10 Best Insurance Brokers in Canada For 2022

Buying an insurance policy through an insurance broker is a cost-effective decision in Canada.

Besides saving you high monthly premiums, insurance brokers in Canada also ensure you purchase the perfect insurance policy.

However, a quick search on the “best insurance brokers in Canada” will present dozens of results. This doesn’t mean they are really the “best insurance brokers.”

As a result, it’s essential to compare and contrast when choosing the best insurance brokers in Canada.

This article has done a hard job for you by identifying the best insurance brokers in Canada and how to narrow your selection.

Top Recommended Insurance Brokers in Canada

Who is an Insurance Broker?

An insurance broker is an individual or organization that connects you with an insurer.

Due to their experience and expertise, insurance brokers offer reliable advice on the perfect insurance policy to choose.

Furthermore, insurance brokers partner with different insurers to help you compare different quotes before making a buying decision.

That said, different insurance brokers have different specializations. While some focus on retail insurance, others focus on commercial insurance or both.

Regardless of the type of insurance broker you’re looking for; it’s essential to choose the best one.

As you continue reading, you will learn about the best insurance brokers in Canada and how to narrow your selection.

What Does an Insurance Broker Do in Canada?

The major role of an insurance broker is to help you find the right insurance policy at an insurance company.

That said, the following are other duties of insurance brokers in Canada:

• Help you communicate with an insurer
• Fill all the necessary forms
• Negotiate an insurance policy on your behalf
• Be an intermediary between you and insurers etc.

Why Do You Need an Insurance Broker?

There are many reasons why you need an insurance broker in Canada. The major reason is to  get the perfect insurance policy at an affordable price.  With their wealth of experience and knowledge in the industry, insurance brokers can communicate with an insurer and negotiate the best policy on your behalf. When you add up the cost of purchasing an insurance policy directly from an insurance company, you will prefer using an insurance broker.  Besides helping you find the perfect insurance policy, an insurance broker ensures the policy is affordable comprehensive. Comparing quotes is one of the means of choosing the best insurance policy. An insurance broker helps you achieve just that by working with trusted insurance companies.Moreover, you can avoid costly mistakes by working with an experienced insurance broker. 

Types of Insurance Brokers in Canada

Different types of insurance brokers offer different coverage access in Canada. The following are the major types of insurance brokers in Canada.

1. Home Insurance Brokers

As the name implies, home insurance brokers offer access to home protection policies, such as:

• Condo insurance
• Homeowner insurance
• Tenant insurance 

A home insurance broker will help you get the perfect home protection, the amount of liability you need, and policy enhancement options. 

2. Life Insurance Brokers

Life insurance brokers offer access to all types of life insurance policies, ranging from whole to term life policies. They also offer access to no-medical-exam policies. Furthermore, most life insurance brokers offer access to disability, critical illness and other types of health insurance. With their in-depth knowledge of the industry, life insurance brokers will help you find the perfect policy that suits your needs.   

3. Car Insurance Brokers

Car insurance brokers specialized in auto insurance policies within a given province. Since different provinces have different minimums, car insurance brokers operate in line with provincial requirements. For example, auto insurance in Ontario has uninsured motorist protection and direct compensation property damage (DCPD), while BC uses a public system to control mandatory car insurance policy. A car insurance broker can help you determine the perfect auto coverage and savings opportunities. They will also help you get additional coverage on your policy. 

4. High-Risk Insurance Brokers

A high-risk insurance broker is all you need if your license is suspended, or had an at-fault car accident or convicted for impaired driving. Being in any of the above situations can make it difficult to get car insurance approval in Canada.However, high-risk insurance brokers have the experience and knowledge to help you get quick approval. 

Is it Worth Using an Insurance Broker?

It’s worth using an insurance broker when you add up the cost of purchasing an insurance policy directly from an insurance company.

An insurance broker serves as an intermediary between you and an insurance company, negotiating the best deal for you.

Besides helping you find the perfect insurance policy, an insurance broker ensures the policy is affordable and contains extensive coverage.

Comparing quotes is one of the means of choosing the best insurance policy. An insurance broker helps you achieve just that by working with trusted insurance companies.

Also, insurance brokers have experience and expertise in the insurance industry and can help you avoid costly mistakes.

Overall, it’s worth buying an insurance policy through a broker rather than directly from an insurance company.

10 Best Insurance Brokers in Canada

There are more than 38,000 insurance brokers in Canada, but the following stand out:

1. PolicyMe

This is your favourite life insurance broker that partners with big insurance companies in Canada, such as:

• Canada Protection Plan
• Canadian Premier Life Insurance Company
• BMO Life Assurance Company
• Manufacturers Life Insurance Company
• Wawanesa Life Insurance Company

Furthermore, PolicyMe connects you with the best life insurance policies in Canada that suit your situation. Even more, you get competitive rates with high-quality coverage.

