The financial hazards associated with owning a car are numerous. With car insurance, you can reduce your risk of financial difficulties because it can cover damage to your vehicle and other situations where you might be responsible for paying costs like medical expenses.
As a result, selecting the best car insurance company is essential and should be based on much more than just pricing.
This article will enlist the ten best car insurance companies in Canada that you can register with within 2023.
Let’s begin.
Table of contents
What Is Car Insurance?
Car insurance is a legal agreement that safeguards you from financial loss in the case of an accident or theft. The insurance provider promises to cover your losses following your policy’s terms in return for your premium payment.
Car insurance offers protection for:
- Property
- Liability
- Medical
Policies are often issued for six months to one year and are renewable. When it’s time to renew the coverage and pay your premium, the insurance provider notifies you.
Overview of the 10 Best Car Insurance Companies in Canada
Below is the overview of the ten best car insurance companies in Canada you can register within 2023:
1. The Co-operators
2. The Personal Insurance
3. Intact Insurance
4. Desjardins
5. Belairdirect
6. Aviva
7. TD Insurance
8. Economical Insurance
9. RSA Group
10. Sonnet
List of the 10 Best Car Insurance Companies in Canada
Here are the ten best car insurance companies in Canada:
#1. The Co-operators
Insurance is one of the top 10 best car insurance companies in Canada. The Co-operators Group Limited was named the apparent winner among Canadian car insurance companies by the company because it “performs effectively in the most critical sectors.” It obtained a five-star rating overall, five stars for discounts and optional coverages and customer service, four stars for costs, and three stars for financial stability. According to JD Power’s 2019 Canada Auto Insurance Satisfaction Study, the insurer has five stars from the happiest clients across all of its branches in the Alberta, Atlantic, and Ontario regions.
They primarily focused their financial solutions on brokerage, institutional asset management, life insurance, and property and casualty (P&C) insurance. Its P&C insurance policies cover more than 875,000 residences and 1.4 million cars.
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#2. The Personal Insurance
Having received a total rating of five stars, Personal Insurance came in second in Carsurance’s rankings. Additionally, it scored five stars for customer support, costs, and financial stability; three stars for discounts, and optional coverages, which received no ratings. With five and four ratings, respectively, in the JD Power assessment, it is a huge hit with clients in Quebec and Ontario. Although customers gave it great reviews, it didn’t get the top rank because of its limited availability and because it only offers coverage to the businesses they linked it.
Both mandatory and optional coverage options are available for the group auto insurance from Personal Insurance. Basic Insurance protects against third-party responsibility, collisions, accident benefits, and uninsured motor vehicles.
It also offers comprehensive coverage for loss or damage caused to the policyholder’s vehicle in situations other than collisions.
The company is one of the best car insurance companies in Canada.
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#3. Intact Insurance
Having received four stars in total, Intact Financial Corporation came in third place. Additionally, it received five stars for financial stability, four stars for rates and discounts, three stars for customer service, and four stars for optional coverages. However, based on average regional ratings, it scored four stars in the Atlantic area, three in Quebec and Ontario, and two in Alberta for customer service.
With more than 13,000 people supporting more than five million clients in Canada and the US, Intact is one of the significant providers of specialty insurance in North America and P&C insurance in Canada. Its vehicle insurance division covers boats, ATVs, snowmobiles, RVs, motorbikes, and other motorized vehicles.
Additionally, Intact Insurance offers a “my Drive” program that recognizes policyholders for driving safely and offers customized advice to help them become better drivers. In addition to the usual policies, it provides Insurance for Uber and Turo car-sharing employees.
They recognized the company as one of Canada’s best car insurance companies.
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#4. Desjardins
Overall, Desjardins Group received a rating of four stars. It was given five stars for its financial stability, costs, special offers, and optional coverages. Desjardins offers a wide range of savings and extra coverages. ThusCarsurance suggests it to new car owners. It scored three stars in the Quebec region in the JD Power report for its customer service focus.
Comprehensive, third-party liability, collision and upset, accident benefits, uninsured motorist coverage, family protection, and direct compensation property damage are all included in Desjardins’ standard auto insurance policy (DCPD).
