Best Life and Car Insurance Companies in Canada for 2023
We are going to take a look at the top insurance companies in Canada. We are going to discuss what they offer, their customer service, and some of the awards they have won.
This article will show you the top insurance companies in Canada and what they offer.
Introduction: What is Insurance And How To Choose The Right One For You?
Insurance is a means of protection from financial loss. It can also be a business that offers such protection and pays compensation for unexpected losses.
This article will give you insight into how to choose the right type of insurance for your specific needs and lifestyle.
1) Identify the need:
a) Home Insurance:
i) Covers damages done to your home premises by natural disasters such as fire, flood, hail etc.
ii) Covers physical accidents such as theft, burglary, explosion etc.
iii) Provides coverage against liability claims if someone or something is injured at your home premises
b) Vehicle Insurance: ii) Covers damages done to your vehicle by natural disasters such as fire blast or collision with another vehicle etc.
What are the Characteristics of The Best Insurance Company?
The best insurance company should have competitive rates, excellent customer service, and a wide range of coverage options. One important factor to consider is the amount of time that the company spends researching each potential customer. For example, if you are an artist, you might want to work with an insurance company that offers specialized coverage for your trade.
Due to increased competition in the industry, firms are more motivated to offer competitive rates for their services.
In this increasingly competitive world, it’s important for companies to have a competitive edge. One way many companies are doing this is by providing lower rates for their services. Firms can do this without cutting corners, and in some cases may even be able to offer better quality work or produce a higher volume of work.
–Excellent customer service
Excellent customer service is the backbone of every business.
The goal for businesses should always be to provide excellent customer service. It can be time consuming and even frustrating at times, but the payoff is worth it in the end.
-Wide range of coverage options
People have a wide range of coverage options to choose from when considering health insurance. There are three different types of coverage: an individual plan, a family plan, and a group plan. Individual plans cover only one person whereas family and group plans cover everyone in the family or organization, respectively.
-Wide range of customers
It is clear that the insurance industry has a very wide range of customers, and your company must be able to offer coverage for all of them. Having the right mechanisms in place, like customer service agents who can help field inquiries about all types of insurance policies, is essential for success.
Furthermore, there are various market segments for an individual to target. They can be personal or group, domestic or international. For example, some companies may want to target European residents who are living abroad but still need their coverage back home with them. This group would likely have different needs than someone who is traveling domestically in the US and doesn’t need their policy abroad.
Insurance companies need to do research to find out what kind of coverage their customer is looking for and at what price. This research doesn’t happen overnight and sometimes, it might take weeks or months to get the information they need.
Best Insurance Companies in Canada | Ranking & Reviews
Canada’s big insurers compete with one another to provide you with multiple insurance solutions. They hold colossal global assets and offer coverage to people from all over the world, as well. The CLHIA reports as many as 150 life and health insurance providers in Canada to give consumers a variety of options to choose from.
Picking the perfect life insurance plan in a country where they all seem to be a good match can be a tough task. But don’t fret! We’re here to help you make an informed decision and find the right plan for your needs.
One option is to find the biggest and most reliable insurance company in Canada and start your search there.
Below is a list of the top 10 life insurance companies operating in Canada. We define the ‘best’ insurance company on a number of metrics. Whether it be their longevity, financial strength, or ratings by independent agencies like AM Best and Standard and Poor’s – we’ve got you covered. We’ve ranked Canada’s top life insurance providers based on how much they charge their policyholders–rankings as of June 19, 2021
Read on below to find out more about the top 10 largest insurance companies in Canada by revenue. You might be surprised to find out half of them are headquartered outside of Canada.
Here are the best insurance companies in Canada 2023:
- The Manufacturers Life Insurance Company
- The Canada Life Assurance Company
- Desjardins Financial Security
- Industrial Alliance Life Insurance
- RBC Life Insurance
- SSQ Insurance Company Inc.
- La Capitale
- BMO Life Assurance Company
- Sun Life Assurance Company of Canada
1. The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company is a life insurance company headquartered in Cincinnati, Ohio. It was founded in 1857 by Captain Thomas A. Scott and James Nesbitt, founder of the Middletown-based Nesbitt’s Whisky distillery.
