Fees being Waived By ICBC

ICBC has recognized that Covid-19 has placed a strain on many of it Autoplan customer’s finances. In a bid to help out where they can ICBC has announced that the $30 cancellation fee is being waived by ICBC for clients that cancel their insurance after April 23, 2020.

In addition ICBC is waiving the plate fee of $18 when Autoplan clients go to re-insure their vehicleup to 60 days after the British Columbia state of emergency has been lifted. For now those clients that cancel their plates between April 16 and May 31st will receive an $18 refund cheque for their plate fee if they reinsure their car after May 31st. Autoplan clients who request a new plate prior to May 31st will still be required to pay the $18 fee.

With these two fees being waived for Autoplan clients it is much easier for them to cancel their vehicle insurance and save money during this pandemic. However, one of the drawbacks with cancelling your insurance is that Autoplan clients will no longer be eligible for the low kilometer discount (>5,000km); they will have to obtain a new odometer reading and start the discount process over again. This would cost you 10% of the basic charge or around $120 per year. So depending on when you cancel you insurance it may not be any kind of saving in the long run.

ICBC is providing relief for Autoplan fleet clients as well. Fleet clientscan save significant premiums while having the ability to not have to surrender all of their plates on their fleet by just changing their rate class to 919. The coverage is suspended and the vehicles must be parked. Storage policies must be purchased if you have concerns about theft or vandalism.