You could reduce your deductible by 10% each claim-free year.

Car Insurance Quote in Prince Edward Island (PEI)

TD Insurance Decreasing Deductible

A good driving record could help reduce your deductible by 10% each claims-free year.

You can save up to 25% on your insurance premium with TD MyAdvantage

The safer you drive, the more you save.

Is life insurance worth it

How Does Car Insurance Work?

Whether you lease, finance, or own your car, it is mandatory to have car insurance. However, in order to be eligible for car insurance, certain conditions and restrictions apply.

To begin with, you (and all drivers you wish to include in the policy) must have a valid driver's license and be a resident of Canada. Next, insurance companies will look at your prior driving record to determine eligibility and rates. However, rates will vary depending on whether you are looking for a new insurance policy altogether or if you wish to renew an existing one. Other eligibility restrictions may arise from past convictions. This too, will vary depending on when your last conviction occurred and the nature of the conviction.

Other Eligibility Considerations:

Other insurance conditions may arise depending on the type of vehicle, its use, and any customizations or modifications made to the vehicle. For example, if you have altered your vehicle to enhance its performance or appearance, most insurance companies would need to assess the vehicle to determine if they could insure it. If you plan on modifying your vehicle, call us first! We will let you know if the changes you plan on making could have an impact on your policy.

Other factors that may also prevent an insurer from issuing you a policy:

  • Your vehicle has substantial unrepaired damage or is deemed unsafe
  • Your vehicle is rented or leased to others
  • Your vehicle is used for racing or competition

Learn more about Car Insurance Eligibility and Restrictions

Make sense of your Car Insurance needs and options

TD Right Fit Coverage Assessment

Find the car insurance coverage that best fits your needs.

How Much Does Car Insurance Cost?

There are a number of factors that determine how much your car insurance will cost. Here are 7 of the key factors that insurance companies take into consideration when calculating your car insurance premium:

Your car: The make, model, and year of your car can affect your insurance premium. This determines the cost and value of the car, safety features, and repair costs.

How often you drive: The number of kilometers you drive your car per year will affect your insurance premium.

If you use your car for commercial purposes: If you use your car for work purposes (other than commuting), you may need to get commercial car insurance. Your business may require a higher liability limit.

Your driving record (and the records of all drivers who use your vehicle), which includes: The number of years you’ve all been licensed for. Convictions due to driving infractions (which includes speeding tickets). Accidents.

Where you live: Premiums are usually higher in and around large urban areas

The coverage you choose: The more adequate the coverage, the more it will cost to insure your vehicle

Special discounts: Belonging to a preferred group for professionals and alumni. With TD Insurance you can select up to three eligible groups!

Learn more about how car insurance premiums are calculated

Mandatory Car Insurance Coverage for Prince Edward Island

Whether you lease, finance or own your vehicle in Prince Edward Island, this is the minimum amount of coverage you need to have by law to protect yourself and your loved ones.

Liability Coverage

If you injure someone or damage property, payments are made on your behalf.

Direct Compensation

Damages to your car are covered if you're not at fault.

Uninsured Automobile Coverage

Medical costs and damage are covered if an uninsured driver is at fault.

Accident Benefits Coverage

Regardless of who is at fault, medical and other expenses you are entitled to receive are covered.

Learn more about Car Insurance

Enhanced and Special Coverage for Prince Edward Island

Choose one of these options for beyond-the-minimum protection for your car.

Specified Perils

Protects your vehicle from specified perils such as losses caused by fire, floods, hail or theft.


All other insured damage caused to your vehicle (except collision or upset).

Collision or Upset

Damage to your vehicle caused by a traffic collision with another vehicle or object.

All Perils

The broadest level of coverage — combines Collision or Upset and Comprehensive coverage along with increased theft protection.

Accident Forgiveness

With Accident Forgiveness, your car insurance rates won’t go up if you have an at-fault or partially-at-fault accident.**

Learn More

Uninterrupted Driving Coverage

With Grand Touring, travel worry free within Canada and the U.S. because you’re covered for rental car insurance, a temporary rental car, and even towing.

Learn More

Replacement value for total loss

With Replacement Cost, get the replacement value of your car if it is lost due to theft or extreme damage.

Learn More

Ways you can save

Bundle car and home insurance

Insure two or more vehicles

Drive a hybrid or electric vehicle.

How do I Save On Car Insurance Newfoundland/Labrador:?

Here are a few simple tips to save on car insurance in Newfoundland/Labrador:

  • Insure all your cars with the same insurance provider so that you can save on insurance.
  • Insure both your car and home with the same company so that you qualify for a "multi-line discount."
  • Increase your deductible ‑ the higher it is, the lower your insurance premium will be.
  • Think about removing collision coverage if you drive an older car. This means weighing the cost of the collision coverage with the value of your car and chosen deductibles.
  • Consider driving a "low-risk" vehicle. Since insurance premiums are based on previous claim history, the more likely the vehicle is to be stolen or in an accident, the more you pay for insurance.
  • If you are a new driver, take a driver's training course (available in select locations).
  • Have an approved anti-theft device installed in your car. TD Insurance premiums factor in a discount if you have an approved factory installed anti-theft device.
  • Switch car insurance providers. TD Insurance offers a new business discount to new customers.
  • Get a quote! What do you need to get a car insurance quote? Simply provide us with your postal code, VIN, estimated annual mileage, and some specifics about your driving history.

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