Best Car Insurance Companies in Canada
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Compare the Best Car Insurance Quotes and Companies

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Last updated on December 29, 2020 Comments: 3

Auto insurance is mandatory for all drivers across the country. But rates can really vary, not just from one province to the next (though, for those interested, Quebec tends to have the cheapest options while British Colombia has the most expensive), but also within each province itself. There are dozens of auto insurance providers in Canada, each one using its marketing skills to convince you that they are the best choice. But, how can you truly make sure that you are getting the best insurance rates?

To make the insurance shopping experience a little less painful, we’ve created this post to help compare some of the best car insurance companies in the country.

Buying Direct vs. Using a Search Platform

Once you know what you need in terms of auto insurance in Canada, it’s easy to go online and find a quote. There are two different ways to get an auto insurance quote: The first is to go directly to the auto insurance provider and get a quote from them. The second is to use an insurance search platform. Both have their pros and cons.

Going direct is a good way to potentially save money via bundling, if the insurance company is one you already use for other vehicles and/or your home insurance. If not, you may want to consider using the same insurance provider for multiple needs, since they may offer you that bundled service. Loyalty can be used to your advantage when looking for better deals, and keep in mind that some auto insurance companies offer discounts if you’re part of an association or if you’re a graduate from a certain college or university.

That being said, by only approaching one company, you may not be getting the best deal available to you, even if you do get a deal for bundling. This is where the insurance search platforms come in handy, as they allow you to search for quotes from all of their partners at the same time, which gives you more choices.

There is no right or wrong way to go about shopping for auto insurance, it depends on your loyalty and how much work you are willing to put into shopping around for the best rates.

Best Car Insurance Companies and Search Platforms in Canada

Auto Insurance ProviderStandout Feature 
InsuranceHotline.com30+ auto insurance providers to compareLearn More
TD InsuranceTD MyAdvantage appLearn More
SonnetCustomizable coverage optionsLearn More
Co-operators InsuranceWell-known and established companyLearn More
RBC InsuranceDecent discounts for bundling Learn More
Desjardins InsurancePlenty of discount opportunitiesLearn More
Belairdirect InsuranceEasy to use online tools to manage your insuranceLearn More

InsuranceHotline.com

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InsuranceHotline.com doesn’t provide auto insurance directly; it instead compares offers from more than 30 different auto insurance providers in Canada, and then recommends the lowest quotes available based on your driver profile. You can tailor your search to match a preferred deductible amount, the level of liability coverage you’d like, and the different types of coverage you’re interested in (total vehicle loss, rental car coverage, etc.). This comparison mechanism can save a lot of time that you would otherwise spend going back and forth, manually comparing quotes from one direct insurer to the next.

One of the few downsides to InsuranceHotline.com is that currently only Ontario and Alberta residents can use it to find auto insurance. But if you are from Ontario or Alberta, it’s worthwhile to compare quotes within the InsuranceHotline.com network before signing with an insurer you found independently.

Click here to compare quotes or learn more by reading our complete InsuranceHotline.com review.

TD Insurance

TD InsuranceTD is one of Canada’s leading banks and its insurance division is pretty well known as well. One of the top benefits of using TD insurance is that they have several ways for you to save on your auto insurance plan. The first and most obvious way is through bundling; either car and home insurance or multiple car insurance policies. A second way you can save is by using the TD MyAdvantage App. You can download the app to your phone and have it analyze your driving. The safer you drive, the more you can save on your insurance premium. TD Auto insurance is available in the following provinces: Ontario, Quebec, Prince Edward Island, Nova Scotia, Newfoundland, New Brunswick, and Alberta.

Sonnet

Sonnet InsuranceSonnet isn’t one of the ‘big guns’, but they’re a good company to consider for those looking for a more personalized auto insurance option. Sonnet is a fully online insurance provider, which reduces their operating costs and allows them to offer lower rates to consumers. They have three pre-set packages at different price levels, but also offer the option for you to customize your package based on your personal needs. Sonnet is available to Canadians living in Alberta, Ontario, Quebec, Prince Edward Island, New Brunswick, and Nova Scotia.

