Insurance in Canada
Insurance is a risk management tool, used to protect yourself against the risk of a potential loss. By paying a certain amount of money, called a premium, you transfer the risk from yourself to a third party. This website provides information about automobile, health, homeowners and renters, as well as personal policies. More than 200 private home, car and business insurers actively compete in Canada.
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When you buy insurance, you will get a policy and you are called a Policy holder.
Your policy will have a set of terms and conditions that determines what amount of money you get paid by the company for the “named perils” in the policy. Named perils being what you insure yourself against, for example, wind and/or water damage, fire, theft, loss of income, collision, liability. You can insure for replacement cost, or actual cash value.
Car Insurance
Home-owners and Tenant
Personal, Life
Travel
Health
The Canadian Property and Casualty, or General Insurance industry includes the people and resources involved in providing all types of policies other than life and health policies. Automobile, homeowners and tenants, as well as a variety of commercial or business-oriented insurance policies, such as liability or business interruption, account for most of the policies sold in Canada. Although provincial and territorial government regulations for homeowner's policies allow for considerable variation from company to company, the product itself is generally similar everywhere in Canada. There's no such thing as a standard homeowner's policy.
Automobile or Car Insurance is compulsory, you must have it, and this industry is highly regulated.
Brokers: Brokers sell policies on behalf of a number of different companies.
Agents: Agents represent only one company.
Service Representatives: You can also buy directly from a company through their own service representative or sales staff.
You can buy through telephone call centers and on the Internet.
In some provinces you will be required to buy your basic coverage from a government insurer through agents or brokers who represent them, but you can obtain optional coverage from competing private companies.
As an intermediary between the customer and the company, the broker, agent, or service representative:
• provides advice on the type and amount of coverage you can buy;
• arranges for the setting up or renewal of a policy, and alterations such as change of vehicle, additional coverage, and change of use;
• assists in making a claim. (Although brokers and agents can help you in making a claim, they are not allowed to give legal advice.)
It pays to compare.
Not all insurance policies are created equal, nor are they priced the same. When buying a new policy or renewing a current one, you may wish to obtain quotations from a variety of company agents and independent brokers. When dealing with independent brokers, it is important to know which companies they represent and where they place most of their business. It can pay to consult brokers who represent different groups of companies as well as agents employed by individual insurers and also companies which sell direct to the public.
When comparing quotes and coverage, you may also wish to check companies' reputation for service! While good service may cost a bit more, it may well be worth it.
Disclaimer
Some of the information presented here is based on my own experience. In order to provide information as accurate and up to date as possible, much of the information has been taken from the
Ins. Bureau of Canada
website. This information is not represented as an official version of the materials reproduced, nor as having been made in affiliation with, or with the endorsement of The Insurance Bureau of Canada. Always obtain a qualified independent assessment of the accuracy and timeliness of such information before acting upon it.
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