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We can help you find cheap car insurance in Prince Edward Island.

PEI car insurance rates are the among the cheapest in Canada.

That doesn’t mean that cheap car insurance in PEI is easy to find, though. It’s important to compare the market before deciding on a policy. Plus, comparing only takes three minutes. That’s why more and more drivers in Prince Edward Island are going online to get auto insurance quotes.

We’ll connect you with a PEI car insurance broker or agent to secure your new — cheaper — rate.

Keep reading to learn more about how to get car insurance, how much you might pay and how you can find the best rates for car insurance in Prince Edward Island.

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See how our customers save big on auto insurance.

CustomerLocationVehicleLowest RateAverage RateSaved
Quote from May 15, 2021
Customer
Male, 23 years old
Location
brackley
Vehicle
2012 BUICK LACROSSE V6 4DR
Lowest Rate
$495/yr
Average Rate
$1,508/yr
Saved
67.00%
Quote from May 14, 2021
Customer
Male, 34 years old
Location
clyde river
Vehicle
2011 CHEVROLET IMPALA LT V6 4DR
Lowest Rate
$1,100/yr
Average Rate
$1,698/yr
Saved
35.00%

How do PEI car insurance rates compare to other provinces?

Car insurance payments for PEI residents are among the lowest in the country. The table below illustrates the average cost of car insurance in PEI and how it compares to other provinces.

Compare the average PEI insurance rate to other provinces:

ProvinceAverage
Yearly Rate 1
Ontario$1,505
British Columbia$1,832
Alberta$1,316
Newfoundland &
Labrador
$1,168
Manitoba$1,140
Northwest
Territories
$978 2
Nunavut$963 2
ProvinceAverage
Yearly Rate 1
Yukon$812 2
Nova Scotia$891
Saskatchewan$1,235
New Brunswick$867
Prince Edward
Island
$816
Quebec$717

1 Insurance Bureau of Canada, BC - Better Auto Insurance (2020)

2 Insurance Bureau of Canada, (2017)

What can I do to get cheap car insurance in Prince Edward Island?

It's easy — if you know how. Here are some of the best ways to lower your auto insurance premiums:

Shop around

We'll show you the most competitive rates from all the top insurers. Now you can compare quotes all in one place.

Buy the right coverage

Avoiding extra frills in your policy and paying for only the coverage you need will lower your premiums.

Drive responsibly

Your driving record impacts your rate. Fewer infractions and fines equals cheaper insurance.

Pay on time

Prompt payments can save you money on late fees and lower your premiums. Insurers love a good customer.

Bundle up

Adding a house, motorcycle, RV, or other type of insurance policy to your car insurance plan can lower your rates.

Be safe, not sorry

Safety features like winter tires and alarm systems can help reduce your insurance premium.

Stick with one insurer

Most auto insurance companies give special discounts to customers who stay with them for a number of years.

Take a course

A defensive driving course makes you a better driver and can significantly reduce your car insurance premiums.

Keep driving

The math is clear: more experience on the road equals lower car insurance premiums. Young drivers almost universally pay higher rates for car insurance. While it’s difficult for new drivers to secure cheap car insurance rates, you may be able to lower your rates by maintaining good grades and attending driving school.

Look at location

Where you drive affects your premiums. Some areas are associated with higher rates of car accidents and theft.

Choose the right car

Cars with high crash-test scores, low theft ratings, and less powerful engines tend to have cheaper insurance rates.

Track your driving

With a usage-based car insurance policy, you can turn your low-risk driving habits into lower premiums.

Auto insurance in Prince Edward Island: What you need to know.

How to get car insurance in Prince Edward Island?

Let’s review how to get car insurance in PEI. The process of obtaining car insurance in PEI is similar to other regions of Canada. Many Canadians reach out to insurance brokers or direct to consumer insurance companies directly to inquire about their policies. Price comparison websites are becoming an increasingly popular way for Canadians to shop for car insurance. LowestRates.ca can compare the market for you in just three minutes to make sure you’re getting the best rate. Give it a try by starting a form. Click the pink ‘Get Started’ button above.

How much is car insurance in PEI?

Based on the average car insurance premium recorded by the Insurance Bureau of Canada, residents of Prince Edward Island pay less than most Canadians for car insurance. However, because car insurance premiums are so customized, an average isn’t always a good metric for what you might pay in car insurance.

Furthermore, a lot of drivers who wind up on our site are looking for a car insurance calculator for PEI insurance rates to instantly tell them how much they can expect to pay.

The process of calculating insurance premiums is complex. For this reason, our quoter is more accurate than a calculator. It takes into effect the wide range of factors that can influence your premiums; including your age, your location and your driving history. You can get a quote in just three minutes by filling out the form above. When you’re done, you’ll instantly be shown the best rates for car insurance in PEI.

What factors determine auto insurance in Prince Edward Island?

Car insurance rates in PEI can vary due to several factors. Before giving you an estimate, PEI car insurance providers will look at several factors. Here’s an example of the factors that determine your car insurance in PEI:

Your age - Car insurance for young drivers in PEI comes with some of the highest rates in the province. It’s the same thing in every province. Car insurance prices in PEI, like in the rest of Canada, tend to drop off after age 25 and continue to fall through to age 30.

