To our Valued Broker Partners:
As part of our preparations for ICBC’s no-fault product change on May 1, 2021 we’ve reduced our rates.
Effective February 1, 2021 for new business and effective May 1, 2021 for renewals your customers and applicants will see a substantial decrease to their Stratford Third Party Liability (TPL) premiums. Unrelated to the no-fault product change, most customers will also see a collision decrease, depending on their vehicle’s year, make and model.
Customers do not need to wait until their renewal after May 1, 2021 in order to realize the reduced TPL premium, nor do they need to cancel and replace their Stratford policy. Stratford will determine the rate decrease required on the customer’s May 1 and onwards unearned TPL premium and refund that premium. Customers can expect their refund cheque in the mail, in the April and May 2021 timeframe. The refund will not include any other rate changes that form a normal part of Stratford pricing activities or the customer’s changing risk profile.
Business Development Manager