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

Terrace Search and Rescue teaches water safety and wilderness skills at Furlong Bay

Partnering with Lakelse Watershed Stewards Society, public is encouraged to be cautious outdoors

Terrace’s Aquatic Centre hosts first Float and Show event

Approximately 100 attendees came out to watch Finding Nemo on their floaties

New fire response vehicle for New Hazelton

RDKS will pass the keys for the new water tender Aug. 23

Volunteer gathers supplies, donations for Terrace homeless

“We need to start doing something before it’s too late,” says Miriam McKay

As population ages, City of Terrace brings back healthy lifestyle program for seniors

The Choose to Move program will offer coaching and peer support

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. Lions fall to 1-9 after 13-10 loss to Ticats

Lowly Leos have dropped six straight CFL contests

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

Thousands cycle to conquer cancer

The 11th annual Ride to Conquer Cancer took place Saturday morning, Aug. 24 in Surrey, B.C.

PHOTOS: Brazil military begins operations to fight Amazon fires

Amazon fires have become a global issue, escalating tensions between Brazil and European countries

Racist confrontation in Richmond parking lot caught on camera

Woman can be heard yelling racial slurs, swear words at woman in apparent parking dispute

Groups ready campaign to help young voters identify ‘fake news’ in election

The media literacy campaign to focus on identifying misinformation and suspicious sources online

Most Read