Owning a car exposes you to a host of financial risks. With car insurance, you can lessen the chances of facing financial problems as it can cover damage to your car and other circumstances in which you would be liable to pay medical expenses and other bills.
As such, choosing the right car insurance provider is vital – and should be based on much more than price alone. Here are the best car insurance companies in Canada for 2020 based on car insurance review website carsurance.net:
Carsurance identified The Co-operators Group Limited as the clear winner among car insurance providers in the country as it “performs excellently in the most crucial departments.” It received an overall rating of five stars; five stars for customer service as well as discounts and optional coverages; four stars for prices; and three stars for financial strength. Among all its branches in Canada, the Alberta, Atlantic, and Ontario regions have the most satisfied customers – giving the insurer five stars in JD Power’s 2019 Canada Auto Insurance Satisfaction Study.
The Co-operators is a multi-line insurance and financial services co-operative that boasts $47.4 billion in assets under administration. It has over 6,000 employees and a financial advisor network comprising 2,530 licensed insurance representatives. It also serves 241 credit unions with over 5.8 million members.
Its financial solutions focus mainly on property and casualty (P&C) insurance, life insurance, institutional asset management, and brokerage. Its P&C insurance products insure over 1.4 million vehicles and more than 875,000 homes.
2. The Personal Insurance
The Personal Insurance took second place in Carsurance’s rankings, with an overall rating of five stars. It also received five stars for customer service, prices, and financial strength; and three stars for discounts and optional coverages. It is a massive hit with customers in Quebec and Ontario, receiving five and four stars in the JD Power study, respectively. Despite positive feedback from customers, it did not take the top spot due to its limited availability as it provides coverage only to its associated companies.
The Personal Insurance’s group auto insurance offers standard coverage and optional coverage. The standard coverage protects third-party liability, collisions, accident benefits, and uninsured automobile. It also offers comprehensive coverage for loss or damage caused to the policyholder’s vehicle in situations other than collisions.
Its optional coverage products include five-year new vehicle protection coverage, liability for damage to non-owned automobile coverage, transportation replacement coverage, a worry-free option, a $0 deductible option, and accident-free protection coverage.
Intact Financial Corporation ranked third with an overall rating of four stars. It also gained five stars for financial strength; four stars for prices and discounts and optional coverages; and three stars for customer service. However, it received average customer service ratings based on region, with four stars in the Atlantic region, three stars in Quebec and Ontario, and two stars in Alberta.
Intact is one of the largest providers of P&C insurance in Canada and specialty insurance in North America – with more than 13,000 employees who support over five million clients in Canada and the US. Its vehicle insurance line offers coverage for cars, motorcycles, RVs, ATVs and snowmobiles, and boats.
Intact Insurance also has a “my Drive” programme that rewards the policyholder for driving safely and provides personalised tips to improve driving habits. Aside from the standard plans, it offers coverage for Uber drivers and Turo car-sharing services.
Desjardins Group gained an overall rating of four stars. It received five stars for financial strength, prices, and discounts and optional coverages; and three stars for customer service. Carsurance recommends Desjardins for new car owners as it offers a wide variety of discounts and optional coverages. Focusing on customer service, it received three stars in the Quebec region in the JD Power study.
Desjardins’ standard auto insurance coverage includes comprehensive, third-party liability, collision and upset, accident benefits, uninsured automobile coverage, family protection, and direct compensation property damage (DCPD).
Meanwhile, its optional car insurance coverage comprises five-year new vehicle protection, a trouble-free option, a $0 deductible option, liability for damage to non-owned automobiles, transportation replacement, and accident-free protection.
Belairdirect made it to the top five with an overall ranking of four stars. Considered by Carsurance as the perfect fit for Uber drivers and car owners with low mileage, Belairdirect picked up five stars for financial strength; and four stars for customer service, prices, and discounts and optional coverages. Focusing on its customer service department, it scored four stars in Ontario and three stars in Quebec in JD Power’s study.
