The Ultimate List of the Best Car Insurance Companies in Canada
To legally drive a vehicle in Canada, maintaining a valid car insurance coverage is essential. Driving without it risks substantial fines, ranging from $5,000 to $50,000 for a single offense. Additionally, you may face car impoundment or license suspension. But, which company offers the best auto insurance? Well, there are many options across provinces, with varying rates. On average, Ontario residents incur higher costs, while Quebec drivers pay the least. So, exploring options is advisable. For assistance, we’ve compiled a comprehensive list of the best car insurance companies in Canada.
17 Best Car Insurance Companies in Canada
Finding the best car insurance companies in Canada can be a daunting task. Check out our top 17 list based on market share, customer satisfaction, claims service, and more.
1. Co-operators Insurance
Co-operators Insurance, a trusted name in the industry since 1945, serves over a million Canadians. They adopt a cooperative approach, collaborating with 2,700+ authorized providers nationwide. Pioneers in accident forgiveness, they offer quotes online, via email, or through customer service. Do not forget to inquire about bundling discounts.
Their car insurance services cover residents in Alberta, New Brunswick, Ontario, Newfoundland, Nova Scotia, Prince Edward Island, Northwest Territories, Yukon, and Quebec.
2. TD Insurance
TD is a prominent Canadian bank that offers car insurance with a 10% deductible reduction for safe drivers. They automatically calculate yearly savings for eligible policyholders. Completing an online quote yields 5% off eligible coverage.
Furthermore, claim filing is convenient online. Bundling policies and using the TD MyAdvantage App, which assesses and reports driving behavior, can result in further savings, with better driving translating to more discounts.
3. Sonnet
Sonnet, the latest entrant in the insurance industry, has swiftly gained attention for its user-friendly approach. With a fully digital platform, they simplify the process and offer competitive pricing alongside clear policy explanations.
Whether using a computer, tablet, or smartphone, drivers can receive a quote in a mere five minutes, with options for basic, enhanced, and comprehensive coverage, even including ticket forgiveness.
What sets Sonnet apart is its ability to tailor packages to individual needs, with added incentives like discounts for winter tire use, households with multiple drivers, seniors, and packaging home & auto insurance.
4. CAA
The Canadian Automobile Association (CAA) operates as a non-profit entity boasting a membership of 6.5 million individuals across the country, stretching from Prince Edward Island to British Columbia. They afford the flexibility of tailoring auto insurance plans, complete with cost-effective pricing, permitting you to handpick your preferred coverage tiers, deductibles, and extra perks.
CAA extends multiple cost-saving opportunities, including package deals, multi-vehicle, and cold-season tire savings. Enrolling as a CAA affiliate has the potential to lower insurance premiums by up to 20% and delivers perks such as complimentary roadside assistance, towing, discounts on memberships, and entrance to their rewards scheme.
5. Aviva Canada Insurance
Aviva is a financially robust insurance company in Canada, providing excellent car insurance options. They offer reasonably priced rates and unique coverage for Uber and Lyft drivers in Ontario. However, the discounts are fewer than other insurers, and they do not allow online quotes.
Aviva offers standard coverage types and various add-ons, including collision protection, accident forgiveness, and more. They also provide discounts for bundling auto and home insurance, insuring multiple vehicles, retirees, and safe drivers.
6. Intact Insurance
Intact is a leading Canadian car insurance provider that offers reasonably priced coverage with a 30-minute claims guarantee. They promise to address claims within 30 minutes or refund the annual premium. While they offer various add-ons, the discounts are lower than competitors, and their customer service isn’t top-notch.
Savings opportunities include up to 30% for safe driving, up to 15% for bundling auto and home/property insurance, and up to 20% for driving electric or hybrid cars.
7. Economical Mutual
Economical Mutual, one of the best car insurance companies in Canada with a solid financial history since 1871, offers excellent options for all drivers. Notably, it excels in providing high-risk auto insurance through its Perth Insurance subsidiary.
The company presents customizable policies with various discounts like multi-vehicle, safe driver, security (anti-theft device required), bundling, and conviction-free discounts. However, it lacks a mobile app.
8. Pembridge
Founded in 1999, Pembridge, a relatively new car insurance company in the Canadian landscape, delivers affordable coverage with a personal touch through claim agents. However, they exclusively sell insurance through brokers, precluding online quotes.
