ICBC introduces new distance-based discount
Drive less, pay less is the idea behind a new initiative from the Insurance Corporation of British Columbia.
ICBC announced a new distance-based discount on Thursday that is now available to British Columbians who drive under 10,000 kilometres per year.
To be eligible, drivers must have a 12-month Autoplan policy effective June 1 with optional coverage, and provide photo proof of two odometer readings a year apart.
The discount does not apply to motorcycles, recreation vehicles or collector vehicles.
Eligible drivers will get 10 per cent off of their basic insurance and now be eligible for an optional coverage discount if they have them. The basic discount already existed, while the optional component is new.
For insurance policies effective June 1 or later, the new discount will be between 10 and 15 per cent off of extension third-party liability, collision, comprehensive and specified perils.
According to a recent survey conducted on behalf of ICBC, more than half of British Columbians (56 per cent) say they are interested in usage-based insurance in B.C.
At the end of last year, the province announced plans to freeze ICBC rates for two years.
Public Safety Minister and Solicitor General Mike Farnworth said he is "confident" the corporation can stay afloat with a zero per cent rate increase over that time.
