P.E.I. isn't planning on doing an automobile insurance price fairness study, despite the other Maritime provinces recently finding consumers were paying too much.

It is difficult to get a good trend for automobile claims on P.E.I., says provincial insurance superintendent Robert Bradley. (Laura Chapin/CBC)

A 2010 report in Nova Scotia estimated policyholders there were paying $106 a year too much, and a 2011 study in New Brunswick estimated overpayments of $92 a year. That research was done while those provinces were looking at increasing auto insurance benefits.

In light of the findings, both Nova Scotia and New Brunswick announced rate freezes.

The P.E.I. government is also now considering an increase in its benefits, but the province's superintendent of insurance, Robert Bradley, said doing research on prices here is more difficult.

"I'm not even sure it's possible to do it for P.E.I. because our data is so limited. We have a very small market," said Bradley.

The research involves comparing premiums paid in to claims paid out. In a small market, claims paid out can change dramatically from year to year.

"It's hard for them to get a real good trend, real good data that they can say 'Yeah, that's a reliable way to look at it," said Bradley.

The Island Regulatory and Appeals Commission has regulated insurance prices on P.E.I. for six years. IRAC believes it is possible to get an accurate picture on the Island by averaging a company's results over a five- to seven-year period.