August 08, 2014 - 5:18 PM
THOMPSON-OKANAGAN – ICBC is ready to pay-up after over-charging some car insurance users over the past six years based on incorrect vehicle descriptions.
The investigation has concluded after two external reviews. They checked 24 million individual optional insurance transactions and now the company will mail 441,000 letters and applicable refunds to its customers.
The average refund will total around $18 per year.
Some users were undercharged over the period and will not be asked to reimburse funds.
ICBC discovered the error after determining vehicle models were entered incorrectly into a database. Vehicles can have from 10-15 different model types. The company has since moved to a new computer-aided system which will correctly identify the vehicle type through a manufacture vehicle identification number.
The letters will be sent around August 20. Any customer with concerns on the response can call ICBC at 604-904-8211 or 1-866-506-0030 toll free.
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News from © InfoTel News Ltd, 2014