Insuring your car in Prince Edward Island won’t drain your pockets. Thankfully, this is one of those Canadian provinces where auto insurance policies come cheap. However, does this mean that finding the right insurance policy for your car would be a cakewalk? Unfortunately, not!
Unless you work with established insurance brokers like Surex, you will repent for getting the wrong policy. In the end, you might have inadequate coverage or pay unnecessarily extra for your car insurance policy. Consulting reputed brokers, you can find the cheapest car insurance PEI has to offer.
Let’s learn about the insurance requirements in PEI and explore ways to maintain the attractive pricing.
Compulsory auto insurance requirements in PEI
Like any other province in Canada, it’s compulsory for drivers to have some basic insurance policies when they drive in PEI. In this province, you need to get your car insured by private insurers. This is why you can get coverage at competitive rates. Also, one can enjoy flexible options for insurance and purchase cheap car insurance in PEI.
Have a look at the compulsory car insurance policies in this province.
Third-party liability coverage
Third-party liability insurance provides coverage to drivers who are at fault in case of an accident or collision. If you caused damages to another property or car, your liability insurance would keep you financially secure. Also, in case of physical injuries or death, this coverage will help you compensate the loss to the affected party.
In PEI, it’s necessary for car drivers to have accident benefits. In case of a collision, this package might come in handy if someone is injured or killed. The benefits of accident coverage include the replacement of income, rehabilitation expenses, and medical treatment. This insurance may also be necessary to pay for the funeral expenses.
Also, the affected family members might require grief counseling, along with any associated expenses.
You should have at least $2,00,000 as the minimum insurance in PEI. Your policy should clearly state this on the documents. Apart from the basic package, you can explore different optional coverage options and add-ons.
Tips to get cheap car insurance in PEI
Who doesn’t love to save while shopping – more so in the case of insurance? Here’s how you can save on your insurance shopping:
1. Get multiple quotes
Well, car owners in PEI know they can enjoy some of the cheapest insurance premiums in Canada.
However, wouldn’t you further narrow your options to find the cheapest car insurance PEI has to offer? Or look out for additional discounts or more coverage at the same premium? You can obtain multiple quotes from the top car insurance companies in minutes by working with reputed insurance experts. This will help you compare viable deals and decide on your policy.
So, don’t reach out to private insurers individually. Working with an insurance broker would help you reduce your premium.
2. Pay on time
Insurance companies in PEI prefer working with responsible clients. So, try to make your payments on time.
A small tip here: pay the premiums annually rather than monthly. This will help you save on administrative expenses. Missing out on timely renewals portrays you as a risky driver. What if you are unfortunate enough to land in an accident after your insurance lapsed?
Once you miss out on a payment, insurers are likely to increase your premiums. Thankfully, owners who work with brokers get timely alerts to make payments or renew their policies.
3. Pay a higher deductible
In Prince Edward Island, car owners pay around $816 as the annual premium. This is less than half of what you need to pay in British Columbia. If you still want to lower your premiums, try increasing your deductible.
Drivers with too many red marks on their records often repent paying a high premium in PEI. If you face a similar circumstance, consider raising your deductible. This implies that while making a claim, you need to pay a certain amount before the insurer rolls out their benefits.
4. Enroll in a defensive driving course
One of the best ways to gain the trust of your automobile insurance company is to undergo training through a defensive driving course. When you imbibe safe driving skills from instructors, you can take a more defensive stance against accidents. Naturally, you can improve your driving records after you complete the training. Some insurers also offer discounts to drivers who have completed these recognized courses.
5. Install winter tires
Do you know that all insurance companies in Canada are bound to offer a discount of up to 5% if you install winter tires? When you navigate treacherous terrains in winter, these tires enhance the grip and keep the vehicle safe.
Car insurance companies recognize your efforts to reduce the chances of skidding on icy terrains that can lead to accidents. So, you would pay less on your premium in PEI once you install winter tires.
6. Bundling policies
Purchasing your home and car insurance policies in Prince Edward Island from the same company can fetch you a handsome discount. You can save around 15% with top insurers. However, it pays to know the best deals on bundling your insurance policies. Your insurance broker can guide you while looking for adequate coverage for your home and car.
7. Be responsible while you drive
Regardless of whatever you do to reduce your premiums, try to be responsible with the wheels. Fewer accidents and tickets on your record would help you qualify for lower premiums. Respect the traffic norms when you hit the road. This would slash the possibility of accidents and traffic norm infringements. Remember, car crashes can haunt your insurance records for a decade. If you want to pay low premiums, be vigilant while you drive.
Being a car owner, it’s natural to hunt for the cheapest car insurance PEI has to offer. Now that we have guided you on reducing your premium look out for a reputed insurance broker.
Thousands of car owners in Prince Edward Island work with these professionals while choosing their policies. It would be a logical decision for you to consult a broker to find an affordable policy for maximum financial cushioning.