Check it Out

2. PolicyAdvisor

PolicyAdvisor is an insurance marketplace comprising 20 insurers in Canada. Choose from a wide range of insurance policies, such as:

• Whole Life Insurance
• Term Life Insurance
• Critical Illness Insurance
• Mortgage Protection
• No Medical Insurance
• Disability Insurance
• Children’s Insurance

Through PolicyAdvisor’s proprietary digital tools, you can choose a customized insurance policy within minutes.

Furthermore, PolicyAdvisor offers affordable insurance policies with high-quality coverage from some of the trusted insurance companies in Canada.

Moreso, PolicyAdvisor helps you fill your insurance form hassle-free through its licensed insurance concierge.

Check it out

3. Bounc3

Bounc3 is another best insurance broker in Canada, offering affordable and quality insurance products from trusted insurers.

That said, Bounc3 specializes in self-employed insurance policies such as critical illness insurance, disability insurance, and life insurance.

Bounc3’s advanced technology sets it apart from other insurance brokers in Canada. As a result, it offers fast and easy access to the best self-employed insurance policies in Canada

If you’re self-employed and are concerned about your long-term financial security, Bounc3 got you covered.

Check it out

4. Storm Insurance Group

Storm Insurance Group is a branch of the diverse group of insurance organizations in Canada, Westland Insurance Group.

With headquarters in Dartmouth, Nova Scotia, Storm Insurance Group is one of the top insurance brokers in Canada, offering competitive insurance policies.

That said, Storm Insurance Group has over 40 years of experience in the brokerage industry and connects you with different ranges of insurance policies.

Check it out

5. Leibel Insurance Group

Leibel Insurance Group is a family-managed insurance broker offering access to multiple insurance policies in Alberta and Ontario.

This Alberta-based insurance broker works with several insurers to offer competitive insurance policies, such as:

• Personal Insurance
• Commercial Insurance
• Health Insurance
• Life Insurance
• Group Insurance

With over 40 years of experience in the brokerage industry, you’re sure to find the best deal through  Leibel Insurance Group.

Check it out

6. Wells Insurance Services

Wells Insurance Services is another best insurance broker in Canada, offering affordable and quality insurance policies from trusted insurers.

This insurance broker specializes in a wide range of policies such as:

• Personal Insurance
• Commercial Insurance
• Marine Insurance
• Employee Benefits Packages

That said, Wells Insurance Services has over 30 years of experience and is well known for its excellent customer service.

Check it out

7. Western Financial Group

Western Financial Group is a marketplace for different insurance policies from the best insurers in Canada.

That said, more than 100 million Canadians accessed their insurance policies through Western Financial Group.

With over 100 years of experience, Western Financial Group specializes in personal and business insurance.

Furthermore, Western Financial Group prides itself on offering customized solutions to its customers.

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8. OVC Assurance

This insurance broker was founded in 2014 to offer Canadians affordable, quality customized, and faster insurance solutions.

That said, OVC Assurance sets itself apart in the brokerage industry with professional and diverse solutions.

More so, this brokerage stands by what it offers and partners with over 20 great insurance companies in Canada.

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9. Archway Insurance

Archway Insurance is another best insurance broker in Canada located in Nova Scotia.

That said, Archway Insurance comprises a team of professional and trained brokers dedicated to offering affordable, extensive coverage and customized insurance.

As a result, Archway Insurance assesses your insurance need and matches you with the perfect policy and insurer.

Choose from a wide range of insurance in Canada, such as:

• Property Insurance
• Commercial Insurance
• Life insurance
• Travel Insurance
• Auto Insurance
• Recreational Insurance
• Employee Benefits
• Group Benefits
• Living Benefits
• Group Plans
• Mortgage Protection
• Savings Protection

Check it out

10. Billyard Insurance Group

There’s no complete mention of the best insurance brokers in Canada without Billyard Insurance Group (BIG).

BIG is an Independent Ontario Insurance Brokerage in Ontario offering affordable and quality insurance, such as:

• Home Insurance
• Auto Insurance
• Life Insurance
• Business Insurance
• Travel Insurance

Spread across Ontario, BIG does all the hard job for you by matching you with the best insurance policy and insurer in Canada.

Check it out

How I Reviewed the Best Insurance Brokers in Canada

Choosing the above insurance brokers out of the pool of options was not a mistake. Here are the factors I considered when selecting the best insurance brokers in Canada. 

1. Specialization and Expertise

All the above insurance brokers specialized in different kinds of insurance policies. Their industry experience and knowledge make them reliable against other options in the market. Using a specialized and experienced insurance broker is halfway to getting the best insurance policy in Canada. 

2. Reviews

What you read about the above insurance brokers here is not different from what most people are saying about them out there.Each of the above insurance brokers has a high rating from different platforms (such as Better Business Bureau (BBB), demonstrating their level of customer satisfaction. 

