Most drivers in British Columbia will receive a $110 vehicle insurance rebate this year after the Insurance Corporation of B.C. announced strong investment and financial returns.

Premier David Eby also announced that basic vehicle insurance rates will remain frozen until at least March 31, 2026, making it six straight years with no increase.

Preliminary financial results show ICBC will make a net income of $1.5 billion this year, which includes the $400 million cost of the rebates.

All personal and commercial ICBC customers who held an active basic insurance policy in February 2024 are eligible for the rebate.

Rebates will begin being processed later this month.