April 18, 2014 - 4:28 PM
THOMPSON-OKANAGAN — The Insurance Corporation of British Columbia will pay out over $39 million to customers who overpaid on optional insurance—and you could be one of them.
Due to entry errors in vehicle models, the corporation over and undercharged clients for several years.
The vehicle model errors come from brokers entering the wrong vehicle model types. Vehicles can have 10-15 model types based on details which can be as slight as a vehicle’s interior. Each carries a different insurance rate.
The chances of being one of the affected clients are slim. More than 95 per cent of ICBC customers are unaffected by the error.
To check if you were rated correctly and to determine if you are eligible for a refund, check your insurance papers on http://checkmyvehicle.icbc.com/
Whether customers overpaid or underpaid, each client involved in this case will receive a letter from ICBC outlining the errors made. The overcharged customers will receive a cheque.
It is estimated, on average, each overpaid customer will receive approximately $21 per each year they were charged.
The average underpayment per year was $34. Those who underpaid will not be charged.
ICBC also advise each person to update the current address on file to make sure cheques are delivered to the right location.
Letters and cheques from ICBC will be delivered in July.
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News from © InfoTel News Ltd, 2014