Desjardins has a good company policy and culture, making it one of the best car Insurance companies in Canada.
Meanwhile, its supplementary car insurance coverage includes:
- Five-year new car protection.
- A trouble-free option.
- A no-deductible option.
- Liability for damage to other people’s cars.
- Transportation replacement.
- Accident-free security.
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#5. Belairdirect
Overall, Desjardins Group received a rating of four stars. It scored five stars for its financial stability, costs, special offers, and optional With a total rating of four stars, Belairdirect entered the top five. Belairdirect earned five stars for its financial stability and four stars for its customer service, pricing, discounts, and optional coverages from Carsurance, who regarded it as the ideal choice for Uber drivers and car owners with low mileage. In the JD Power evaluation, it received four stars for its customer service division in Ontario and three stars in Quebec.
Belairdirect, an Intact Insurance company, has been offering auto and home insurance options for over 65 years; They recognized the company as one of the best car insurance companies in Canada.
Its standard auto insurance policy includes the following:
- Uninsured motorist protection.
- Accident benefits.
- Direct compensation for property damage.
- Liability coverage for physical injury and property damage.
- Its optional coverage options include auto comfort, collision insurance, comprehensive Insurance, and roadside assistance from Belairdirect.
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#6. Aviva
The total assessment for Aviva was four stars, with two stars for customer service and two stars each for pricing, financial strength, discounts, and optional coverages.
The insurance provider Aviva Canada is a division of the UK-based Aviva plc. In addition to regular and optional coverages, it provides savings to clients who combine their car and house insurance policies, is retirees, insure multiple vehicles, have a clean record, and have not filed any claims.
Belairdirect may be the most excellent choice for Uber drivers. Still, Aviva Canada is the best choice for Lyft drivers thanks to their partnership with Lyft Canada, which allows them to provide ride-sharing Insurance to drivers and passengers who utilize Lyft ride-sharing services in Ontario.
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#7. TD Insurance
Among the top 10 auto insurance companies in the nation, Carsurance discovered that TD Insurance offered the most nominal rates, with a full coverage policy costing $56 in Montreal. It received a four-star rating overall, with three stars for customer service and five stars for rates, financial strength, discounts, and optional coverages. It received four stars in the Atlantic region of JD Power’s survey for its customer service focus.
TD Insurance is one of the best car insurance companies in Canada. Apart from being affordable, it also has a helpful and well-kept website where prospective customers can quickly receive an online estimate, discounts, optional coverages, and reliable financial operations.
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#8. Economical Insurance
Overall, Economical Insurance ranked four stars, with five stars awarded for savings and add-on coverages, four for customer service, and three for financial stability and cost. Economical only makes its insurance products available through insurance brokers in most areas. According to the JD Power study, it received four out of five stars for customer satisfaction in Ontario.
Economical Insurance provides coverage for medical bills, accident repairs, shattered windshields, theft and vandalism, lost pay, legal fees, damage to other vehicles, lost wages, and rental costs.
The company is one of the best car insurance companies in Canada.
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#9. RSA Group
Overall, Carsurance rates RSA Group a four-star rating. It scored four stars for financial stability, discounts, and additional coverage; three stars for costs; and four stars for customer service. Despite having an “A+” rating from the Better Business Bureau and an “A” rating from AM Best, it is excluded from the JD Power survey. Similar to Economical, RSA only offers rates via insurance brokers.
Through RSA’s AIR MILES rewards program, policyholders can use their reward miles to purchase concert tickets, lodging, rental cars, and other leisure goods.
Along with reward miles, RSA is lauded for its lifetime repair assurance and claims protection package.
RSA insurance is one of the best car insurance companies in Canada.
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#10. Sonnet
Overall, Sonnet earned a rating of four stars, with five stars awarded for savings and add-on coverage, four for customer service, three for financial stability, and two for price. Thanks to its online facilities, it was said to be the ideal choice for customers who want to do transactions at home. Similar to RSA, JD Power does not analyze Sonnet, although it has “A+” and “A-” ratings from AM Best and the Better Business Bureau.
