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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Oak Bay chief puts an end to dad jokes on police Twitter

No more jokes on Oak Bay Police Twitter account

Sidney part of a region that suffers ‘chronic shortage’ of daycare spaces

Consultants find that Sidney needs 233 new spaces to meet the current demand for daycare

Thieves harvest from 11 unlocked cars in Oak bay

Looting unlocked cars called ‘farming,’ says deputy chief

Friday night tickets affect Saturday behaviour at the University of Victoria

Saanich police see direct response after issuing several $230 fines

HMCS Victoria popping up as training sessions underway

MARPAC says plume of smoke normal for recharging submarine

COVID-19: 4 more deaths, 366 new cases in B.C. since Friday

A total of 8,208 people in B.C. have tested positive for COVID-19 since January

POLL: Do you plan on allowing your children to go trick or treating this year?

This popular annual social time will look quite different this year due to COVID-19

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Group wants Parliament, courts to hold social media to same standard as publishers

Daniel Bernhard made the comments shortly after Friends of Canadian Broadcasting released a research paper

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

COVID-19 liquor, music rules extended with fines

‘Nightclubs must cease operating as nightclubs’

Carole James heads ‘caretaker’ B.C. government

James is among 15 MLAs retiring at the end of their current term

B.C.’s Chase Claypool catches first NFL touchdown pass

Abbotsford grad establishes new record for longest scrimmage TD by a Canadian

Most Read