By Times-Chronicle staff
B.C. drivers will be getting a one time relief rebate of $110 from the Province to ease the financial burden of increased gas prices caused by Russia’s invasion of Ukraine.
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.
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 rebate, totalling more than $395 million, comes at time when global oil prices have climbed dramatically because of the significant role Russia plays in global oil production. This has impacted gasoline prices globally resulting in added day-to-day costs for consumers not only at the fuel pumps but also through the entire supply chain.
“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.”
The Province says ICBC is in a position to provide the relief rebate because of its forecast annual net income of $1.9 billion for the fiscal year ending March 31, 2022. It added that the remaining income will be reinvested into ICBC’s capital reserves “to ensure rates remain affordable for the long term”.
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 accident 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, according to ICBC.
