To help British Columbians deal with high gas prices, ICBC announced last week it is providing drivers with a one-time $110 rebate ($160 for commercial drivers).
Rising fuel prices — caused by what Premier John Horgan called "Putin's illegal war in Ukraine" — have made life more expensive and led to calls for the province to reduce fuel taxes. And while consumers will welcome the rebate, there are concerns that the cash back from ICBC could increase demand for fuel. A better solution, some economists say, would be to focus relief on commercial vehicles facing higher costs — costs that will inevitably be added to the price of goods and services.
The ICBC rebate will be directly deposited in customer's accounts or applied to their credit card, depending on how they pay for vehicle insurance. ICBC will not text or email information about the rebate and warns customers to be vigilant about fraud attempts.