ICBC tool estimates savings after shift to no-fault model

ICBC customers will save money in 2021 under the crown corporation's new Enhanced Care program. On Tuesday, Minister of Public Safety and Solicitor General Mike Farnworth showcased an online calculator that gives customers an idea of how much lower their ICBC premiums will be going forward.

The change reflects a shift to a no-fault model that significantly lowers legal costs.

"For eligible customers, the tool will display a refund amount of the difference between their current Autoplan coverage and the new, lower-cost Enhanced Care coverage," says a statement from the ministry."The refund amount depends on the customer’s renewal date and how much of their current policy extends beyond May 1, 2021."