The company has been called “the pioneer in industrial life insurance” because it was the first to offer policies to American factory workers. The term “industrial life insurance” is used to describe products that are available for purchase by people who are not employed by an organization but are classified as being engaged in some kind of business or profession. These types of policies are designed to provide benefits if the person dies while their business is operating or while they are at work, rather than waiting until they retire or stop working. It is one of the best insurance companies in Canada.
Manulife Canada is the Canadian branch of Manulife Financial Corporation, which is a multinational insurance company. It’s on-the-ground presence in SE Asia and the US cannot be underestimated. They were incorporated in 1887 as Manufacturers Life Insurance Company and they’re the largest insurance company in Canada. They offer a wide range of personal and group insurance and investment plans. Manulife also operates Manulife Bank, which allows clients to keep their savings while working on credits cards & mortgages.
2. The Canada Life Assurance Company (Canada Life, Great West Life, London Life)
Canada Life Assurance Company was established in 1847 to provide life insurance. It is a wholly owned subsidiary of Great-West Lifeco Inc. Canada Life has been providing life insurance and financial services in Canada since 1847 when it was founded by Edward Whately, a prominent Canadian lawyer and politician in Upper Canada. It is one of the best insurance companies in Canada 2021.
Today, it operates in two segments: Insurance and Investment Management. Insurance segment provides protection through the sale of individual and group life insurance products, generating term assurance plans, annuity products, accident and disability coverage to individuals and groups through the sale of individual third party insurance products. In the Investment Management segment it offers investment funds for investing in equity securities or fixed income securities to institutional investors such as pension funds, endowments, foundations etc., as well as advisor-based mutual funds.
In 2019 Great West Life merged their sister companies, London Life and Canada Life into Canada Life Assurance company. They have a variety of different insurance terms, ranging from 5-20 years to cover your needs. Canadian Life also provides investment and savings options such as segregated funds and annuities, mortgages, and business insurance. If you’re interested in learning more about Great West Life or London Life, please consult Canadian Life – they cover these topics extensively.
ALSO SEE: Benefits of Insurance to the Society
3. Desjardins Financial Security
Desjardins offers a wide selection of financial and insurance services that can do anything from help you manage your properties or investments (wealth management) to protecting your health (life and health insurance).Desjardins Insurance is also involved with payments and banking. They provide business services such as point-of-sale payment processing, cash management, and more. The company is run by a network of financial advisors based in Quebec and Ontario, although it has offices all over Canada.
4. Industrial Alliance Life Insurance
Industrial Alliance Life Insurance is a Canadian-based company that provides a variety of insurance products and services. It is one of the best insurance companies in Canada.
Industrial Alliance was founded in 1887 in Canada, and has been providing protection to Canadians for over 125 years. The company offers a range of products and services which include life insurance, disability income insurance, critical illness protection, group benefits management and employee assistance programs. Headquartered in Mississauga, Ontario, Industrial Alliance employs over 2,000 people across Canada.
Industrial Alliance Life Insurance has been recognized by the Canadian Association of Insurance Services as one of the 50 best managed life insurance companies in North America.
iA Financial Group is one of Canada’s largest insurance groups and provides wealth management services in the United States too. They have been operating since 1892 and offer a range of products to suit different needs. They’re not just an insurance company, they also do property management and real estate. You can find space for rent in major cities across Canada. iA is an award-winning life, car and travel insurance provider. They also offer savings and investment plans including registered plans and securities.
5. RBC Life Insurance
Royal Bank of Canada is a leading financial services company in North America that provides insurance. In fact, the RBC Insurance operating entity is run through the bank and offers an excellent level of service. RBC Insurance is a reputable insurance company that offers a wide range of products and services. We provide our clients with a variety of life, health, home, car and travel insurance plans as well as giving them access to top-level wealth management advice. They offer creditor, business, and individual insurance. They provide one-on-one personalized service with RBC Private Insurance.
Wawanesa Mutual was established as a company in 1896 and to this day continues to thrive as the parent company of the prestigious Wawanesa Insurance. It is one of the best insurance companies in Canada.
Wawanesa Assurance Company is a well-known Canadian insurance company. The company offers various types of insurance such as home, auto and business. They also offer life and health insurance for individuals and families.
Wawanesa has been around for more than 100 years and they’ve served millions of Canadians by making sure that their families are well taken care of. According to their website, Wawanesa is not just an insurance company but also a family that cares about one another.
