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

COLUMN: Art Matters by Sarah Zimmerman

This Christmas, shop for local gifts

City of Terrace says it’s ready to tackle winter weather

A new snow plow was added to the city’s snow removal fleet this year

CN Rail workers strike in Terrace as part of national movement

Employees say long, unpredictable hours are a public safety concern

Skeena Voices | The top wheeler

Skater Chris Thomas was chosen as Team Canada’s head coach for the upcoming Roller Derby World Cup

Fashion Fridays: Holiday outfits on a budget

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

PHOTOS: NHL honours B.C. grandma’s battle against cancer in special match

Shea Theodore’s grandmother Kay Darlington dropped the puck at a special ‘Hockey Fights Cancer’ game

University of Victoria threatens any athletes who speak about rowing coach probe

Barney Williams has been accused of harassment and abuse

B.C.’s largest catholic archdiocese names 9 clergymen in sex abuse report; probes ongoing

Vancouver Archdioces presides over 443,000 parishoners in B.C.

Smudging in B.C. classroom did not affect Christian family’s faith, says school district lawyer

Lawyers make closing arguments in a Port Alberni case about the Indigenous cultural practice

Canadian Forces member charged with possessing magic mushrooms in Comox

Master Cpl. Joshua Alexander, with the 407 Maritime Patrol Squadron, facing two drug related charges

Most B.C. residents, including those hit by 2018 storms, not prepared for outages: report

Create an emergency kit, BC Hydro says, and report all outages or downed lines

Study finds microplastics in all remote Arctic beluga whales tested

Lead author Rhiannon Moore says she wasn’t expecting to see so many microplastics so far north

Services needed in B.C. for early-onset Alzheimer’s disease patients: doctor, advocates

More patients are being diagnosed with Alzheimer’s at an earlier age

Most Read