Compare home & car insurance quotes from top insurance brokers in Canada

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.

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.