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

Victoria heroes rappel 15 storeys for the Make-A-Wish Foundation

Over $60,000 raised at city’s first Rope for Hope event

Seven years later, what’s changed since the 2011 Malahat fuel truck crash and closure?

Trans-Canada Highway reopens to traffic Friday morning after roughly 13-hour closure

Homeless camp leader calls on Saanich to step up on housing

Roaming tent city sets up near Uptown, brings some transplants from Cuthbert Holmes

Victoria man claims he was racially profiled at local health food store

Loss prevention officer employed by third party company refused customer entry to store

VIC HIGH: City could lend expertise to district on heritage upgrades, councillor says

National Trust places historic high school on Canada’s Top 10 Endangered Places list

Film Review: On Chesil Beach

Saoirse Ronan continues to shine in adaptation Ian McEwan novel about young newlyweds on their wedding day

Referendum in Ireland would repeal strict ban on abortion

Voters throughout Ireland have begun casting votes in a referendum that may lead to a loosening of the country’s strict ban on most abortions.

Lava from Hawaii volcano enters ocean from 3 flows

The Kilauea volcano has been gushing lava on the big island of Hawaii for the past three weeks.

Summit talk turns warmer; Trump says ‘talking to them now’

North Korea issued a statement saying it was still “willing to give the U.S. time and opportunities” to reconsider talks

Harvey Weinstein turns himself in, arraigned on rape, criminal charges

Harvey Weinstein arraigned on rape, criminal sex act charges following allegations of sexual misconduct

Explosion at Mississauga restaurant sends 15 to hospital

Hunt underway for two suspects connected to Mississauga, Ont., blast

B.C. pipeline goes ahead despite scrapped Pacific Northwest LNG

NEB approves amendment for $1.4-billion natural gas North Montney Mainline Project

Update: Wildfire northwest of Kamloops jumps from 60 to 800 hectares

Ground crews and aircraft are responding to an estimated 50 hectare wildfire approximately 55 kilometers northwest of Kamloops, near the Deadman Vidette Road.

Looming tax changes could bring pay hike for Saanich councillors

Will Saanich council raise remuneration rates? That is one of the looming… Continue reading

Most Read