Sonnet is an online insurance provider with a quick quote tool, policies written in everyday language, and an informative website. Liability, accident benefits, comprehensive, and collision are all required in auto insurance. Meanwhile, its optional auto insurance coverage includes accident forgiveness, ticket forgiveness, a rental extension bundle, and a vroom service bundle.
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How Do I Become an Insurance Agent in Canada?
Here are some step y step guides to becoming an insurance agent in Canada:
#1. Certification
The Harmonized Life License Qualification Program (LLQP), a national exam offered across Canada, including Quebec, is required for anyone who wants to sell life insurance products there.
Sign up for the exam in your province.
Despite being used across Canada, you must register with your provincial insurance council to access details on nearby course providers.
#2. Sponsorship
If you still need to be sponsored, once you have passed the LLQP tests, you must locate an insurance company to support your application for a license in your home province. You must satisfy the requirements and be a qualified applicant for licensure, which is the insurer’s responsibility. Additionally, they are tasked with monitoring your behavior to ensure that you abide by the laws and guidelines that apply to insurance brokers.
#3. Individual provincial requirements
You should adhere to the requirements of each province separately.
Only the province in which you hold a license allows you to sell Insurance. You must apply for a permit in each section where you intend to sell Insurance if you want to offer Insurance in more than one. However, you often will only need additional exams or courses to apply for licenses in other provinces if you already have a license to sell Insurance in any Canadian province. By presenting a Certificate of Authority from your home province to the province in which you are requesting an extra license, you can typically qualify for multiple licenses.
Most jurisdictions demand yearly Continuing Education (CE) hours to keep your license active. For information on how to obtain the necessary CE hours, visit the website of your province’s insurance regulator.
Best Ways to Save Money on Auto Insurance
Insurance for vehicles does not have to be pricey. Here are some strategies for lowering Canadian car insurance costs:
#1. Shop Around
Shop around even though vehicle insurance companies consider comparable elements, including your driving history, driving habits, and age, to determine your premium rates; each evaluates risk differently. It is crucial to get bids from several vendors because of this.
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#2. Take advantage of discounts
Make sure you are taking advantage of all the available discounts. Insurance companies typically provide a variety of ways to reduce the cost of auto insurance.
The following are a few of the standard discounts:
- Multiple policy discounts
- Low mileage discount
- Safe driving discount
- Safety feature discount
- Winter-tire discount
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#3. Choose the right amount of deductible
Choosing a higher deductible is one of the easiest ways to reduce auto insurance costs. You can reduce the cost of your auto insurance by, for example, selecting a $1,500 deductible instead of a $500 deductible.
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#4. Pay annually
You can easily save 10% a year by paying your vehicle insurance rates annually rather than monthly.
Before buying Insurance, it is wise to request quotes from several organizations.
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FAQs
Car color is not one of the factors taken into account by auto insurers when determining your insurance price. Your car insurance price for that make and model will be the same whether it is green, blue, red, or silver.
It’s okay to get Insurance for each vehicle from a different provider. However, you will save money and time by insuring all of your cars with the same insurer. Most insurance companies will give you a multi-vehicle discount if you insure two or more vehicles.
The largest insurer in Canada is Manulife, which receives almost $40 billion in premiums yearly.
Ontario drivers spend an average of $1,655 per year, or $138 per month, for auto insurance, according to the Insurance Bureau of Canada. In Canada, Ontario motorists paid the highest vehicle insurance premiums.
In Canada, insurers spend as much on claims as they do on income. Over the past two decades, insurance costs in Ontario have increased due to insurance fraud, more frequent severe weather, and a few ancillary issues.
Conclusion
After carefully reading this article, you will find that we have provided you with the list of the ten best car insurance companies in Canada available for you in 2023.
In Canada, all drivers are required to carry car insurance. The best vehicle insurance companies in the nation are CAA, Co-operators, Aviva, Intact, Economical Mutual, and Pembridge. They all provide good, customizable auto insurance coverage.
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