An auto insurance to cover at least third party liabilities is a legal requirement in most countries and Canada is no exception. When people buy new cars or when it is time to renew the car insurance, most people just call up one or two companies they know or just go with the renewal quote of their existing company. After all, insurance is something that nobody will feel bad about not having had the opportunity to use. But bad things sometimes do happen, and customers usually end up knowing their insurance company and their policy better when a claim arises and the claim processing department does not seem as friendly as the agent or sales person who sold the policy.
There are numerous car insurance companies in Canada. Many of them operate only in some regions. They have different types of policies to offer with different sets of benefits. Though each Canadian car insurance company has their own criteria for deciding premiums, there is a common set of aspects that influence the company’s perception of risk and the premium. To zero in on the best policy, it makes sense to pick up the best auto insurance companies in the market and compare their quotes keeping an eye on the benefits included.
The best policy is not the cheapest one around. A good policy should be priced right and the benefits under the policy should be useful and non ambiguous. It should be issued by a company which is financially sound and is a leading player in the market having ample business. The claims procedure should be fast and transparent. With these aspects in mind we take a quick look at the top ten insurance companies in Canada as a whole. Some of these companies don’t operate in all the regions but all the regions are covered in this list. These are based on J.D. Power and Associates research on customer satisfaction.
1. RBC Insurance
RBC insurance has the reputation of being the best in the Ontario/Atlantic region, providing well balanced products combined with good billing practices and claims processing. They also offer discounts to customers who insure more than one vehicle with them.
Full review of RBC Auto Insurance…
2. Johnson Insurance
Johnson insurance does well in both the Ontario/Atlantic region and in Western Canada. This is a well established company operating since 1880 and having a presence in more than 120 countries around the globe. They provide roadside assistance and two years depreciation coverage. This means higher value for the vehicle. Premiums don’t increase just because of one accident and discounts are available for multiple vehicles.
Full review of Johnson Auto Insurance…
Belairdirect does well in Ontario/Atlantic region and in Quebec. It is a leader in using technology to provide better services to its customers. It has several firsts to its credit and has won several awards for the use of technology. It does not use commission as a method to compensate its agents. So there is no need for them to oversell or promise the world. Belairdirect gives discounts and incentives for installing anti theft and safety devices on the vehicles covered by it.
Full review of Belairdirect Auto Insurance…
4. Canadian Direct Insurance
This company operates in Western Canada and Quebec. It specializes in providing insurance for customers in Alberta and British Columbia. They got the top honors in customer satisfaction surveys right from pricing to claims.
Full review of Canadian Direct Auto Insurance…
5. The Co-operators
This company scored well in surveys done in Ontario/Atlantic region as well as Western Canada. This is a co-operative firm owned by several co-operatives and credit unions. All their products are not available at all places. Their policies are guided by principles and not solely on commercial considerations.
Full review of The Co-operators Insurance…
6. British Columbia Automobile Association (BCAA)
The BCAA does well in Western Canada. Safe drivers with a good track record can get generous discounts at the BCAA. Installing anti theft and safety devices also makes the vehicle eligible for a discount. Additional discounts are possible if the vehicle is considered fuel efficient. Members of the BCAA and customers who use their website are also eligible for rebates.
Full review of British Columbia Automobile Association (BCAA)…
7. Promutuel Insurance
Promutuel is the leading insurance company in Quebec. It has a track record of 150 years, serving more than 500,000 customers with a total premium collection exceeding $500 million. Their policies cover customers even if they rent a car or borrow a car from somebody else. There is also a payout in the event of injury or death of the policy holder in any road mishap. It also provides for compensation for inability to use the vehicle while it is being repaired.
8. The Personal Insurance Company
This company operates in Quebec. It has a wide range of policies with various optional benefits. Their policies cover the owners all over North America as well. They provide discounts to groups and if winter tires are used on the vehicle.
Full review The Personal Insurance Company…
9. Industrial Alliance Insurance and Financial Services
This company operates only in Quebec. They have different types of coverage ranging from the very basic to cover legal requirements, to very comprehensive coverage which could even provide car owners a brand new replacement in case of a total loss of their car within four years of purchase. They give discounts on premiums for customers who insure more than one vehicle and on some other parameters.
10. AXA Insurance
AXA is well known in the Ontario/Atlantic region. They operate in many countries around the world. They have many types of policies. They also offer a replacement car when the policy holder’s car is being repaired. Roadside assistance is also available as an option for new cars.
As can be seen from the above information there are many options when it comes to car insurance in Canada. Though each company has its own parameters to decide the premiums, here is a list of the common factors that influence premium.
- The make and model of the car, its value and the relative cost of repairing it.
- Location: The place where the user lives and normally uses the vehicle.
- The experience and driving record of the driver.
- Previous claims history.
- Anti theft and safety devices installed, place where it is usually parked, etc, could also have a bearing.
Years ago customers could only hope that they have the best policy for their needs. This fortunately is not the situation today. Anybody can pull out insurance quotes from different companies online and compare them to see which package makes the most sense. If you are looking for good and cheap car insurance in Canada, enter your details in the form and you will get a clear idea about the options available to you.