A majority of B.C. drivers have said they would like to see their car insurance rates based on the distance they drive each year, and ICBC has listened.
The corporation announced last week that a new distance-based discount on auto insurance is now available for British Columbians who drive fewer than 10,000 kilometres per year. B.C. drivers with policies effective June 1, 2023 or later may be eligible to save from 10 to 15 per cent on their ICBC optional coverage when renewing this year. The less distance you drive, the greater the amount of the discount you will receive.
You may be eligible for the new distance-based discount if you:
– Drive fewer than 10,000 kilometres per year;
– Provide two odometer readings one year apart, as proof of your driving distance;
– Have a 12-month Autoplan policy with ICBC optional coverage; and
– Have an eligible vehicle (motorcycles, RVs, collector vehicles, and certain other vehicles are not eligible for the discount).
According to a recent survey conducted on behalf of ICBC, more than half of British Columbians (56 per cent) said that they were interested in usage-based insurance in B.C., with cost savings being the top motivating factor.
The new distance-based discount builds upon ICBC’s existing low-kilometre discount, which was introduced in 2019 and is for vehicles driven fewer than 5,000 kilometres a year. Drivers eligible for the low-kilometre discount receive 10 per cent off their basic insurance, and may also be eligible for the new distance-based discount on select ICBC optional coverages.
More than 50 per cent of eligible ICBC policyholders already provide their odometer reading online or through their broker. As ICBC looks to expand its usage-based insurance options and programs, it is encouraging drivers to submit their odometer readings the next time they renew their ICBC policy or purchase a new one.
More information on usage-based insurance, including the new distance-based discount and how to submit your odometer reading in order to take advantage of it, is available at www.icbc.com.