Offering mandatory coverage, Pembridge also presents various add-ons such as collision, comprehensive, and more. They feature seven discount programs, including multi-line, mature driver, and renewal incentives.
9. Desjardins Assurance
Desjardins is among the best car insurance companies in Canada, providing customizable insurance solutions. Their coverage options range from liability to comprehensive protection. They offer discounts for safe driving, advanced safety features, and bundling policies (up to 15%).
Young drivers find value in Desjardins due to discounts and optional coverages. Members aged 25 or under get free Desjardins Roadside Assistance. The Ajusto app provides discounts based on driving behavior. Desjardins serves Quebec, Alberta, New Brunswick, and Ontario.
10. Belairdirect
With over five decades of experience, Belairdirect is one of the best car insurance companies in Canada, offering home insurance as well. Their basic plan covers civil liability, direct compensation, accident benefits, and uninsured driver coverage. Additional options include collision damage waiver and roadside assistance.
Belairdirect extends generous discounts, such as a 15% reduction for insuring multiple vehicles, bundle savings for car and home coverage, student, safe driving, low mileage, group program, and senior discounts. Their Automerit program offers a 10% discount for safe driving. Belairdirect serves customers in multiple Canadian provinces.
11. iA Financial Group
iA Financial Group, a well-established and respected auto insurance company in Canada, offers popular car insurance options that blend comprehensive coverage with competitive rates. Their coverage includes liability, collision, and vandalism protection, along with extra benefits like forgiven claims, shielding you from premium hikes after accidents.
Bundling other iA Financial products, such as life or disability insurance, can save you up to 10% on your car insurance in Canada. Additional savings are possible by insuring multiple cars under one contract or installing approved anti-theft devices. iA’s extensive presence and network of experienced brokers ensure top-notch service and efficient claims management across Canada.
12. Beneva
Beneva is a fairly newcomer in the Canadian insurance market that quickly gained popularity for its attractive and flexible offerings. The company unites the previously separate entities, La Capitale and SSQ Insurance. Beneva’s auto insurance caters to Canadian drivers with customizable coverage options, serving occasional, experienced, luxury vehicle, and high-risk drivers.
Notably, a deductible reduction of $50 occurs with each claim-free renewal. They also provide post-disaster psychological support, available 24/7 in complete confidentiality. Beneva exclusively offers auto insurance in Quebec, with a focus on life and health insurance in other Canadian provinces and territories.
13. The Personal
The Personal, a Desjardins Insurance subsidiary, provides basic auto insurance with standard coverage like liability, accident benefits, collision, and comprehensive insurance. They offer optional coverage for recreational vehicles like motorcycles, ATVs, snowmobiles, and trailers. Insure your main car with The Personal and get a 10% discount.
You can enjoy up to 15% off with a clean driving record, bundling auto and home insurance, or being a young driver (30 or under). The Personal also offers home, pet, and travel insurance in various Canadian provinces and territories.
14. Wawanesa
Wawanesa is one of the best car insurance companies in Canada that offers a wide array of tailored services for car drivers, known for their reliability and flexibility. They provide various coverage options, from basic liability insurance to comprehensive coverage.
Personalized options like civil liability for non-owner vehicles are available. Wawanesa offers discounts for safe drivers, advanced safety features, and bundling policies. It operates throughout Canada, extending additional coverage in provinces with public auto insurance.
15. SGI Canada
SGI Canada, a public insurance company under Canadian government regulations, has been serving as a Saskatchewan provincial Crown corporation since 1944. With a variety of auto insurance options, they offer collision, all peril, comprehensive liability, family liability, and more.
You can select from three primary packages: comprehensive, collision, and all perils coverage, with potential discounts for loyalty, safe driving, and other factors. Businesses can opt for customizable commercial insurance. SGI Canada serves residents in British Columbia, Saskatchewan, Alberta, Ontario, and Manitoba.
16. Royal Bank of Canada (RBC)
RBC provides comprehensive coverage for drivers, including third-party liability, comprehensive coverage, and protection against uninsured drivers. They offer extras like Family Protection for added security in accidents involving uninsured or underinsured drivers. Customers can save with discounts based on their driving history and bundled insurance. RBC’s reliable, personalized service ensures peace of mind for Canadian drivers.
17. Echelon Insurance
Echelon offers a range of insurance products, comprising individual and commercial auto insurance, business insurance, motorcycle insurance, and commercial property insurance. They are particularly open to customers facing insurance challenges, such as bad driving records or multiple violations. Echelon provides non-standard auto insurance through brokers, covering various vehicles.
