B.C. giving drivers one-time $110 rebate to ease impact of high gas prices | iNFOnews | Thompson-Okanagan's News Source

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B.C. giving drivers one-time $110 rebate to ease impact of high gas prices

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B.C. drivers are getting a one-time rebate of $110 to ease the costs of gas prices due to the ongoing war in Ukraine.

Today, March 25, the province announced ICBC will provide customers with $110 as well as $165 to commercial customers, according to the Government of B.C.'s press release. Last month, Russia invaded Ukraine causing more than three million people to flee in what is now Europe's largest refugee crisis since the Second World War.

“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,” Premier John Horgan said in the 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.”

READ MORE: As gas price spikes, thieves already hitting gas tanks in Kamloops

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, according to the province.

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 rebate because of its forecast annual net income of $1.9 billion for the fiscal year ending March 31, according to the province. The remaining income will be reinvested into ICBC’s capital reserves to ensure rates remain affordable for the long term.

Eligible ICBC drivers 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.

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