2020 has been an eventful year to say the least, and it isn’t even half over yet! Due to the major global impact of the Covid-19 pandemic, governments, corporations and organizations of all sizes have had to adapt to some new financial realities. While people around the world are losing their jobs and financial security around the world and right here in BC, there are certain relief measures already in place. Here in British Columbia, the provincial insurance corporation (ICBC) is taking steps to make sure those who are struggling to keep up with their basic auto insurance payments get some relief, without losing their coverage.
Lastest updated from ICBC
As of April 24th, the ICBC has been given permission by the BC Utilities Commission to temporarily waive fees and also refund insurance for basic auto policyholders. This fee waive will continue until June 21st of this year but could be extended pending approval by a public hearing. As of now, the ICBC is allowed to waive insurance cancellation charges for non-fleet owners’ insurance certificates. They can also refund customers who have fleet vehicles insured with basic coverage which has been suspended during the pandemic. This means these customers will be able to retain some funds which would’ve otherwise gone to insurance fees without losing their coverage. Finally, some customers in designated rate classes will be able to use their vehicles for jobs that typically require additional coverage without having to change plans or rates. This makes it easier for people to use their vehicle to deliver food or medical supplies during the pandemic.
Impact on Average BC Drivers
Beyond the temporary relief for specific types of vehicle owners and operators we discussed above, ICBC has made some adjustments to its policies to provide additional relief to any BC driver who needs it in these uncertain times. To start, the cancellation fee of $30, as well as the $18 plating fee will be waived if you choose to temporarily cancel and reactivate your coverage. For those who do cancel their policy, it is important to keep your car parked off the road in a garage, driveway or some type of storage facility. You can even contact your broker about a storage protection policy to activate while your car is not being driven. You will also need to remove your license plate until you reactivate your insurance and hit the road again.
Hopefully, these measures and others like it from the government and similar organizations will reduce the financial burdens so many people are facing during the Covid-19 pandemic. For more information about these policy changes or other relevant information, be sure to visit the ICBC website or contact us.