ICBC ends special credit card payments on monthly plans

Policy change affecting small fraction of motorists is expected to save B.C.'s public auto insurer $1 million a year

ICBC expects to save $1 million by eliminating the use of credit cars by certain monthly plan users.

ICBC no longer allows customers who are on monthly payment plans to make special lumpsum or early payments by credit card.

There were 55,000 such payments made last year – a small fraction of the 1.4 million customers on monthly payment plans.

Regular monthly payments have always been required to be by preauthorized debit from a bank account, but early payments in advance of the regular ones or lumpsum payments to end the monthly plan could be made by credit card, said spokesman Adam Grossman.

The move to end that option effective Nov. 1 is expected to save ICBC up to $1 million a year in credit card merchant fees.

Monthly plan users can still make early or lumpsum payments by debit, cheque or cash.

“We have as a company have to look at any of the premium costs that we can remove,” Grossman said. “And this is one where we definitely thought it was a worthwhile move to make.”

About 44 per cent of all motorists use an ICBC payment plan, while the rest pay their annual insurance all at once, many of them by credit card. That option is not affected by the change.

A 5.5 per cent basic auto insurance premium increase announced last month by ICBC took effect Nov. 1. It’s still subject to approval by the B.C. Utilities Commission.

Just Posted

B.C. needs Disability Act: Victoria council

Council motion asks province to make B.C. barrier free

VIDEO: Uptown Noodlebox restaurant catches fire

Daycare evacuated while crews fight kitchen fire

Dance Victoria Nutcracker contest returns to Oak Bay village

Find Mr. Nutcracker and Tommy Tempo now through Nov. 26 for chacne to win ballet tickets

Victoria Police meet Aboriginal activists for afternoon flick

The group gathered as part of ongoing series of events supporting reconciliation efforts

Oak Bay snags Colonist Cup in 1-0 battle

Oak Bay, Reynolds senior boys soccer teams head for provincials Nov. 22

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

Start on time: Canucks looking to shake first-period struggles

Canucks centre Bo Horvat said the formula for getting a leg up is there for everyone to see

COMMUTER ALERT: Snowfall warnings in effect across B.C.

Travelling this weekend? Check the forecasts before hitting the road

Drones take off to search for missing North Okanagan women

A volunteer search party was supported by professional drone operators

Tips for keeping your personal data safe, from the experts

It’s important to keep your ‘online footprint’ safe

Lights to turn blue ahead of funeral for fallen Abbotsford police officer

Buildings across B.C. are going blue Saturday night in honour of Const. John Davidson

Ride-share pioneer drives up quietly to B.C. battleground

Lyft approaches B.C. without Uber bombast, eyes small towns

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

Pine beetles from Jasper National Park moving into commercial forest

In 2014, beetle activity went from a few spots around Jasper’s townsite to rampant

Most Read