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 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.

Just Posted

Police investigating body found in Maple Ridge park

Discovered early Friday near highway

Maple Ridge’s lake low with dry spell

Boat launch not open at Alouette Lake

Maple Ridge man to the rescue twice in 10 minutes

Karl Dey helped the VPD take down a violent sex offender

Driver from 2005 vehicle dragging death in Maple Ridge dies

Grant De Patie killed while working at gas station

Crown drops one Vernon assault charge against Curtis Sagmoen

Curtis Wayne Sagmoen will still stand trial on one count of assault causing bodily harm in December.

Maple Ridge magnetic hill defies the law of Newton

It is a stretch of road where cars roll uphill instead of down

Fierce feline spotted as ‘aggressor’ in face off with coyote in B.C. backyard

North Vancouver resident Norm Lee captures orange cat versus coyote in backyard showdown

Wilson-Raybould to reveal more details, documents on SNC-Lavalin affair

Former attorney general has written to the House of Commons justice committee

Anti-discrimination group wants to map offenders with cross-Canada hate atlas

Morgane Oger Foundation issues call for volunteers to help build Canadian Atlas of Populist Extremism

Kater to launch ridesharing service in Vancouver by end of month

The Surrey-based company got its permits from the Vancouver Taxi Association

Surrey RCMP investigate alleged assault that may have been a ‘driver dispute’

Police say a vehicle fled the scene after an alleged assault this morning at 96th Avenue and 152nd Street

Second case of measles reported in the B.C. Interior

Case is connected to an earlier measles case in 100 Mile House

Police watchdog investigating after man falls out third-storey window in Vancouver

The man fell to the ground and was taken to hospital with serious injuries

Most Read