Close X
Sunday, November 24, 2024
ADVT 
National

ICBC relief rebate coming for drivers

Darpan News Desk The Canadian Press, 25 Mar, 2022 10:04 AM
  • ICBC relief rebate coming for drivers

VICTORIA - British Columbia is giving a one-time relief rebate to help drivers cope with the cost of rising fuel prices caused by Russia's invasion of Ukraine, Premier John Horgan announced Friday.

Horgan said the provincial government approached the Insurance Corporation of B.C. to provide drivers who have a basic auto insurance policy with a $110 rebate and commercial drivers with $165.

“Today, if we go to fill up at the pumps, sometimes it feels like it’s a bit of a hold up," he told a news conference. "Prices are at unprecedented levels and those prices at the pump are a direct result of (Russian President) Vladimir Putin’s invasion of Ukraine.”

Horgan said the one-time payment is a better approach than cutting fuel taxes because the price will only increase again at the pumps.

He said the corporation is in a financial position to cover the cost of $395 million rebate. It is forecasting an annual net income of $1.9 billion for the 2021-22 fiscal year ending March 31.

In 2018, David Eby, who was then the minister in charge of the insurance corporation, compared the finances of the public auto insurer to a dumpster fire.

The NDP brought in legislation to prevent governments from to dipping into reserves at the corporation "to pad their budgets," Horgan said Friday.

But the difference with the rebate, he said, is that the money is going back to policy holders, who finance the corporation.

"This is a rebate based on the robust position the corporation is in," Horgan said.

Public Safety Minister Mike Farnworth said drivers can expect the rebate to start rolling out in May.

MORE National ARTICLES

Nanaimo, B.C., couple lose $400,000 in scam

Nanaimo, B.C., couple lose $400,000 in scam
A statement from police says the couple, who are both in their late 80s, were contacted by phone early last year. They were told they had won $18.5 million and a Mercedes-Benz but would have to pay administrative fees in order to collect.

Nanaimo, B.C., couple lose $400,000 in scam

Health workers emergency summit warns of burnout

Health workers emergency summit warns of burnout
Health workers have now endured two difficult years of pandemic conditions, leading to serious burnout across nearly all sectors of the health-care system.

Health workers emergency summit warns of burnout

Trudeau, Polish leaders, discuss refugee crisis

Trudeau, Polish leaders, discuss refugee crisis
Prime Minister Justin Trudeau is in Poland today meeting with Duda and Poland's Prime Minister Mateusz Morawiecki as an estimated 100,000 Ukrainian refugees pour into Poland every day.

Trudeau, Polish leaders, discuss refugee crisis

Charest to launch Conservative leadership bid

Charest to launch Conservative leadership bid
Winning is something Conservatives want to see after three back-to-back losses to Liberal Prime Minister Justin Trudeau, whose minority of seats in the House of Commons means an election could be triggered at any point.

Charest to launch Conservative leadership bid

B.C. set to update COVID-19 situation

B.C. set to update COVID-19 situation
Dr. Bonnie Henry said last week the province was better positioned to consider removing pandemic restrictions before students begin spring break on Monday.

B.C. set to update COVID-19 situation

Urgent action needed on OD deaths: B.C. report

Urgent action needed on OD deaths: B.C. report
 The death review panel report released Wednesday by chief coroner Lisa Lapointe's office sets a deadline of May 9 for the government to create a safer supply policy in collaboration with the BC Centre for Disease Control and the BC Centre on Substance Use.

Urgent action needed on OD deaths: B.C. report