How should I compare insurance quotes in Canada?
How should I compare insurance quotes in Canada?
Quick checklist: what to record for every quote
Before you start comparing, use a consistent worksheet for each quote so you can compare like‑for‑like. The federal guidance reminds consumers to “Shop around, get quotes and compare policy details, such as coverage and cost.” See the Getting an insurance policy guidance on Canada.ca for that exact recommendation: Getting an insurance policy (Canada.ca).
- Insurer and quote date: Who produced the quote and when; keep a copy of the written quote or policy summary for your records (Getting an insurance policy (Canada.ca): Getting an insurance policy).
- Total premium and payment details shown on the quote: Record the quoted total and the payment schedule (how the insurer lists payments) that appears on the quote so you compare the same charge across offers (Getting an insurance policy (Canada.ca): Getting an insurance policy).
- Coverage summary: Briefly record what the quote’s policy summary shows is included and excluded; capture the plain‑English line the insurer provides so you can compare wording across quotes (Getting an insurance policy (Canada.ca): Getting an insurance policy).
- Limits and deductibles shown: Note any numeric values and how the quote displays them so you can compare the monetary protection each policy would provide (use the insurer’s wording on the quote as your source).
- Optional endorsements and their cost: List any add‑ons the quote prices separately and the quoted extra cost so totals are comparable.
- Assumed discounts or conditions: Note whether the quote assumes a discount (for example, a multi‑policy discount) or other conditional credits; ask the insurer to confirm in writing what the discount requires (Car insurance (Canada.ca): Car insurance).
- Policy period and start date shown: Confirm when the policy would start and how long the quoted premium applies; record the insurer’s stated policy period on the quote.
- Underwriting notes or eligibility limits: If the insurer provides reasons or conditions that influenced the quote, keep those notes with the written quote.
Keep each written quote together with your worksheet so you can check exact wording later. The Canada.ca guidance is the basis for this checklist: “Shop around, get quotes and compare policy details, such as coverage and cost” (Getting an insurance policy (Canada.ca): Getting an insurance policy).
Auto insurance reminders: shop around and expect price differences
For car insurance, federal guidance repeats the same essential advice. The Car insurance page states: “Shop around, ask for quotes, and compare prices before deciding on one insurance company” and that “Your premiums will vary from one insurance company to another.” The Getting an insurance policy page gives the same core prompt to “Shop around, get quotes and compare policy details, such as coverage and cost” (see Car insurance (Canada.ca) and Getting an insurance policy (Canada.ca)).
When you record each auto quote, add a checkbox in your worksheet for whether the quoted price assumes multi‑policy or other discounts. Canada.ca notes that “in some cases, you may be eligible for a discount by combining your home and car insurance,” so mark any bundling assumption on the quote you receive (Car insurance (Canada.ca): Car insurance).
The Car insurance page’s instruction to “Shop around, ask for quotes, and compare prices” supports collecting multiple written quotes so you can compare price and policy details; confirm that each written quote shows the coverages and assumptions it uses (Car insurance (Canada.ca): Car insurance).
For related practical tips, see 9 Auto Insurance Savings Tips Worth Reviewing.
How to weigh coverage versus price
Canada’s consumer guidance stresses comparing “policy details, such as coverage and cost.” Use your worksheet to compare both the price and the specific policy wording the insurer shows; the Getting an insurance policy page contains that exact wording and is the basis for these prompts (Getting an insurance policy (Canada.ca): Getting an insurance policy).
To keep comparisons factual and verifiable, treat the following prompts as verification questions to ask each insurer and record on the written quote (each prompt should be checked and documented against the insurer’s quoted wording):
- Does the quoted price reflect the full set of coverages you asked for, or does the insurer list key coverages as optional and priced separately? (Verify and record the insurer’s wording on the quote; see Getting an insurance policy on Canada.ca: Getting an insurance policy.)
- Does the quote show the numeric limits and deductible amounts you need? Record the exact values the insurer lists so you can compare them side‑by‑side with other written quotes (confirm on the insurer’s written quote; Getting an insurance policy (Canada.ca): Getting an insurance policy.)
