ICBC relief rebate coming for drivers

  • Page Views 473
  • The Province is announcing that B.C.’s public auto insurer will provide a one-time relief rebate of $110 to customers to ease the financial burden of increased gas prices caused by the invasion of Ukraine by Russian forces.

    This rebate will total more than $395 million and comes at time when the global increase in gas prices and other cost pressures have affected day-to-day life for British Columbians.

    “People are facing increased costs through no fault of their own, but as a chain reaction that started with Putin’s illegal war in Ukraine,” said Premier John Horgan. “As a result of our work to fix ICBC, we’re in a position to put money back in people’s pockets to help a little with these increased costs.”

    Most ICBC customers with a basic auto insurance policy during the month of February will be eligible for the $110 relief rebate. Most commercial customers will receive a rebate of $165 because they generally incur higher expenses.

    ICBC is in a position to provide the relief rebate as a result of its forecast annual net income of $1.9 billion for the fiscal year ending March 31, 2022. The remaining income will be reinvested into ICBC’s capital reserves to ensure rates remain affordable for the long term.

    “This rebate is going to help a lot of people in this province,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “This is another opportunity to put money back in the pockets of the hardworking people who make this province a great place to live.”

    Eligible ICBC customers can expect to receive their rebate in May if they are registered for direct deposit with ICBC or as a refund to their credit card. All other customers will receive cheques in June.

    The relief rebate follows two COVID-19 rebates issued by ICBC last year, which provided drivers with a combined average of $300. ICBC’s COVID-19 rebates were made possible because crash rates fell during the early part of the pandemic when British Columbians were driving less. Enhanced Care refunds were provided to eligible customers after the launch of the new insurance model on May 1, 2021.

    As of Dec. 31, 2021, most customers renewing their full-coverage personal auto insurance under Enhanced Care have had annual average savings of $490, or 28% per policy renewal, compared to the previous model. (bc.gov.news)

    Photo Credit: (flickr.com)

    Share

    New Posts Recently publish post More

    • 25 May 2023
      7 days ago No comment

      Parliamentary secretary’s statement on Anti-Racism Awareness Week

      Mable Elmore, Parliamentary Secretary for Anti-Racism Initiatives, has released the following statement in recognition of Anti-Racism Awareness Week: “Anti-Racism Awareness Week, from May 22-26, 2023, is an opportunity for British Columbians to learn about B.C.’s diverse culture and history, and to consider how they can help fight discrimination, racism ...

    • 25 May 2023
      7 days ago No comment

      Remembering Tina Turner

      Tina Turner, the pioneering rock’n’roll star who became a pop behemoth in the 1980s, has died aged 83 after a long illness. She had suffered ill health in recent years, being diagnosed with intestinal cancer in 2016 and having a kidney transplant in 2017. In a statement on Wednesday ...

    • 18 May 2023
      2 weeks ago No comment

      People encouraged to prepare for floods, wildfire risks due to anticipated heat

      With unseasonably hot weather forecast for most parts of British Columbia this weekend and into next week, people are encouraged to stay informed about potential risks. Environment and Climate Change Canada has issued a special weather statement for unseasonably hot weather, which is expected to begin Friday, May 12, ...

    • 12 May 2023
      3 weeks ago No comment

      International and local talents to perform at Surrey’s 2023 Fiesta Extravaganza

      A host of international and Canadian talents is slated to perform at the ultimate Filipino cultural event happening in Surrey this summer. Coming from abroad and across Canada, the different talents will grace Fiesta Extravaganza, the star-studded celebration on July 22 and July 23 at the Surrey Civic Plaza. ...

    • 12 May 2023
      3 weeks ago No comment

      Vic Sotto on TAPE’s over P30 million debt: ‘Bayad na, okay na!’

      After months of speculations and issues regarding the noontime program ‘Eat Bulaga,’ actor–television host Vic Sotto released a statement regarding the P30 million talent fee that TAPE(Television and Production Exponents) Inc., the show’s producer, was supposed to settle.During the press conference for his new sitcom entitled “Open 24/7” with ...

    %d bloggers like this: