British Columbia’s Public Safety Minister says an improved online estimator tool will help drivers see how their ICBC insurance rates will change once the new no-fault insurance system launches on May 1.

Mike Farnworth – the Minister in charge of ICBC – says drivers will be able to estimate their savings once they input their driver’s license and licence plate details into the online tool.

“It will show you how much you’ll save under enhanced care versus what you paid last time and – if you’re eligible – it’ll also display a refund of the amount of the difference between your current auto plan coverage and the new lower enhanced care coverage,” Farnworth said on Tuesday, noting most drivers will save an average of 20 per cent or $400 a year.

“Those refunds will be issued between May and July. That refund amount depends in part on your renewal date and how much of your policy falls after May 1.”

The B.C. government says its new no-fault insurance model is designed to divert hundreds of millions of dollars in legal fees every year to help people who are hurt in car crashes.

Farnworth also says an NDP campaign promise to pass on ICBC profits that were a result of fewer crash claims during the pandemic in the form of a rebate will be coming soon.

“You will be hearing about the COVID rebate very soon,” he said. “As I said, I’ve had some options before me. There’s a tricky board, cabinet process, but it will be coming very soon.”

At the last update, the province was expecting to see a surplus of $410 million at the Crown corporation.

Liberal Opposition critic Mike Morris says drivers should not be fooled by the new online tool saying it shows supposed rate reductions in the future, noting ICBC is saving millions now as a result of the pandemic.

“We are seeing ICBC save millions of dollars from a much lower accident rate on the road because of the pandemic, and yet drivers haven’t seen a penny in discounts,” he said. “Year after year, drivers have seen their rates skyrocket under the NDP, and any claim that drivers will see future savings is just plain nonsense.”

Morris says until the rebate cheques are in the mail, the NDP is ‘kicking empty promises down the road.’

You’ll find the new online tool here.