Here’s some incentive to find other modes of transportation when you can. ICBC is offering a new distance-based discount on auto insurance, to those who drive less than 10,000 kilometres per years.
Those eligible could save between 10 and 15% on their ICBC optional coverage when renewing their insurance this year. The less distance you drive, the better the savings.
ICBC already offers a low-kilometre discount for vehicles driven less than 5,000 kilometres per year.
A recent survey found more than half of British Columbians surveyed (56%) are interested in usage-based insurance. Cost savings was listed as the top motivating factor.
The insurance company is also urging car owners to submit their odometer readings the next time they renew or purchase coverage as it looks to add more usage based options. More than 50% of eligible policyholders already give their odometer reading online through their broker.
More details on the new discount are available here.