This is why cheap car insurance for new drivers in PEI can be hard to find. (Learn more about shopping for car insurance for students in PEI.)

This isn’t the only way your age can impact your car insurance. Adults between the ages of 50 and 70 get some of the lowest car insurance rates inPEI. If you belong to this demographic, you probably have a long history of being insured and you might even have bundled your home insurance policy with the same provider of your auto insurance. After age 70, though, you might see your rate begin to creep up because people in your age group are statistically more likely to file a claim and need longer to recover from an injury. Therefore, car insurance rates for seniors in PEI, and other Canadian provinces, can also be more expensive.

Your driving history - Insurance companies like to see a lot of driving experience (typically eight years or so). They reward long-time drivers who are conviction and claims-free with lower rates. This factor also makes it harder for new drivers in PEI who need car insurance to find affordable rates.

In addition, if you’ve been deemed a high risk driver and you need car insurance in PEI, your driving history may become an obstacle to obtaining a cheaper rate. Learn more about high risk car insurance quotes for PEI drivers.

Your insurance history - Missed a car insurance payment? Your insurance premium will go up at renewal. Insurance companies give preference to customers who always pay on time and have no gaps in their insurance history. This is why one of the best ways to reduce your car insurance costs in PEI is to make your payments on time, every month.

An absence of an insurance history can also impact your rates. For example, rates for car insurance for new immigrants in PEI may be higher due to their lack of insurance history in Canada. Providers have little way of knowing whether you have a history of filing claims or making payments on time.

Your postal code - Insurance companies also rely on postal code regions to price auto insurance. Some postal code regions pay more in insurance than others because customers within that region are more likely to file a claim. That includes situations such as theft, vandalism, and collisions.

Your mileage - Insurance companies will ask you how many kilometres you drive each day. The longer your commute, the more time you spend on the road, which increases the probability that you’ll be involved in an accident.

Your car - Insurance companies have figured out a way to judge which car model is more likely to be involved in a collision, regardless of driver behaviour.

Who sets the auto insurance rates in PEI?

Car insurance rates in Prince Edward Island are set by the Island Regulatory and Appeals Commission and Office of the Superintendent of Insurance. PEI car insurance brokers and direct to consumer insurance companies then deliver these rates to their customers.

In 2003, amendments to auto insurance legislation made it mandatory for all insurance companies in the province to have any rate changes authorized by the Commission.

Is auto insurance required in PEI?

Yes. Just like the rest of Canada, the law in P.E.I. requires all motorists to have auto insurance.

What is the minimum requirement for auto insurance in PEI?

Third-party liability insurance in PEI: This type of insurance coverage protects against damage caused by you while you’re behind the wheel. This includes any injuries or deaths caused to others while you’re driving. The minimum level of coverage for this type of insurance is $200,000.

Direct compensation property damage insurance in PEI: Drivers in PEI are also required to hold direct compensation property damage (DCPD) coverage. This type of insurance covers your vehicle and anything inside it should they be damaged in a crash. It also covers your costs for the loss of use of your vehicle if another person was at fault for the crash.

Uninsured motorist coverage PEI: This type of insurance coverage will cover medical costs if you are in an accident with another driver who does not have insurance.

Accident benefits coverage in PEI: This type of insurance covers your medical costs if you’re in a collision, whether or not you’re at fault. This type of coverage also includes rehab, income replacement and attendant care, if necessary.

No-fault insurance in PEI This type of coverage means that you are required to deal with your insurance company first, for all claims, before bringing a suit. However, PEI does allow a no-fault driver to sue an at-fault driver for additional damages that the mandatory accident benefits insurance does not cover.

In addition to the mandatory coverages, drivers can also choose to purchase additional coverages:

Collision coverage in PEI: This type of insurance covers drivers for damages sustained to their vehicles in an accident. Under collision insurance, you’re covered whether you’re at fault for the accident or not.

Comprehensive coverage in PEI: This type of coverage protects against all losses the car owner might suffer, even if those losses have nothing to do with driving. These might include collisions, theft, vandalism, environmental impacts, etc.

Specified perils insurance in PEI: This type of insurance covers drivers for specific incidents that they select. Some available coverages might include fire, flooding, earthquakes, aircraft damage, etc.

All-perils insurance in PEI: This type of coverage combines comprehensive and collision insurance. In addition, you’ll also be covered if your car is stolen by someone you employ to service your car or someone you live with.

What kind of auto insurance system does PEI have?

P.E.I. operates under a no-fault system. Drivers deal with their own insurance company regardless of who caused the accident.

What is the penalty for driving without insurance in PEI?

If you're caught driving without insurance, you can be fined $5,000 to $50,000. You could also face a licence suspension, and your vehicle might get impounded.

What is the minimum legal driving age in PEI?

To obtain a stage 1 (learner's) licence, you must be 16 years old and pass a knowledge and vision test. With a stage 1 licence, you can drive only when accompanied by a licensed driver with 4 or more years of experience.

How do I get a probationary licence in PEI?

To obtain a stage 2 (probationary) licence, you must hold the stage 1 licence for 365+ days (or 275 days if you complete a certified Driver Education Program) and pass a road test.

How do I get a full licence in PEI?

After successfully holding your stage 2 licence with no suspensions for 365 days or more, you can obtain your full stage 3 licence.

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