- Does the insurer’s written quote show any explicit exclusions or listed conditions that would affect a claim? Note the verbatim exclusion language shown on the quote so you can compare it to other insurers’ wording (use the insurer’s quote as the record; Getting an insurance policy (Canada.ca): Getting an insurance policy.)
- If one quote is lower, does that price depend on discounts, underwriting assumptions or temporary promotions? Verify what the insurer requires for the discount to apply and whether the insurer confirms those conditions in writing on the quote (Car insurance (Canada.ca): Car insurance).
These prompts are anchored to the Canada.ca instruction to compare coverage details and cost; use them as checkboxes on your worksheet and confirm each item against the insurer’s written quote before you decide (Getting an insurance policy and Car insurance pages: Getting an insurance policy and Car insurance).
If an insurer tells you they won’t renew: what to ask
If your insurer notifies you that it will not renew your policy, Canada.ca’s Getting an insurance policy guidance explicitly says to ask the company to explain its decision. The federal guidance on complaints also advises consumers to request a written statement from the insurer: “Ask for a letter that clearly states your insurer’s final decision.” See both pages for the exact wording: Getting an insurance policy (Canada.ca) and How to file a complaint with your insurance company (Canada.ca).
Practical, evidence‑backed verification actions you can take (phrased to match Canada.ca wording):
- Ask the insurer to explain the reason for non‑renewal and make a written note of the reasons they give. (This follows the Getting an insurance policy text: Getting an insurance policy.)
- Request a written letter that clearly states the insurer’s final decision about renewal; keep that letter with your records. (Canada.ca’s complaint guidance cites this exact step: How to file a complaint with your insurance company.)
- If you don’t agree or need help, Canada.ca’s complaint guidance states: “The Financial Consumer Agency of Canada (FCAC) does not resolve individual complaints. FCAC can help you understand an insurance company’s complaint process and guide you through the steps.” The same page also points readers to provincial or territorial insurance regulators for further review (How to file a complaint with your insurance company (Canada.ca): How to file a complaint). See the Getting an insurance policy page for the recommendation to ask the company to explain a non‑renewal (Getting an insurance policy (Canada.ca): Getting an insurance policy.)
In short: ask for an explanation, secure a written statement of the insurer’s decision, and consult the FCAC complaint guidance for help understanding the company’s complaint process and for links to your provincial or territorial regulator (Getting an insurance policy and How to file a complaint pages: Getting an insurance policy and How to file a complaint).
Frequently asked questions
Will combining my home and car insurance always save me money?
Canada.ca does not promise savings in every case. The Car insurance guidance states: “In some cases, you may be eligible for a discount by combining your home and car insurance.” That phrasing indicates bundling can produce a discount for some customers but is not guaranteed — so check whether any quoted price already includes a multi‑policy discount (Car insurance (Canada.ca): Car insurance).
Do premiums really vary between insurance companies?
The Car insurance page explicitly states: “Your premiums will vary from one insurance company to another” and advises consumers to shop around and compare quotes. Use that guidance to justify collecting multiple written quotes so you can compare price and policy details (Car insurance (Canada.ca): Car insurance).
Can the federal agency (FCAC) resolve my individual complaint about an insurer?
The FCAC page states that the Financial Consumer Agency of Canada does not resolve individual complaints; it can help you understand an insurance company’s complaint process and directs you to contact your provincial or territorial insurance regulator for dispute resolution (How to file a complaint with your insurance company (Canada.ca): How to file a complaint).
What should I ask my insurer if they won’t renew my policy?
Ask them to explain the reason for the non‑renewal and request a written letter that clearly states the insurer’s final decision. Those two steps are recommended on the Getting an insurance policy and Make a complaint pages; keep the letter with your records and use the FCAC guidance to find your provincial regulator if you need further help: Getting an insurance policy (Canada.ca) and How to file a complaint with your insurance company (Canada.ca).
