Your 2024 rebate

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 issuing a one-time $110 rebate to eligible insurance customers. 

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More rebate info is on the way

In the weeks ahead, we’ll update this page with more information and online tools so you can find out more about your rebate. 

Who is eligible for the 2024 rebate 

Most customers who had an active Basic insurance policy in February 2024 are eligible to receive a 2024 rebate. This includes both personal and commercial policies.  

However, some policy types are not eligible, including: 

  • Storage policies 

  • Temporary Operation Permits 

  • Policies for golf carts, off-road vehicles, limited speed motorcycles, trailers and collector vehicles 

When ICBC will process your rebate

Rebate processing dates by rebate method

Payment plan from late May to mid-June
Credit card from late May to mid-July
Direct deposit late May to end of July 
Cheque late May to end of July

The dates above are when ICBC will process your rebate, not when you will see it applied to your credit card or payment plan, deposited into your account or when your cheque will be delivered to you.  

Even after ICBC has issued your rebate, the following factors may affect when you receive it:  

  • Processing times at your financial institution or credit card issuer 

  • The date of your payment plan’s next scheduled payment 

  • Mail processing and delivery timelines in your community 

All eligible customers will receive a letter with details on how they will receive their rebate.

How you'll receive your 2024 rebate

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ICBC does not issue rebates by text message or email

If you receive a text message or email claiming to contain your ICBC rebate, you can ignore it or mark it as spam. Eligible ICBC customers will only receive their rebates by the methods below.

Most customers will receive their rebate via the payment method used to pay for their eligible policy. If you have multiple policies and paid using different payment methods, you could receive your rebates in multiple ways.

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. 

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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. 

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.

However, there are some exceptions:  

  • If you lease your vehicle: You may receive your 2024 rebate by cheque. 

  • If your vehicle is jointly owned: ICBC will send one cheque made out to all registered owners, per our legal requirements.  

  • If you have outstanding debt with the BC Family Maintenance Agency (BCFMA): If ICBC has received an active Notice of Attachment from BCFMA, your rebate will be applied to the account. Please contact BCFMA if you have questions: 1-866-557-2427.

Frequently asked questions

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.

Need help or still have questions? 

Our representatives can only provide information about individual rebates after the issuance dates listed above. 

If the issuance period for your expected rebate method has passed, you can contact us by telephone at: 

  • 604-982-6400 in the Lower Mainland 

  • 1-844-982-6400 toll-free in North America