There's some good news for vehicle owners in Saskatchewan as fuel prices soar.

Saskatchewan Government Insurance (SGI) has announced it's giving customers a $100 rebate for every vehicle they have registered with the auto insurer.

The money is coming from the Auto Fund's Rate Stabilization Reserve (RSR), according to a news release from the province.

Everyone who registers a vehicle pays into the fund, the release said, and the RSR "acts as a 'rainy day' fund to cushion customers from sudden increases in their vehicle insurance."

The fund does not take or receive money from the provincial government, the release said.

"The Rate Stabilization Reserve has a surplus that was largely generated by its well-performing investment portfolio," said Minister Responsible for SGI Don Morgan.

"We believe it's fair that all Auto Fund customers benefit equally, regardless of how long their vehicle was registered or the premium they pay for that vehicle. All drivers are facing higher fuel costs, regardless of what they're driving."

Anyone who had a vehicle or motorcycle registered with SGI as of Wednesday will receive a rebate.

Initial estimates peg the total cost of the rebates at about $95 million dollars, according to the release, while more than 700,000 cheques will be written.

The cheques are being mailed out this spring, although a specific date was not listed.

This is the second rebate SGI is issuing to vehicle owners in roughly a year. In February of 2021, SGI announced about $350 million in earnings was being passed on to Saskatchewan residents in the form of a rebate. It averaged out to about $285 per vehicle.