ICBC To Issue $600 million in Rebates for Drivers; Burnaby Board of Trade Applauds Giving Money Back To Consumers and Urges Using it to Support Local
This afternoon, Premier John Horgan, Minister of Public Safety and Solicitor General Mike Farnworth, and ICBC CEO Nicolas Jimenez announced drivers in BC would be seeing rebates on their car insurance of an average of $190 per policy, totaling $600 million, due to a significant reduction in costs faced by the public auto insurer during to the COVID-19 pandemic.
The Burnaby Board of Trade is applauding the rebates as not only the right thing to do with a surplus of taxpayers’ money, but also as a potential $600 million stimulus directly into the economy through consumer spending. To support the positive impact of these rebates, the Burnaby Board of Trade is urging rebate recipients who can spend the money to focus on supporting local businesses, suppliers, retailers, and restaurants when they do so.
“The COVID-19 pandemic and a reduction in car crashes is why this rebate is possible, so we would love to see a spin-off benefit being more support for local businesses who have been on the other side of the pandemic and hurt by it,” says Paul Holden, President & CEO of the Burnaby Board of Trade.
As a matter of principle, the Burnaby Board of Trade is also applauding this rebate for putting money back in the hands of consumers. “When governments or agencies end up taking more money than they need to operate, that money should be responsibly given back to the taxpayer or ratepayer who was charged more than necessary—in the end, it’s their money,” adds Holden.
The rebate will be provided directly to ratepayers in the form of a direct cheque which will be issued in March, 2021. Most customers who had an active policy from April 1 to Sept. 30, 2020, will be eligible, with their rebate amount based on a portion of what they paid for coverage during that period. Exceptions include customers with short-term, storage or distance-based policies, whose premiums already reflect lower usage.