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Comparing insurance quotes from insurance brokers: what you need to know.
An insurance broker is someone who’s licensed to sell insurance and can either work independently or for an insurance brokerage. A broker advises people on their insurance needs and works with insurance companies to secure contracts on their behalf. In exchange, they earn a commission from the company. While the prices of some insurance products are fixed, in cases where prices are more flexible, brokers can also assist in negotiating for you and ensuring you receive the best value for what you’re paying.
An insurance broker is one kind of financial service provider LowestRates.ca can connect you with. On this page, we’ll explore the benefits of using an insurance broker, how to connect with a broker through LowestRates.ca, and how to find a broker in your area.
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Worked well and efficiently. Would definitely use them again!
great quote and quicky
Very fast responding and connect with the broker for get quotation especially ch...
Difficult property to quote - received helpful referral
While not being able to provide coverage due to actual age and size (6300 sq.ft;...
5 stars amazing
5 stars amazing
Simple and straightforward to use…
Simple and straightforward to use and instant quotes. Barb, one of Lowestrates ...
They got me the best rate and set me up
They got me the best rate and set me up with a great broker and insurance compan...
Provided me reasonable quotes from…
Provided me reasonable quotes from varies sources. However, the best rate quoted...
Very happy to communicate with you
Easy, simple and saves you money
Easy, simple and saved money - what more could you ask for?
Take a time and understand the situation
You took enough time to discuss the situation and made it best possible way
Thank you I find out a little bit…
Thank you I find out a little bit cheaper rate
Someone in Canada
JR Kingdon was very helpful on the…
JR Kingdon was very helpful on the phone.
He tried to get me a good quote.
process was easy and professional
The process was easy and professional
Everyone is great
Everyone is great. They got back as soon as I made the request. They did all to ...
See how our customers in Toronto save big on auto insurance.
Quote from December 05, 2023
Male, 38 years old
2019 MAZDA MAZDA3 GT 4DR
Quote from December 05, 2023
Male, 24 years old
2011 HYUNDAI TUCSON GL 4DR 2WD
Quote from December 05, 2023
Male, 31 years old
2023 TESLA MODEL 3 STANDARD RANGE PLUS 50 4DR
Auto insurance quotes are compared from CAA, Coachman Insurance Company, Economical Insurance, Gore Mutual, Onlia Insurance, Pafco, Pembridge, SGI, Travelers, Zenith Insurance Company
What you need to know about insurance brokers in Canada.
Should you use an insurance broker?
There are many benefits to using an insurance broker to secure your insurance coverage. For example, if you’re not quite sure which insurance company to go with, an insurance broker can help since they work with a number of different companies. They can even negotiate the best rates for you in some cases. The difference between a broker and an agent is that a broker works with multiple insurance companies, whereas an insurance agent works for just one.
Some benefits of using an insurance broker include:
Save on your insurance rates: an insurance broker works with a wide range of insurance companies to find the best offers for their clients. Because brokers work with several insurance companies, they sometimes have the ability to negotiate competitive rates and group discounts for you. Brokers may also be able to provide more insight into what coverage you actually need and help you avoid paying extra for features or products you won’t use since they are independent.
Have your claims paid out faster: Working with an insurance broker can help smooth out the process if you ever find yourself needing to file a claim (which we hope you don’t!).
Specialized brokerages: Some brokerages specialize in one type of insurance. These brokers will be specifically knowledgeable in the type of insurance policy you’re looking for and may be able to provide insight that an insurance agent, or even a general brokerage, may not have. The downside of going with a specialized brokerage is that you may have to look elsewhere once you require a different type of insurance. Many brokerages will strike a balance by specializing in a handful of insurance types, such as auto, home and business.
Advice and experience: Insurance brokers you connect with through LowestRates.ca have extensive knowledge of the industry and can also advise you on what you may (or may not) need. Brokers often prove valuable in helping consumers navigate the process of selecting an insurance policy and filing a claim.
How are insurance brokers licensed in Canada?
Insurance brokers across Canada must obtain a license in order to practice, though they have the option to pursue further certifications and professional development. All insurance brokers in Canada must achieve a base level provincial license before they’re able to sell insurance in their province.
