ICBC’s improved online vehicle insurance estimating tool will give B.C. motorists a better idea of savings under the Enhanced Care model as well as what refunds they may receive, Minister of Public Safety and Solicitor General Mike Farnworth announced January 26.
Farnworth said the estimator – accessible at icbc.com/enhancedcare – would help personal customers understand what the upcoming premium savings will mean.
“You can rely on the tool to be accurate based on the information you put in,” he said. Using the tool should take about 10 minutes.
Farnworth said when the program comes into effect May 1, customers purchasing basic and optional insurance will save 20% on average. Further, he said, most customers will also be eligible for a one-time, pro-rated refund.
Further, Farnworth said, ‘If you’re injured in a crash, Enhanced Care will mean improved recovery benefits regardless of fault.”
To use the tool, motorists log in with their driver’s licence and licence plate numbers. Customers can view and adjust coverage options, and calculate an estimate for their upcoming renewal. The tool will compare what they paid last time and approximately how much they will save under Enhanced Care.
Farnworth said If a customer is within 45 days of their renewal date, they could review information from the tool with an Autoplan broker when it is time to renew and pay.
For eligible customers, the tool will display a refund amount of the difference between their current Autoplan coverage and the new, lower-cost Enhanced Care coverage. The refund amount depends on the customer’s renewal date and how much of their current policy extends beyond May 1.
ICBC CEO Nicolas Jimenez said the changes move B.C. toward more affordable auto insurance rates, that the estimating tool will help people see how savings might be realized.