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.

You might like ...

Playoff victory for Panthers
 
Missing boy located
 
Gitxsan should return to court
Police say attack near library was targeted
 
Nursing students talk radon
 
Royals Brandon Magee enjoys Victoria on and off the ice
Looking Back November 19
 
11 years helping in Sooke
 
Violinist to appeal ban over fixed ski races

Community Events, November 2014

Add an Event

Read the latest eEdition

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

Nov 21 edition online now. Browse the archives.