By law, any vehicle registered and driven or parked on public streets in British Columbia must be covered by ICBC's basic insurance package, which can be purchased from independent brokers across the province.

The original purpose of ICBC was to provide universal and affordable compulsory public auto insurance in British Columbia by operating on a non-profit basis.

[13] In 2017, ICBC introduced a modified version of this new system, whereby 'luxury' vehicles could still be insured but would face having to pay higher premiums starting on January 8, 2017.

[17] Instead of suing, people "will receive benefits, payments for medical treatment and compensation directly from ICBC, using amounts set by the province depending on the type of injury".

[20] In March 2022, the BC government announced that ICBC "will provide a one-time relief rebate of $110 to customers to ease the financial burden of increased gas prices caused by the 2022 Russian invasion of Ukraine.

"[21] The government stated that the funds for the rebates would come from the "net income of $1.9 billion for the fiscal year ending March 31, 2022",[21] with the remainder being "reinvested into ICBC’s capital reserves to ensure rates remain affordable for the long term.

Like other insurance companies, ICBC bases its premiums on a client's claims history, type of automobile, geographic location, and years of driving experience.

The remainder is devoted to fulfilling ICBC's mandate to promote safe driving (the "RoadSense" campaign), as well as various other loss prevention strategies.