Good news if your car mostly chills in the driveway — low-mileage drivers in Victoria could soon save some serious cash on their ICBC insurance.
Starting June 1st, anyone who drives under 15,000 kilometres a year may be eligible for a new discount on their ICBC optional insurance coverage. The savings range from about 10 to 15 percent, depending on how far you drive during your policy year.
That means if you’re only using your car for quick trips or the occasional weekend drive, your lower mileage could finally work in your favour.
“We know many of our customers are interested in usage-based insurance with cost savings being the top motivating factor,” said David Wong, ICBC’s president and CEO. “Driving less not only lowers your risk of getting into a crash, it’s also better for the environment.”
To qualify, you’ll need to show ICBC two odometer readings that are a year apart, have a 12-month Autoplan policy with Optional coverage, and drive an eligible vehicle. RVs, motorcycles, and collector cars are off the list for now.
The new program expands ICBC’s current distance-based discount, which previously only applied to drivers who stayed under 10,000 kilometres a year. The 15,000 kilometre threshold means a lot more people can now access the savings.
ICBC says over 1.4 million customers have already benefitted from distance-based discounts since they launched in 2019. Last year alone, about 882,000 policies got a discount.
If you drive less than 5,000 kilometres a year, you could also get a 10 percent discount on your basic insurance. ICBC says drivers who qualify for both discounts will be able to stack them.
Even if you’re not eligible yet, Wong encourages everyone to start submitting their odometer readings anyway.
“This will help inform us on potentially new usage-based products that may benefit them in the future,” he said.
You can renew your insurance up to six weeks in advance, so if your policy starts on or after June 1st, you can get ahead and start saving early.
For more info and to submit your odometer reading, visit icbc.com.
