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ICBC rebate aims to ease pressure at the pumps

The province is hoping the $110 rebate will provide relief to drivers from sky-high gas prices.
gas prices
The price at many Kamloops pumps hit $1.96 per litre as of March 8, 2022.

The province has announced some relief from gas prices, courtesy an ICBC rebate to drivers.

On Friday, Premier John Horgan announced the public auto insurer will rebate ICBC customers with basic auto insurance effective February this year with a $110 rebate. Commercial customers will receive a higher rebate, at $165. 

The total rebate cost is $395 million and comes as ICBC is forecasting a net income of $1.9 billion this year.

“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,” Horgan said in a press release. “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 rebate will be directly deposited into bank accounts or refunded to credit cards in May.

Two COVID-19 relief rebates were previously issued by ICBC resulting from fewer drivers on the road during the pandemic.