When selecting a car insurance provider in Canada, there are several crucial factors to consider, including coverage options, pricing, customer service, and overall reputation. With numerous providers available, choosing the right one can be challenging. This detailed guide ranks the top 10 car insurance providers in Canada for 2024, based on J.D. Power’s Canada Auto Insurance Satisfaction Survey, customer reviews, and financial strength.
Contents
- Top 10 Car Insurance Providers in Canada
- Methodology for Ranking the Top Car Insurance Providers in Canada
- Is Car Insurance Mandatory in Canada?
- Why Is Car Insurance So Expensive in Canada?
- How to Find the Best Car Insurance Providers in Canada for Your Coverage Needs
- Conclusion
Top 10 Car Insurance Providers in Canada
1. The Co-operators
- Rating: ★★★★★
- Overview: The Co-operators lead the market in several provinces, including Ontario and Atlantic Canada, thanks to their exceptional customer service and wide range of insurance products. Founded in 1945, they offer comprehensive coverage options, including liability, collision, and comprehensive insurance. Additional benefits include accident forgiveness, discounts for bundling home and auto insurance, and special rates for hybrid and electric vehicles.
- Customer Reviews: Customers appreciate The Co-operators’ quick and efficient claims process and the personalized service provided by their agents. Many have noted significant savings from their discount programs.
- Average Annual Premium: $1,320
2. The Personal
- Rating: ★★★★★
- Overview: Ranked as the best car insurance provider in Quebec and the second-best in Ontario, The Personal offers extensive savings opportunities. Discounts include up to $725 for insuring multiple cars, up to $1,105 for a clean driving record, and additional savings for students and winter tires. Their app allows for photo-based claim estimates and tracking.
- Customer Reviews: Policyholders praise The Personal for its competitive rates and the convenience of managing policies and claims through their user-friendly app.
- Average Annual Premium: $1,450
3. RBC Insurance
- Rating: ★★★★
- Overview: RBC Insurance provides unique coverage options like a disappearing deductible and loss of vehicle use coverage. Their portfolio includes insurance for motorcycles, motorhomes, trailers, ATVs, snowmobiles, boats, and collector cars.
- Customer Reviews: Customers highlight RBC Insurance’s comprehensive coverage and the added value of their optional coverages. However, some have noted higher premiums compared to other providers.
- Average Annual Premium: $1,380
4. Economical Insurance
- Rating: ★★★★
- Overview: Part of Definity Financial, Economical Insurance is one of the oldest insurers in Canada. They offer a broad range of coverage options and connect customers with local brokers for personalized service.
- Customer Reviews: Policyholders commend Economical Insurance for their reliability and the ease of working with local brokers. Some have experienced challenges with their claims process.
- Average Annual Premium: $1,410
5. belairdirect
- Rating: ★★★★
- Overview: Founded in 1955, belairdirect was the first North American insurer to offer online quotes. They provide comprehensive car and home insurance solutions with easy online and app-based policy management.
- Customer Reviews: belairdirect receives high marks for its innovative digital tools and straightforward claims process. Some customers, however, find their rates slightly higher than competitors.
- Average Annual Premium: $1,430
6. Alberta Motor Association (AMA)
- Rating: ★★★★★
- Overview: Affiliated with CAA and AAA, AMA is highly regarded in Alberta for their extensive roadside assistance and insurance services. They offer a wide range of coverage options and partner with other insurers for specialized plans.
- Customer Reviews: AMA is praised for its excellent customer service and the value provided by its membership benefits. Policyholders appreciate the comprehensive coverage and added perks.
- Average Annual Premium: $1,290
7. Johnson Insurance
- Rating: ★★★★
- Overview: Part of Intact Financial Corporation, Johnson Insurance offers a wide range of insurance products. They are known for their strong customer service and comprehensive coverage options.
- Customer Reviews: Customers value Johnson Insurance for their competitive rates and responsive customer service. Some have noted that the merger into belairdirect may impact future service.
- Average Annual Premium: $1,370
8. SSQ General (Now Beneva)
- Rating: ★★★★★
- Overview: Following their merger with La Capitale, SSQ General, now Beneva, offers a diverse range of insurance products, including car, home, life, and health insurance. They provide various discounts and a decreasing deductible program.