Belairdirect is a subsidiary of Intact Insurance and has been providing car and home insurance solutions for over 65 years. Its automerit programme rewards policyholders’ safe driving and low mileage, providing up to a 15% discount for driving less than 10,000 km per year and a 10% discount for signing up for the programme.
Its standard car insurance plan offers liability coverage (bodily injury and property damage), accident benefits, direct compensation (property damage), and uninsured motorist coverage. Its optional coverage includes accident forgiveness, autocomfort, collision insurance coverage, comprehensive insurance coverage, and Belairdirect roadside assistance.
Aviva received an overall rating of four stars - five stars for prices; four stars for financial strength and discounts and optional coverages; and two stars for customer service.
Aviva Canada is a subsidiary of UK-based insurance company Aviva plc. Aside from standard and optional coverages, it offers discounts that reward customers for bundling their car and home insurance policies, being a retiree, insuring more than one vehicle, having no convictions, and staying claims-free.
If Belairdirect is the best option for Uber drivers, Aviva Canada is perfect for Lyft drivers as it partnered with Lyft Canada to offer ride-sharing insurance for drivers and passengers who use Lyft ride-sharing services in Ontario. On the downside, it received only two stars in the Alberta, Atlantic, Quebec, and the Ontario regions in JD Power’s customer satisfaction study.
7. TD Insurance
Carsurance identified TD Insurance as the cheapest car insurance option among the top 10 car insurance providers in the country, with a $56 rate for a full coverage policy in Montreal. It gained an overall rating of four stars - five stars for prices; four stars for financial strength and discounts and optional coverages; and three stars for customer service. Focusing on customer service, it gained four stars in the Atlantic region in JD Power’s study.
TD Insurance is one of the largest direct-response auto and home insurance groups in the country. Aside from affordability, it boasts a useful and polished website where potential clients can quickly get an online quote, discounts, optional coverages, and stable financial operations.
Economical Insurance received an overall rating of four stars - five stars for discounts and optional coverages; four stars for customer service; and three stars for financial strength and prices. In most regions, Economical offers its insurance solutions exclusively through insurance brokers. Regarding customer satisfaction, it boasts four out of five stars in Ontario in the JD Power study.
Economical Insurance has insurance solutions for cars, vans, trucks, SUVs, snowmobiles and ATVs, motorcycles and mopeds, and campers and motorhomes. It offers coverage for legal fees (if being sued), damage to other vehicles, lost wages (if injured and unable to work), medical expenses, accident repairs, cracked windshields, theft and vandalism, and rental costs.
9. RSA Group
RSA Group has an overall Carsurance rating of four stars. It also received four stars for customer service, financial strength, and discounts and optional coverages; and three stars for prices. It was commended for its additional benefits, including reward miles for regular premium payments. It is not included in the JD Power study, but it has an “A+” rating on Better Business Bureau and an “A” rating from AM Best. Similar to Economical, RSA only provides quotes through insurance brokers.
RSA’s AIR MILES reward programme allows policyholders to redeem their reward miles for rental car services, travel vouchers, accommodation, concert tickets, and other leisure products.
Aside from reward miles, RSA is praised for its claims protection plan and lifetime repair guarantee. The claims protection plan guarantees that the policyholder’s premium will not increase after their first at-fault accident.
Sonnet gained an overall rating of four stars - five stars for discounts and optional coverages; four stars for customer service; three stars for financial strength; and two stars for prices. With its online tools, it was described as a perfect fit for customers who prefer making transactions at home. Similar to RSA, Sonnet is not included in the JD Power study, but it has an “A+” rating on Better Business Bureau and an “A-” rating from AM Best.
Sonnet is a fully online insurance company with a fast quoting tool, plain-language policies, and a website that contains useful guides and studies. Its mandatory auto insurance coverage includes liability, accident benefits, comprehensive, and collision. Meanwhile, its optional auto insurance coverage includes accident forgiveness, ticket forgiveness, rental extension bundle, and a vroom service bundle.