National News

ICBC sends out refunds to overcharged drivers

By The Canadian Press

VANCOUVER - Four months after B.C.'s public auto insurer identified a multimillion-dollar billing error, cheques are being mailed to customers reimbursing them for the mix-up.

The Insurance Corporation of B.C. announced in April that some of its optional insurance customers had been assigned an incorrect vehicle description for as much as six years, meaning their insurance premiums were higher or, in some cases, lower, than they should have been.

ICBC says 441,000 letters are being sent to customers, with refunds being sent to those who overpaid, while drivers who underpaid will not be asked to reimburse the corporation.

According to a release from ICBC, the average refund amounts to about $18 per year.

When the problem was identified earlier this year, ICBC estimated refunds would cost the corporation $36 million, plus an additional $3 million in interest, while it says the six-year-long error cost the corporation as much as $71 million.

ICBC says new computer software will prevent future premium errors because the program automatically identifies and updates a vehicle's description using the vehicle identification number provided by the manufacturer.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.
B.C. teachers ponder tentative deal ahead of vote
 
Rob Ford devastated by rare-cancer diagnosis
 
Mother of dead girl charged with murder
Hope Centre opens in Sooke
 
BCTF touts deal in email to members
 
Henrik, Daniel Sedin talk 2014 season, new teammates, and their weekend in Agassiz
Names released of victims of motorcycle crash on Youbou Highway
 
Maple Ridge graffiti artist bending the rules
 
Police investigate suspicious death at New Westminster recovery house

Community Events, September 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Sep 17 edition online now. Browse the archives.