This insurance provider isn’t just limited to Canada; they also serve to distribute life insurance policies across the nation. Wawanesa offers commercial insurance to businesses of all sizes. It also provides farm, car, and home insurance to individuals all over the country. The company also operates Wawanesa General which deals with property and casualty insurance in California and Oregon.
7. SSQ Insurance Company Inc.
SSQ Insurance has been around since 1944 in Quebec. Their initial years were spent as a group insurance specialist, which they did particularly well. Covering all your needs with insurance seems too easy, but it can be. With products for life insurance, critical illness insurance, home insurance, auto insurance (car), and travel coverage- they cover everything you need. SSQ also has a team of specialized advisors who can help you choose from our group insurance plans and investment accounts. SSQ is dedicated to co-creation with sustainability and responsibility as major focal points. It is one of the best insurance companies in Canada.
8. La Capitale
As one of the oldest investment companies in Quebec, La Capitale Financial Group has been in business for over 75 years and has a strong presence throughout Canada. They offer personal insurance, investment accounts, and mortgages. They also offer real estate rentals across Quebec and Ontario. As of July 2020, La Capitale and SSQ have merged to form one of the largest insurance providers in the country.
La Capitale Assurance Company is a leading provider of innovative and cost-effective products and services to individuals and major corporations in the fields of property and casualty insurance, life insurance, retirement savings programs, mutual funds and wealth management.
Founded in 1935 as a cooperative organization with over $1 billion in assets under management, La Capitale Assurance Company is today one of Canada’s leading providers of private sector products.
La Capitale now has an exceptional team of Chartered Professional Accountants (CPA) on board with a combined experience of more than 150 years.
The company has been the recipient of many awards for its innovation, including:
-The Financial Post’s Canadian Firm Award – “Best Insurance Firm”
9. BMO Life Assurance Company
BMO Insurance is the latest addition to the BMO Financial Group founded in 1817. It ranks among one of the largest financial institutions in Canada and among one of the largest in the world. BMO Insurance has a variety of life insurance options for your needs, including term and permanent life coverage, accident insurance, travel protection and critical illness insurance. We also provide income annuities and guaranteed investment products.
10. Sun Life Assurance Company of Canada
Sun Life Assurance Company of Canada is a Canadian-based financial services company that provides insurance, wealth management, and human resources, among other financial services. Founded in 1847, it has been based in Montreal since 1909. It is one of the best insurance companies in Canada.
The company operates primarily in Canada with about 9% of revenues generated outside of Canada. It also operates in the US market through its SunAmerica subsidiary which was acquired in 2004.
Sun Life Assurance Company of Canada was ranked 74th on the 2017 Fortune 500 list of the largest U.S.-based corporations by revenue.
The company trades on the Toronto Stock Exchange under SLF and on the New York Stock Exchange under SLF US.
Sun Life Financial, Inc. has operated for over 150 years, and is the largest life insurance company in the world. Apart from their Canadian services, Sun Life Financial operates in other countries including China and Japan. Sun Life offers a ton of insurance products and services, including life, health and other individual plans. They cover your savings and retirement needs and want to partner up with entrepreneurs in investing.
What is car insurance and why is it important?
Car insurance is a type of insurance that covers the car from any damage to it. It can be either called comprehensive or third party. Car insurance is important for a number of reasons, one being that it protects the car from any damage.
Here are the top 10 car insurance companies in Canada:
Owning a car can leave you exposed to a lot of financial risks. With car insurance, there are fewer things to worry about – such as damage that your car might incur or other circumstances in which you might be liable for paying medical expenses and others.
If you hope to get the best protection for your vehicle, it is crucial to make the right choice when choosing a car insurance provider. Beyond price, these are the top 10 best insurance companies in Canada.
Here are the best and cheapest car insurance companies in Canada 2023:
- The Co-operators
- The Personal Insurance
- Intact Insurance
- TD Insurance
- Economical Insurance
- RSA Group
1. The Co-operators
The Co-operators Group Limited, according to Carsurance, is the obvious winner among vehicle insurance carriers in Canada since it “performs excellently in the most critical sectors.” It was given a five-star rating overall, with five stars for customer service, discounts, and optional coverages, four stars for pricing, and three stars for financial strength. Customers in Alberta, Atlantic Canada, and Ontario are the most satisfied, with JD Power’s 2019 Canada Auto Insurance Satisfaction Study awarding the insurer five stars across the board. It is one of the best car insurance companies in Canada.