Their commercial insurance includes commercial pak, liability, auto, creditor protection, and warranty programs. Echelon serves Quebec, Ontario, New Brunswick, Prince Edward Island, and Nova Scotia.
What aspects control auto insurance premiums?
Here’s a concise breakdown of the key factors influencing your insurance premium rate:
Car-Related Factors:
- Car Value and Age: The type of car you drive matters. Expensive vehicles and brand-new cars typically result in higher premiums. However, older cars may also see increased rates after a certain age threshold.
- Theft Risk: The popularity of your car among thieves can affect your premium. Some cars are more likely to be stolen, leading to higher insurance costs.
Driving Habits:
- Usage: How and when you use your car plays a role. Personal use usually leads to lower rates compared to extensive business use.
- Mileage: The more you operate your vehicle, the higher your insurance rate. Increased driving time correlates with a greater accident risk.
- Driving Hours: Peak-hour driving increases the odds of accidents, potentially raising your premiums.
Driving History:
- Your past driving record is examined to predict your future driving behavior. Convictions for DUIs or multiple driving violations can result in increased premiums.
Age:
- Younger drivers, especially those under 25, often face higher premiums. However, rates can start to decrease after turning 25.
Gender:
- Statistically, men tend to pay around 5% more for insurance than women due to a higher risk profile.
Location:
- Your location significantly influences your premiums. Areas with higher crime rates or dangerous roads may result in increased insurance costs unrelated to your driving habits.
Coverage Level:
- Car insurance in Canada requires a minimum coverage level that includes liability and accident benefits. Additional coverage increases your annual cost.
- Your choice of deductible, the amount you pay in a claim before coverage kicks in, affects your rates. A higher deductible typically leads to lower premiums.
What are the top tactics to save money on car insurance?
Saving on auto insurance in Canada is achievable with these tips:
- Shop Around: Different insurers assess risk uniquely, so gathering quotes from multiple providers is crucial. Even though the best car insurance companies in Canada consider factors like driving history and age, their rate calculations vary.
- Leverage Discounts: The best car Insurance companies in Canada often offer several discounts to reduce costs. Some common ones include:
- Multiple Policy Discounts: Combining home and auto insurance with one provider can yield discounts.
- Low Mileage Discount: If you drive fewer kilometers annually, you may qualify for savings.
- Safe Driving Discount: A clean driving record leads to lower premiums.
- Telematics Insurance Discount: Installing a telematics device or using a tracking app can result in reduced premiums.
- Safety Feature Discount: Some insurers reward safety features in your vehicle.
- Winter Tire Discount: Equipping your car with winter tires enhances safety and lowers premiums.
Optimal Deductible: Choosing a higher deductible, like $1,500 instead of $500, can significantly reduce your premium.
Annual Payments: Paying your premiums annually instead of monthly can save you around 10% each year.
Ensure to explore the best car insurance companies in Canada and obtain multiple quotes before making your insurance choice.
FAQs:
Before committing to car insurance, understanding your options is crucial. There are three primary types to consider:
Third-party liability insurance is a must, covering damage to others’ vehicles, injuries, or fatalities. Minimum coverage varies by province, mostly $200,000, but $50,000 in
1. Quebec. It’s wise to get more coverage, as accidents can be costly. Consider purchasing $1-5 million for added security.
2. Collision insurance is not compulsory but covers repair or substitution expenses for your vehicle after an accident.
3. Comprehensive insurance is optional and covers damages from fire, theft, natural disasters, and more, making it a wise choice for newer cars.
Best car insurance companies in Canada take several aspects into account when determining your insurance rates, but the color of your vehicle doesn’t influence the premium. Whether your car is painted green, blue, red, or silver, the insurance cost for that specific make and model remains unaffected.
There’s no obligation to insure all of your vehicles through the same insurance company. However, choosing to insure all your cars with one provider can lead to potential cost savings and simplify paperwork. Best car insurance companies in Canada offer discounts for insuring two or more vehicles together.
Typically, an insurance company determines that a car should be declared a total loss when the estimated cost of repairs and the salvage value of the damaged vehicle surpass the vehicle’s market value prior to the accident.
Certainly, in Canada, you have the freedom to compare and change car insurance firms as you see fit. Be aware that if you switch insurers mid-policy, you may incur a cancellation fee.
