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 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.

Kelowna Capital News

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

Just Posted

Dr. Bonnie Henry, provincial health officer, updates British Columbians about COVID-19 at a press conference earlier this week. (B.C. Government image)
B.C.’s 1st case of COVID-19 confirmed a year ago today

Here’s a look at some of the key dates in the province’s fight against the novel coronavirus

David Short ended up losing everything after a fall rendered him unable to work, or pay his bills. His saving grace? Cooking. (Phil McLachlan - Capital News)
Untold: How cooking helped a Kelowna man stay off the streets

David Short spent over a year on the street after suffering a seizure

This historic photo is of Kelowna City Park aquatic facilities in 1954. 

The recently renovated facilities were remodelled to create the new Ogopogo Stadium and Pool capable of seating 5,000 spectators. This facility hosted sporting activities as well as dances, banquets, weddings, meetings, concerts, and water musicals. 

The Ogopogo Stadium also hosted Canadian Championships in rowing, diving, swimming, hydroplane and speedboat races. 

The photo was originally posted to the group Old Kelowna on Facebook back in 2014.
A look back at Kelowna’s past

Ice race on Wood Lake circa 1992

Grade 6 class students at Watson Road Elementary had an opportunity to learn about woodworking by building their own toolboxes. (Contributed)
Toolbox project rewarding for Central Okanagan students

Initiative benefits high school and elementary school classes

Crown prosecutors have stayed attempted murder charges against Kelowna’s Jesse Pez. (Phil McLachlan - Capital News)
Man accused in Kelowna Halloween stabbing has attempted murder charge stayed

The Crown only proceeds with charges when evidence provides ‘a substantial likelihood of conviction’

British Columbia Health Minister Adrian Dix looks on as Provincial Health Officer Dr. Bonnie Henry addresses the media during a news conference at the BC Centre of Disease Control in Vancouver B.C. (THE CANADIAN PRESS/Jonathan Hayward)
B.C. announces 485 new COVID-19 cases, fewest deaths in months

‘The actions we take may seem small, but will have a big impact to stop the virus,” urges Dr. Henry

A lone passenger stands outside the International Arrivals area at Pearson Airport in Toronto on Tuesday, Jan. 26, 2021. As the federal government prepares to slap new restrictions on foreign arrivals, Health Canada data suggest a growing number of infections directly connected to international travel. THE CANADIAN PRESS/Frank Gunn
Holiday season vacations coincide with rise in COVID-19 travel-related cases

Between Nov. 30 and Dec. 27, 86,953 people flew into Canada from the United States

Gov.Gen Julie Payette walks in the chamber after greeting Senators before delivering the Speech from the Throne, at the Senate of Canada Building in Ottawa, on Wednesday, Sept. 23, 2020. THE CANADIAN PRESS/Justin Tang
Report details yelling, screaming and aggressive conduct at Rideau Hall under Payette

Report says employees did not feel they had a place to go with their complaints

Rodney and Ekaterina Baker have been ticketed and charged under the Yukon’s Civil Emergency Measures Act for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
B.C. couple accused of flying to Yukon to get COVID-19 vaccine to appear in court

If convicted, the pair could serve up to six months in jail

Sooke’s Amy McLaughlin holds Theodore, a bunny who will be going to a new owner in Nanaimo within the coming days if all goes will at an upcoming bunny play-date. (Aaron Guillen/News Staff)
Vancouver Island woman looking to hop into bigger space for bunny rescue operation

Amy McLaughlin has rescued more than 400 bunnies, pushing for the capacity to help more

Grad student Marisa Harrington and her supervisor Lynneth Stuart-Hill say preliminary results from a study into the affects of stress on hospital nurses show an impact on sleep and heart variability. (Courtesy of Marisa Harrington)
University of Victoria study shows stress impact on B.C. nurses

Stress may be impacting sleep, heart health of hospital nurses in Victoria region

Keith Thorpe/Peninsula Daily News
Search called off for small plane that went down in rough water south of Victoria

Plane bound for Port Angeles from Alaska believed to have one occupant, an Alaskan pilot

Summerland’s second hospital was built in 1914. The land, known as Hospital Hill, was donated by the Summerland Development. At the time, the cost of the hospital was $5,996. (Photo courtesy of the Summerland Museum.)
Summerland hospital served community during previous pandemic

Hospital, constructed n 1914, was in use during the 1918 Spanish flu

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
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

Most Read