The Co-operators is a multi-line insurance and financial services co-operative with assets under administration of $47.4 billion. It employs approximately 6,000 people and has a financial adviser network of 2,530 registered insurance agents. It also serves 241 credit unions with a total membership of 5.8 million people.
Property and casualty (P&C) insurance, life insurance, institutional asset management, and brokerage are among the company’s financial solutions. Its property and casualty insurance policies cover over 1.4 million vehicles and over 875,000 houses.
2. The Personal Insurance
Personal Insurance was ranked second in Carsurance’s rankings, with a five-star overall rating. Customer service, pricing, and financial strength scored five stars, but discounts and optional coverages received three stars. Customers in Quebec and Ontario love it, giving it five and four stars in the JD Power study, respectively. Despite great client feedback, it was not able to take the top rank due to its limited availability, as it only covers its affiliated companies.
The group auto insurance from Personal Insurance includes both standard and optional coverage. Third-party responsibility, crashes, and accident benefits are all covered under standard coverage.It also provides full coverage for loss or damage to the policyholder’s car in non-collision situations.
Five-year new car protection coverage, liability for damage to non-owned automotive coverage, transportation replacement coverage, a worry-free option, a $0 deductible option, and accident-free protection coverage are among the optional coverage options.
ALSO SEE: Best Pet insurance companies
3. Intact Insurance
With a four-star rating, Intact Financial Corporation came in third. It also received five stars for financial stability, four stars for prices and discounts, and three stars for customer service. However, based on geography, it scored four stars in the Atlantic, three stars in Quebec and Ontario, and two stars in Alberta. It is one of the best car insurance companies in Canada.
With over 13,000 people supporting over five million clients in Canada and the United States, Intact is one of the major providers of P&C insurance and specialty insurance in North America. Its vehicle insurance line covers cars, motorbikes, RVs, ATVs, and snowmobiles, among other vehicles.
Intact Insurance also offers a “my Drive” program that rewards policyholders for driving safely while also providing personalized driving instructions. It covers Uber drivers and Turo car-sharing services in addition to the normal plans.
Desjardins Group received a four-star rating overall. Financial strength, pricing, discounts, and optional coverages all scored five stars, while customer service received three stars. For new car owners, Carsurance recommends Desjardins since it offers a wide range of savings and optional coverages. In the JD Power evaluation, it scored three stars in the Quebec region for customer service.
Comprehensive, third-party liability, collision and upset, accident benefits, uninsured automobile coverage, family protection, and direct compensation property damage are all included in Desjardins’ standard auto insurance policy (DCPD). It is one of the best car insurance companies in Canada.
On the flipside, its optional coverage includes up to five years of protection on new cars, an easy choice, a $0 deductible option, liability for damage to any cars you don’t own, transportation replacement in case of an accident and accident-free protection.
With a four-star overall rating, Belairdirect made it to the top five. Belairdirect received five stars for financial strength, four stars for customer service, pricing, discounts, and optional coverages, and five stars for financial strength, prices, and discounts and optional coverages, according to Carsurance. In JD Power’s research, it received four stars in Ontario and three stars in Quebec for its customer service department.
Belairdirect has been offering vehicle and home insurance solutions for over 65 years and is a division of Intact Insurance. Its automerit program rewards policyholders for safe driving and low mileage by offering up to a 15% discount for driving less than 10,000 kilometers per year and a 10% discount for enrolling in the program.
Liability coverage (bodily injury and property damage), accident benefits, direct compensation (property damage), and uninsured motorist coverage are all included in its regular auto insurance plan. Accident forgiveness, autocomfort, collision insurance coverage, comprehensive insurance coverage, and Belairdirect roadside assistance are among the available features.
Aviva obtained a four-star rating overall, with five stars for prices, four stars for financial strength and discounts, and two stars for customer service. It is one of the best car insurance companies in Canada.
Aviva Canada is a subsidiary of Aviva plc, a British insurance corporation. It offers savings for bundling auto and house insurance plans, being a retiree, insuring more than one vehicle, having no convictions, and remaining claims-free, in addition to standard and optional coverages.
