How Prince Edward Island Auto Insurance Rates Are Regulated
Automobile insurance is the only type of insurance for which rates are regulated in Prince Edward Island. Every auto insurer must apply to the Island Regulatory and Appeals Commission annually for approval of rates and premiums based on a just and reasonable risk classification.
What to know
Confirm the current PEI policy, legislation or IRAC decision before applying this point to a personal situation.
Confirm the current PEI policy, legislation or IRAC decision before applying this point to a personal situation.
Confirm the current PEI policy, legislation or IRAC decision before applying this point to a personal situation.
Confirm the current PEI policy, legislation or IRAC decision before applying this point to a personal situation.
An approved insurer filing is not a province-wide renewal percentage
Each private insurer has its own approved rating system. A rate increase or decrease for one insurer cannot be relabelled as the change every PEI driver should expect at renewal.
Annual filings provide unusually useful transparency
IRAC requires annual rate applications and publishes filing guidance. That creates a strong research layer for insurer-specific rate movements, rating rules and effective dates without manufacturing an average personal quote.
Rate regulation and insurer licensing are separate functions
IRAC reviews automobile rates and premiums. The PEI Office of the Superintendent of Insurance is responsible for the general supervision of the insurance business, licensing and non-rate regulatory matters.
Verify the current PEI rule
Insurance legislation, approved rates and policy wording can change. Use the primary source below when making a purchase, renewal or claim decision.
Island Regulatory and Appeals Commission — Auto Insurance →