Drivers in British Columbia who drive fewer than 15,000 kilometres per year will soon be eligible for a new discount on their auto insurance premiums.
According to the Insurance Corporation of British Columbia (ICBC), eligible customers will save approximately 10 to 15 per cent on select optional coverages, depending on how much they drive during their one-year policy term.
“We know many of our customers are interested in usage-based insurance, with cost savings being the top motivating factor, and it’s our goal to provide affordable auto insurance to the people of BC,” said David Wong, ICBC president and CEO, in a press release.
The new discount will apply to most of ICBC’s optional insurance products, including extended third-party liability, collision, comprehensive and specified perils coverages. It also expands the eligibility threshold by 5,000 kilometres.
To qualify, drivers must:
- Drive fewer than 15,000 kilometres per year
- Provide two odometer readings, taken one year apart, as proof of distance driven
- Hold a 12-month Autoplan policy with ICBC optional coverage
- Have an eligible vehicle (motorcycles, RVs, collector vehicles and certain other vehicle types are excluded)
Since the distance-based discount was introduced in 2019, ICBC says it has been applied to 1.4 million customer policies, including 882,000 in the past year alone.
The new discount will be available to customers renewing policies on or after June 1.
More information on usage-based insurance, including the new optional distance-based discount and how to submit your odometer reading, is available on ICBC’s website.