- Customer Reviews: Policyholders appreciate the comprehensive coverage options and the cost savings from discounts. Some have experienced issues with the merger transition.
- Average Annual Premium: $1,400
9. La Capitale (Now Beneva)
- Rating: ★★★★★
- Overview: Known for their robust coverage and excellent customer service, La Capitale, now part of Beneva, offers a wide range of insurance products and attractive discounts for electric or hybrid cars and young adults.
- Customer Reviews: Customers highlight the quality of coverage and the ease of bundling insurance products. The merger with SSQ General has caused some service delays.
- Average Annual Premium: $1,420
10. Intact Insurance
- Rating: ★★★★
- Overview: Intact Insurance is known for its comprehensive coverage and strong customer service. They offer a wide range of insurance products, including auto, home, and business insurance.
- Customer Reviews: Intact Insurance is praised for its reliable claims process and the breadth of coverage options. Some customers find their premiums higher than average.
- Average Annual Premium: $1,350
Methodology for Ranking the Top Car Insurance Providers in Canada
The rankings are based on the latest market share data, customer satisfaction scores from J.D. Power’s Canada Auto Insurance Satisfaction Survey, and financial strength ratings from reputable agencies. Customer reviews and feedback also played a significant role in determining the overall rankings.
Is Car Insurance Mandatory in Canada?
Yes, car insurance is mandatory in Canada. Each province has specific requirements for minimum coverage, typically including liability, collision, and comprehensive coverages. Provinces like British Columbia, Saskatchewan, and Manitoba have compulsory public auto insurance programs, while other provinces allow private insurance options.
Common Types of Car Insurance Coverage in Canada
| Coverage Type | Description |
|---|---|
| Liability | Covers damages to others in accidents where you are at fault. |
| Collision | Covers damages to your vehicle from collisions, regardless of fault. |
| Comprehensive | Covers non-collision-related damages, such as theft or natural disasters. |
| Uninsured Motorist | Covers damages if you are hit by an uninsured driver. |
| Personal Injury Protection (PIP) | Covers medical expenses and lost wages for you and your passengers. |
Why Is Car Insurance So Expensive in Canada?
Several factors contribute to the high cost of car insurance in Canada:
- Age and Gender: Younger and older drivers typically face higher premiums.
- Location: Rates vary based on the province and specific area you live in.
- Driving Record: Accidents and traffic violations can significantly increase premiums.
- Credit Rating: Higher credit scores can lead to lower premiums.
- Vehicle Type: The make, model, and year of your vehicle affect insurance rates.
- Mileage: Higher annual mileage can result in higher premiums.
- Level of Coverage: More comprehensive coverage options usually cost more.
Annual Premiums for the Top 10 Car Insurance Providers in Canada
| Provider | Average Annual Premium |
|---|---|
| The Co-operators | $1,320 |
| The Personal | $1,450 |
| RBC Insurance | $1,380 |
| Economical Insurance | $1,410 |
| belairdirect | $1,430 |
| AMA | $1,290 |
| Johnson Insurance | $1,370 |
| SSQ General (Beneva) | $1,400 |
| La Capitale (Beneva) | $1,420 |
| Intact Insurance | $1,350 |
How to Find the Best Car Insurance Providers in Canada for Your Coverage Needs
Compare Quotes
Get quotes from multiple providers to compare coverage options and rates. Websites like youSet can help you compare quotes from several insurers quickly.
Ask About Discounts
Many insurers offer discounts for good driving records, bundling policies, or specific safety features in your car. Be sure to inquire about these savings opportunities.
Consider Coverage Levels
While it might be tempting to choose the minimum required coverage to save on premiums, it’s important to ensure you have adequate protection. Sometimes paying a bit more can save you significant costs in the long run.
Bundle Policies
Many companies offer discounts for bundling multiple policies, such as car and home insurance. This can lead to substantial savings.
Review and Update Regularly
As your circumstances change, review and update your coverage to ensure it remains adequate and cost-effective.
Conclusion
Selecting the best car insurance provider involves evaluating various factors, including coverage options, discounts, customer satisfaction, and financial stability. The top 10 car insurance providers in Canada offer a range of policies and benefits to meet diverse needs. By comparing your options and considering your specific requirements, you can find the provider that offers the best coverage at a competitive rate.
