end of July. It may take another one to six weeks for cheques to be delivered.

Are you still enrolled in the payment plan? 

Starting in June, your 2024 rebate will be applied to your next scheduled payment(s) until you’ve received the $110 in full. This applies to customers who pay monthly and quarterly. 

What if you’re no longer paying via payment plan? 

You’ll receive your 2024 rebate by cheque. Cheques will be processed from late May to the end of July. It may take another one to six weeks for cheques to be delivered. 

Are you a payment plan customer who received a cheque for less than $110?

You received a cheque because your policy term ended before ICBC could apply the full rebate amount.

Are you a payment plan customer who received a credit of $5 or less in your bank account?

You received this credit because your policy term ended before ICBC could apply the full rebate amount, and ICBC typically will not issue cheques under $5.

Have you already signed up for direct deposit with ICBC? 

Your 2024 rebate will be automatically deposited to your account. Deposits will be issued starting in late May, and typically take one to three days to show up in your account. 

If you haven’t signed up for direct deposit, you’ll receive your 2024 rebate by cheque. Cheques will be processed from late May to the end of July. It may take another one to six weeks for cheques to be delivered.

At the end of our most recent fiscal year, ICBC is in a strong financial position thanks to better-than-expected investment income and the work we’ve done to build back our capital reserves.

So we're pleased to be returning approximately $400 million to the largest number of customers possible.

No. This is a one-time rebate we are providing to customers, due to our healthy capital reserves and strong financial performance at the end of our most recent fiscal year.

Most personal and commercial customers who had an active eligible Basic insurance policy in February 2024 are eligible for the rebate.

Generally, policies with an average Basic premium less than $250 over a two-year period are not eligible for the rebate. These include (but are not limited to):

• Golf carts, off-road vehicles, utility vehicles, farm tractors, road building and industrial machines, limited speed motorcycles, trailers and vehicles insured in a collector rate class

• Temporary Operation Permits and storage policies

• Vehicles exempt from Basic Insurance

Setting a $110 flat rate for this rebate enables us to provide a meaningful amount to as many customers as possible, as quickly as possible.

If your rebate is being issued as a cheque, ICBC will mail it to the latest address ICBC has on file.

Your 2024 rebate will be issued as a refund to the credit card you used when you renewed your policy.

If your cheque has been issued jointly in the name of your leasing company, you will need to have the cheque signed by your leasing company before depositing it. For questions about the cheque endorsement process, please contact your leasing company directly.