Insurance brokers are regulated by the Insurance Brokers Association of Canada, which contains a provincial branch for each province. Each provincial branch oversees the licensing process for insurance brokers in that province. These include:
Insurance Brokers Association of Alberta
Insurance Brokers Association of British Columbia
Insurance Brokers Association of Manitoba
Insurance Brokers Association of New-Brunswick
Insurance Brokers Association of Newfoundland
Insurance Brokers Association of Nova Scotia
Insurance Brokers Association of Ontario
Insurance Brokers Association of Prince Edward Island
Insurance Brokers Association of Saskatchewan
Regroupement des cabinets de courtage d’assurance du Québec
Insurance brokers can go through three levels of licensing, though they’re only required to complete Level 1 to sell insurance with supervision. Outside these primary licenses, there are a number of additional certifications brokers can obtain, such as the Canadian Accredited Insurance Broker (CAIB) designation and the Canadian Professional Insurance Broker (CPIB) designation.
Top insurance brokerages and agencies in Canada
There are a number of places you can go to buy insurance.
Insurance brokerages are licensed to sell insurance products from multiple insurers, while agencies only sell products offered by their parent company. Direct writers provide insurance policies online, removing the need to speak with an agent. You can also buy insurance after using a quote comparison site, which provides rates from several different companies instantly without going through an insurance broker.
Here are some of top-rated insurance providers in Canada according to customer reviews aggregated by review website Trustpilot.
Connect with an insurance broker. Save on premiums. Just like that.
Is LowestRates.ca an insurance broker?
LowestRates.ca is not an insurance broker, but we can connect you with insurance brokers. LowestRates.ca is a free rate comparison tool that allows users to compare a wide range of financial products, including auto and home insurance. Consumers can compare offers from more than 50 insurance providers, credit cards, mortgages and loans.
Can I connect with an auto insurance broker on LowestRates.ca?
Yes. LowestRates.ca is here to help if you're looking for an auto insurance broker. Comparing auto insurance quotes on our site is easy, simple, fast and secure. By providing information about yourself, your vehicle and your driving habits, you can choose between the best rates offered by our partners. These offers come from a mix of direct writers and insurance brokers. A direct writer is an insurance company that only issues insurance policies from one company and usually only has an online presence. Whereas a brokerage can choose from several insurance companies when securing your policy, an insurance agent can sell you a policy from one company only — the company they work for.
Can LowestRates.ca connect me with a home insurance broker?
Yes, you can! Our customers can also obtain a home insurance quote on LowestRates.ca by filling out some simple information about their home and its occupants. Similar to getting an auto insurance quote, we will show you the best offers from our partners derived from a mix of insurance companies and insurance brokers.
How can I work with an insurance broker in Toronto?
LowestRates.ca automatically shows you the best offers from companies in your area. Some brokerages operate in one central hub whereas some operate in a number of locations. LowestRates.ca works with numerous insurance brokers in Toronto, and the Greater Toronto Area, in addition to several direct writers.
We offer a wide range of insurance coverage options through our partners in Toronto, including auto insurance, home insurance, renters or condo insurance, commercial insurance, etc. Compare rates from our partners in Toronto by completing a quote at LowestRates.ca.
What other kinds of insurance can I get with LowestRates.ca?
LowestRates.ca compares a wide range of insurance products, from standard products like home and life insurance to more unique offerings like pet insurance.
Here's a complete list of the insurance products you can compare on LowestRates.ca:
I'm an insurance broker in Toronto. How do I work with LowestRates.ca?
If you're interested in working with us, that's awesome! We're always eager to meet potential partners and are excited to get to know you better. To get in touch with us, navigate to the Contact Us section, which you can find at the bottom of the site. After entering your name and email, select "Becoming a Partner" from the Topic dropdown. Please include a message about who you are and why you're interested in working with LowestRates.ca. One of our sales representatives will contact you shortly.
Alternatively, click this link to learn more about how working with LowestRates.ca can grow your business. We can't wait to meet you!
We can’t wait to meet you!
About the Author
Alexandra Bosanac is the Core Content Manager for LowestRates.ca. Her reporting has appeared in Canadian Business, the Toronto Star, the National Post, and the CBC.
* Represents the average saved by shoppers who obtained a Toronto quote on LowestRates.ca and transacted via our contact centre between January and December 2022. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca.
* Shoppers who obtained an auto insurance quote on LowestRates.ca from January to December 2022 saved an average of 20%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of all other quoted premiums generated by LowestRates.ca and displayed to shoppers.