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Earlier this week, ICBC announced a new distance-based discount for British Columbians who drive less than normally recorded.
People who drive less than 10,000 kilometres per year with policies effective June 1, 2023 or later, may be eligible for the new initiative.
The discount could save drivers between 10-15% on their ICBC coverage, but the amount could be greater the less you drive.
Other eligibility requirements include a 12-month Autoplan policy with optional coverage and two odometer readings one year apart, as proof of the driving distance.
The new discount does not apply to motorcycles, RVs collector vehicles.
The new distance-based discount builds upon our existing low-kilometre discount, which was introduced in 2019 and is for vehicles driven less than 5,000 kilometres a year.
“Drivers eligible for the low-kilometre discount receive 10% off their Basic insurance and may also be eligible for the new distance-based discount on select ICBC optional coverages,” says the insurance company in a release.
More information on usage-based insurance, including the new distance-based discount and how to submit your odometer reading, is available on icbc.com.