ICBC Rolling out "Distance-based discount" Starting June 1st.
Beginning June 1st, 2023, ICBC will be introducing a new type of discount for your auto insurance. Called a “Distance-based discount”, ICBC will be discounting insurance for drivers who keep their usage under 10,000 kilometers per year.
In order to be eligible for the discount you must –
Drive less than 10,000 kilometers per year
Provide two odometer readings a year apart, as proof of your driving distance
Have a 12-month Autoplan policy with ICBC optional coverage
Have a vehicle within an eligible rate class. Although most vehicles are eligible for this discount, some are not, such as motorcycles, motorhomes and collector vehicles. Talk to an Autoplan broker to find out if your vehicle is eligible.
The qualifying period for the distance-based discount starts when you provide the first vehicle odometer reading at your annual renewal or when you purchase a new policy. In a year's time, at your next renewal, the odometer reading will need to be provided again to determine if the vehicle was driven less than 10,000 kilometres during the year.
Eligible motorists will be able to receive discounts between 10 and 15 percent which will be applied to select ICBC optional coverages on your renewed policy. The less you drive, the greater the discount.
“Starting with policies effective June 1, 2023, the low-kilometre discount on ICBC optional coverages will be moved to and expanded under the new distance-based discount, which will provide a discount on select ICBC optional coverages.
As usage-based insurance evolves within ICBC, we will look to introduce more options and expand current programs to allow more British Columbians to qualify. For this reason, it is important to submit your odometer reading when you purchase or renew your annual policy, no matter how far you think you may drive in a year.”
