New distance-based discount from ICBC may benefit remote workers

In the post-pandemic world, British Columbians are increasingly working from home, leading to the introduction of a distance-based discount for insurance policies. ICBC has introduced this initiative to help motorists save money by offering discounts on ICBC optional insurance for those who drive less than 10,000 kilometers per year. The rules for eligibility include driving less than 10,000 kilometers per year, providing two odometer readings a year apart, having a 12-month Autoplan policy with ICBC optional coverage, and having a vehicle within an eligible rate class. The qualifying period starts when providing the first vehicle odometer reading at annual renewal or when purchasing a new policy. The discount ranges from 10% to 15% on selected ICBC optional coverages on renewed policies.

For insurance policies effective June 1, 2023 or later, the new distance-based discount offers discounts on extensions, third party liability, collision, comprehensive, and specified perils. ICBC has responded to customer interest in user-based options, such as the low-kilometre discount introduced in 2019.

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