Canadian province announces $110 CAD lump sum payment for drivers
The B.C. government has allocated $395 million CAD to distribute vehicles to drivers in the province.
The provincial government announced Friday that customers of the Insurance Corporation of British Columbia (ICBC) will receive a one-time payment of $110 CAD. Commercial drivers will receive $165 CAD because, according to Provincial Premier John Horgan, their costs are usually higher.
This program is designed to help drivers in British Columbia cope with the spike in gas prices that has occurred due to the currently unfolding situation in Ukraine. The government will spend a total of $395 million CAD on it.
There is no need to apply for a payout. The only requirement is that you have a basic auto insurance policy in effect in February. Eligible ICBC clients, provided they are enrolled, can expect to receive their payout in May as a direct deposit to ICBC or as a refund on their credit card. All other customers will receive their checks in June.
Horgan also noted that ICBC is now in a strong enough position to offer a lump sum payment to its customers. The insurance company is projected to have annual net income of $1.9 billion CAD for the fiscal year ending March 31.