Co-operators Insurance

CooperatorsCo-operators is likely a brand you’ll recognize, as it dates back to 1945 and is a well-trusted name with over a million customers across the country. Auto insurance from the Co-operators is available to those living in Alberta, New Brunswick, Newfoundland, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, the Yukon, and Quebec. The Co-operators also offer deals for those who are willing to bundle their insurance.

RBC Insurance

RBC InsuranceRBC offers some decent discounts for those who are willing to bundle: up to 12% for policies and up to 15% for multiple vehicles. RBC Insurance is available to customers from Alberta, Northwest Territories, Yukon, Nunavut, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland.

Desjardins Insurance

Desjardins is the third largest insurer in Canada and, when you consider their stats, it’s easy to see why. This insurance company claims a 96% satisfaction rate and has more than 60 years in the business. One of the biggest draws of choosing Desjardins for your auto insurance needs is the fact that they offer many opportunities for discounts, including bundling options, winter tire discounts, student discounts, and even discounts for parking in a garage or private driveway. There is one notable drawback: Currently Desjardins only offers auto insurance to Canadians living in Ontario, Alberta, and Quebec.

Belairdirect Insurance

With over 60 years in the insurance business and nearly 1 million customers, Belairdirect is another auto insurance company worth considering. Among its best features are easy-to-use online tools that allow clients to manage their coverage and track their claims. This can be done in the Belairdirect client centre or through the Belairdirect app. As with the other insurance providers on this list, Belairdirect does offer discounts and better rates for those who are willing to bundle. Belairdirect is available to those living in the following provinces: Alberta, British Colombia, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Newfoundland.

How To Compare Car Insurance Quotes

Before you commit to your car insurance policy you want to make sure you properly compare quotes and make the best-informed decision you can. There are quite a few things to keep in  mind when comparing quotes:

Do Some Serious Shopping

Understand what each insurance provider is really offering. The cheapest option might not be the best option for you, so make sure you’re insurance policy has really got you covered. Check the coverage, deductibles, and other fees and terms.  Read reviews, get recommendations from friends and ask all the questions you have.

Consider Your Coverage

Think about what kind of coverage you need. For example, if your car is a bit older, you might not need full coverage, whereas for a family car, you might want fuller coverage. You don’t want your insurance policy to cost more than the value of your car but you aso want to make sure you’re not left stranded in case something should happen.

Take Advantage of Family Packages

Some car insurance providers will charge less if you, your spouse and even your children all sign up together or insure more than one vehicle. This might significantly lower costs and make your insurance policy more manageable. Ask about it while you’re shopping around and see which deal is most worth it.

Author Bio

Hannah Logan
Hannah Logan is a freelance finance and travel writer/blogger based in Ottawa. Her stories have appeared on Fodor’s Travel, Livestrong, World Nomads, Intrepid Travel, and more. You can keep up with her at Eatsleepbreathetravel.com or follow her on Twitter and Instagram: hannahlogan21.

Article comments

3 comments
Donald saunders says:

Hi I’m very disappointed at the rates insurance companies are charging new drivers. My daughter just got her license 3 days ago and so she decided to buy a new car but when she called all the insurance companies she almost dropped to her knees at the prices they are charging. I think it should be illegal to charge a new young driver 5 to 7000 dollars a year just to sit in a vehicle and drive to work and to drive home. They should at least let her drive for a year and then look at her driving skills and base her on her driving after a full year behind the wheel. Very disappointed DAD 👎😟

Harry Marquez says:

It does not work that way. Insurance is based on risk. New drivers are charged more because they are unknown risks, so they are treated as high risk drivers. With the time, if they show neither accidents nor convictions, their driving record improves, they are treated as lower risks and their premiums decreases. However, one way to improve their driving record (AND THE PREMIUM) is to make them get a driving training certificate, which replace three years of driving experience. That may help to pay less from the start.

Nerina says:

I am 33 and an experienced driver. My car insurance went up not because of my driving habits *( no tickets in over 6 years. no accidents. no speeding tickets) it went up because my vehicle is depreciating in value. I drive a 2013 kia Rio, I bought it brand new in 2012. I get the oil changed all that at the dealership and take good care of my car, but that doesn’t matter. Apparently I am a potential risk on the road because as the years go on; the safety of my vehicle goes down. Insurance is such a rip off