The BC Liberals have tabled legislation that would let the Insurance Corporation of British Columbia give rebates to drivers due to a reduction in operating costs brought on by COVID-19.

“During the past four months, there have been fewer drivers on B.C. roads and, as a result, fewer motor vehicle accidents and claims being made to ICBC, which has led to a surplus for the insurance provider.” Jas Johal, the Liberal Critic for ICBC said.

“This bill will provide the mechanism for these savings to be returned to British Columbians, who deserve a break on their sky-high insurance premiums. This is a common-sense approach that has been undertaken by other jurisdictions and is a simple way for this government to provide some needed support to struggling British Columbians.”

Johal says ICBC saved $158 million because of reduced accidents in the first six weeks of the pandemic, and believes that amount has likely grown since then. He notes the Insurance Corporation Amendment Act will let government reallocate that windfall into rebates for B.C. drivers.

“Other provinces such as Ontario, where insurance companies have provided $685 million in relief to drivers, have successfully adopted this type of rebate structure,” Johal added. “About 70 per cent of Ontario policyholders are receiving some form of relief, with an average savings of $150.

He says with British Columbians already paying some of the highest insurance costs in North America, it would make sense that they see a rebate because of a decline in claims.

Johal will be joining the NL Morning News at 8:20 a.m. tomorrow to discuss this legislation.