B.C.’s Attorney General says a report on how COVID-19 is impacting ICBC’s bottom line will be made public in a few weeks.
Speaking on the NL Morning News, David Eby says that report will be used to see if the auto insurer can offer rebates to drivers who have been driving less, which has led to fewer crashes and claims, because of the coronavirus.
Drivers have been calling for rebates as private insurance companies in some other provinces are offering rebates as high as 75 per cent.
“Many of these reductions are allowing people to change their use of insurance,” he cautioned, telling British Columbians to take those figures with a grain of salt.
“I heard about a 70 per cent reduction one insurer was offering, but that just means that you don’t use your vehicle at all. It’s storage insurance and you can do that right now with no charge in British Columbia. You can reduce your insurance by 70 per cent with our ‘Stay at Home’ program but we are obviously not marketing it as a 70 per cent reduction in your insurance.”
Eby says the province is “being cautious” with ICBC’s finances as it tries to weather this pandemic.
“[The report] will show both the good and bad and there is bad as well unfortunately,” Eby added.
“ICBC’s investments that help offset rates have taken a huge hit as have the investments of many British Columbians. So we’ll get a full report from ICBC and we’ll all be on the same page about what’s available in terms of whether or not we’re able to provide any additional support to British Columbians.”
He notes its important to have all of the information available about ICBC’s financial situation before any decision on rebates or other relief for drivers is made.
“If ICBC is saving money, and we hope that they are with reduced collisions, then 100 per cent of that will be going to provide relief to BC drivers because that is the law that we passed,” Eby said.
Among other things, ICBC announced it is waiving fees for drivers who choose to cancel their insurance until COVID-19 restrictions are eased. However, critics say those measures don’t go far enough.
