In the face of high gas prices and rising inflation, ICBC will be sending one-time relief rebate cheques to its customers.
According to B.C. government officials, those who had basic auto insurance through February will get $110, while commercial customers will receive $165.
“People are facing increased costs through no fault of their own, but as a chain reaction that started with [President Vladimir] 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.”
Customers will receive their refund in May, if they are registered for direct deposit with ICBC or as a refund through their credit card. All other customers will receive their cheques in June.
Staff said ICBC is able to issue these rebates because of its forecast net income of $1.9-billion for the fiscal year ending on March 31.
“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.”
