Compare Canadian insurance broker quotes

A brokerage partners with insurance providers to understand what’s available in the market. An insurance brokerage hires insurance brokers to handle each client's needs, be it for a new car insurance quote or help with the processing of a claim. An insurance brokerage receives commissions from sales of each insurer’s product. Those commissions are passed down to each insurance broker.

Any insurance product a broker recommends is supposed to be the one they deem best suited to meet your needs, without regard to a provider's compensation. The reality is a little more complicated. Staying up to date on all the policies from multiple suppliers makes it difficult, to say the least. The easy path is to stick with a select few insurance underwriters where they know the reward is excellent, and most of their clients are happy. Instead, shop for any home, life, and car insurance quotes online to find the company that will give you the best deal based on your unique criteria and then work with a select broker to finalize the deal. That's how our system at Ratehub.ca works.

The majority of insurance policy owners have purchased through a broker. Direct to consumer is a growing market in Canada, but to date it still only represents a small percentage of total active policies. One of the reasons why Canadians prefer brokerages is that most insurance companies only offer their rates through the broker network. For example, you can only buy insurance from Gore Mutual or Wawanesa, to name a few, who only sell insurance through a broker and not direct to consumers. Furthermore, most insurance brokers work with several insurance providers that allow them the ability to help their customers compare auto or home insurance quotes. Working with a broker allows you to get a clearer picture of what’s available in the market. 

Where a company like Ratehub comes in to play, is that we allow you to cast a wider net and compare a larger number of quotes from multiple brokers and direct insurers. This is why we recommend starting your insurance shopping experience with websites like ours. Our insurance quoting engines ingest various pieces of information to compute an array of personalized quotes from a number of insurers backed by both brokers and direct to consumers. Once you select the quote that best suits your needs we will connect you with our partner to review your policy needs and finalize your premium.

An insurance broker is paid on a variable commission depending on the insurance company. In addition to the commission, some brokers may earn service fees, which could be a percentage of the insurance premiums or a transaction fee. The extra charges are for broker provided services on behalf of the provider, such as underwriting, data input, and administration of your policy. So all in all, you don’t explicitly pay the broker - you pay the insurance company that pays the broker for your services.

No, we are not. Ratehub.ca is a personal finance website that acts as an insurance aggregator. This means that we help our customers compare travel, life, home, or car insurance quotes from multiple providers via our growing partner network and online quoting experiences. Once you have selected the type of insurance you’re looking for, we will connect you with an insurance broker or agent who can help you finalize the details of your policy. They will be able to walk you through all your options and potential discounts you might be eligible for, as they help to further personalize your policy.

However, as of May 2021, Ratehub.ca launched its own insurance brokerage, RH Insurance to handle the needs of clients and provide an excellent experience. 

In Canada, Insurance regulation is handled at both the federal and provincial levels. At the national level, the government focuses on ensuring the financial stability of insurance companies. Provincially, governments handle the licensing of individuals.

Visit the Insurance Institute of Canada to learn more about federal regulation.

The Registered Insurance Brokers of Ontario (RIBO) is in charge of education, resources, exams, and licensing in the province of Ontario.

To learn more visit RIBO.com