3. Competitive Quotes

The above insurance brokers work with several insurance companies to offer the best policies for buyers. Comparing different quotes is one of the means of saving costs from any insurance policy in Canada. The above insurance brokers help you achieve just that. 

How Do I Choose an Insurance Broker?

It can be challenging narrowing your selection from the above best insurance brokers in Canada.

Frankly speaking, the above best insurance brokers have what it takes to distinguish them from others.

However, you can’t use them all at once, making it essential to narrow your selection.

Here are five factors to consider when choosing the best insurance in Canada:

1. Determine Your Insurance Need

Knowing what you need is halfway to getting it. As a result, you want to first understand your insurance needs before contacting any insurance broker.

From personal to commercial dealings, there are different reasons why you need an insurance policy.

However, an experienced insurance broker will help you find the perfect insurance policy if you’re not sure what’s right for you.

2. Look for Referrals and Reviews

After determining your insurance need, the next step is to confirm the reputation and expertise of your potential insurance broker.

This will help you evaluate the real-time performance of the broker beyond what they claim on their sites.

As a result, you need to ask the broker about testimonials or customer references. If you’re not satisfied with that, you can take a step forward to do your research.

A quick Google search using the insurance broker name will display dozens of results about it. However, narrow your search to “reviews” and visit only trusted review platforms such a Better Business Bureau (BBB).

From there, you can decide whether it’s worth buying insurance through the broker.

3. Consider Specialization

Different insurance brokers have different specializations. From personal to commercial insurance, there are several specializations in the industry.

Thus, choose an insurance broker that specializes in the type of insurance you want. This will help you save costs and find the perfect insurance policy from the right insurer.

Furthermore, ensure you ask the insurance broker about their experience in the industry. As expected, the more years of experience an insurance broker has, the more likely to get the best results from them.

However, if an insurance broker has only a few years of experience, it may be safe to consider another broker with an established track record.

4. Seek Personalized Advice

Some insurance brokers claim to be what they’re not. But you can easily determine the best broker by asking them for personalized advice.

This will prove that the broker really has experience and knowledge about their specialization and can offer customized solutions.

That said, the best insurance broker will offer you personalized advice and extensive resources on what your insurance policy entails.

Furthermore, the best insurance broker will try to offer cost-effective solutions by recommending an affordable insurance policy with quality coverage.

5. Compare Quotes

Insurance brokers work with several insurance companies to offer the best policies for buyers. However, different brokers work with different insurance companies.

Thus, it’s essential to choose an insurance broker that partners with insurance companies with competitive quotes. This means getting quality coverage at an affordable price.

That said, the more quotes an insurance broker has, the better the options. So it’s essential to choose a broker with several quotes.

Verdict on the Best Insurance Brokers

At first, it may seem challenging to determine the best brokers in Canada, but now you have them.

As mentioned previously, the best insurance brokers help you find a customized policy at affordable rates from trusted insurers.

While you can’t make a wrong choice with any of the above insurance brokers, it’s essential to narrow your selection.

But when narrowing your selection, ensure you consider your needs and the broker’s reputation. This will help you make cost-effective decisions in selecting the best insurance policy.

Let me know which of the above best insurance brokers you’re going with.

All the best!

RECOMMENDED READINGS

• Top Insurance Companies in Canada
• Best Term Life Insurance in Canada
• The Best Critical Illness Insurance in Canada
• The Ultimate Guide to Income Protection Insurance in Canada
• The Ultimate Guide to Disability Insurance for Self-Employed Canadians
• Why You Need Personal Insurance as a Self-Employed Canadian
• 16 Top Pet Insurance Companies in Canada
• The Ultimate Guide to Life Insurance in Canada

FAQs on the Best Insurance Brokers

How Many Insurance Brokers are there in Canada?

There are more than 38,000 insurance brokers in Canada regulated by the Insurance Brokers Association of Canada (IBAC). This comprises both Property and Casualty (P&C) insurance brokers.

Is it Cheaper to Go Through an Insurance Broker?

Buying an insurance policy through a broker is cheaper than buying it directly from an insurer. Insurance brokers use their skills to negotiate affordable prices on your behalf and ensure you get quality coverage.

Even though insurance brokers charge fees, it’s worth it because you will still save more than buying the insurance policy directly from an insurer.

What is the Difference Between an Insurance Broker and an Insurance Company?

An insurance broker is an intermediary between you and the insurer. On the other hand, an insurance company is an insurer that partners with an insurance broker to market its policies to you.

What is an Insurance Brokerage?

An insurance brokerage is the operational platform of insurance brokers. Here you will get access to different insurance providers and different quotes for your evaluation. 

How Does an Insurance Broker Make Money?

Most insurance brokers make money through commissions from the sales of insurance providers’ policies. 

What if I Have More Questions?

If you have more questions about the best insurance brokers in Canada, drop them in the comment section.