ICBC Relief Rebate Coming for Drivers
Government of BC | inistry of Public Safety and Solicitor General | Friday, March 25, 2022
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.
Source: BC Government News