If Belairdirect is the best option for Uber drivers, Aviva Canada is the greatest option for Lyft drivers because it has teamed with Lyft Canada to offer ride-sharing insurance to drivers and passengers in Ontario who utilize Lyft ride-sharing services. In JD Power’s customer satisfaction research, it scored only two stars in the Alberta, Atlantic, Quebec, and Ontario areas.
7. TD Insurance
With a $56 rate for a full coverage policy in Montreal, Carsurance selected TD Insurance as the cheapest car insurance choice among the top 10 car insurance carriers in the country. It received a four-star rating overall, with five stars for prices, four stars for financial strength and discounts, and three stars for customer service. In a JD Power evaluation, it received four stars in the Atlantic region for customer service.
For good reason, TD Insurance is one of the largest suppliers of auto and home insurance in the United States. They offer a well-designed website where potential customers may inquire about deals and optional coverages, in addition to being affordable. You only need to input your zip code, driver’s license number, and other information.
8. Economical Insurance
Economical Insurance was given a four-star rating, with five stars for discounts and optional coverages, four stars for customer service, and three stars for financial strength and pricing. Economical’s insurance solutions are only available through insurance brokers in most regions. In the JD Power research, it received four out of five stars for customer satisfaction in Ontario. It is one of the best car insurance companies in Canada.
Cars, vans, trucks, SUVs, snowmobiles and ATVs, motorbikes and mopeds, and campers and RVs are all covered by Economical Insurance. You can be covered for legal costs, damage to other people’s cars, lost wages if you’re injured and unable to work, medical expenses, repairs for accident damage sustained to your car and costs of rental vehicles.
9. RSA Group
Carsurance has given RSA Group a four-star rating. Customer service, financial strength, discounts and optional coverages all scored four stars, while prices obtained three stars. It was praised for its extra features, such as incentive miles for paying premiums on a regular basis. Although it is not included in the JD Power research, it has a “A+” rating from the Better Business Bureau and a “A” from AM Best. RSA, like Economical, only offers rates via insurance brokers.
Policyholders can use their reward miles for rental cars, travel vouchers, lodging, concert tickets, and other leisure products through RSA’s AIR MILES program. It is one of the best car insurance companies in Canada.
RSA is well-known for its reward miles, but the claims protection plan is always a bonus. The lifetime repair guarantee can be especially helpful if you like to drive fast!
Overall, Sonnet received a four-star rating, with five stars for discounts and optional coverages, four stars for customer service, three stars for financial strength, and two stars for costs. It was touted as an ideal fit for customers who prefer to do transactions from the comfort of their own homes, thanks to its online facilities. Sonnet is not included in the JD Power survey, but it has a “A+” rating from the Better Business Bureau and a “A-” rating from AM Best, similar to RSA. It is one of the best car insurance companies in Canada.
Sonnet is a wholly online insurance firm that offers a quick quote tool, policies written in plain English, and a website with helpful guidelines and studies. It’s mandatory auto insurance coverage includes liability, accident benefits, and collision while some of the optional extras include accident forgiveness and rental extension bundle.
The #1 Reason You Need to Shop Around For Your Car Insurance
Car insurance is something that we often take for granted when we are in our 20s. We have no idea what kind of coverage or plan to get. But when you hit your 40s, you start to realize the importance of having a good plan.
This article will discuss the importance of shopping around for your car insurance, the steps that you need to take when shopping for it, and how it can save you money in the long-run.
How Much Should I Be Paying For My Car Insurance?
The answer to this question might seem simple to some people, but in reality it is not. There are many factors that you need to consider when deciding how much you should be paying for car insurance.
1) Where do you live?
2) What type of vehicle do you drive?
3) How much coverage do you need?
4) Do you have good driving history?
5) Are there any discounts available for your type of vehicle or location?
What Happens When I File a Claim With My Car Insurance Company?
Insurance companies are important but You may think that your car insurance company is always in your corner.
But the truth is, they are not going to fight to get the best deal for you.
They are going to do what it takes to minimize their liability and make a profit.
That’s why you also need a lawyer on your side, fighting for your rights and getting you the best possible insurance settlement.
Conclusion: Find Out Which insurance company Is the Best Fit For You!
The purpose of this article is to provide you with all the essential information about choosing an insurance company. The main thing to look for when choosing an insurance company is price. It’s important to get a fair rate from whichever company you choose.
It is not easy to find the best insurance company because there are so many out there, but this article should have provided you with all the necessary information about how to choose a good one.