The best P&C insurance companies in Canada

P&C insurance stands for property and casualty insurance, and is a term the insurance industry uses to describe standard policies that cover personal property damage and liability. A P&C insurance company insures vehicles (e.g., cars, trucks, motorcycles) and property (e.g., homes, condos, rentals). 

Note that umbrella insurance is not considered P&C insurance because it provides only liability coverage. It is a type of policy you would add on top of your standard P&C policies to provide added liability protection. 

Direct insurance is a type of P&C insurance policy issued by a direct-to-consumer insurance company. The main difference between direct insurance and brokered insurance is that you purchase directly from the insurance company via an agent instead of working with a broker.

The requirements to purchase are the same, but when dealing with an agent, they can only offer to sell you insurance from their company. If you work with a broker, they can help you compare the market and shop other insurance companies all at one time. You may find that direct insurance is cheaper because they don't have to pay broker commissions, but it's also more restrictive and may not be your best option. At Ratehub.ca, we recommend shopping for rates from both the direct and broker channels to find your best rate. 

Yes, you can purchase home and auto insurance online, but not every insurance company offers this type of service. Bind online insurance is a relatively "new" concept in Canada. Still, there are several insurance companies like Apollo Insurance, Sonnet Insurance and Onlia Insurance that will allow you to "bind" your policy online. Binding, by definition, is the act of imposing a duty to keep a commitment. For an insurance company, binding online means your insurance coverage is in place before you receive the paperwork in the mail. You can think of binding a policy as purchasing insurance.

Reinsurance is insurance for insurance companies. It’s a strategy to diversify risk by transferring some of it to another company (the reinsurer). An insurance provider may do this if they have too much exposure to high claim payouts and excessive losses. For example, if a home insurance company has too many customers making claims due to floods or wildfires, it risks bankruptcy or insolvency. 

It’s not likely that an insurance company will price-match. Insurers are aware of what their competition is charging and the risks you may carry as a policyholder. However, each company needs to weigh their risk exposure in the current market and their customer base. To find your lowest rate, compare insurance quotes each year to see which company offers you the best price.

Most insurance companies are open 24/7 for claims and other emergency services, but their headquarters are typically closed on Saturday and Sunday. 

Commonly available discounts offered by P&C insurers include bundling home and auto insurance, insuring multiple vehicles, installing anti-theft devices or safety features on your car or home, leveraging telematics and remaining loyal to the provider. Some insurers may also offer discounts if you’re a member of a specific organization. Each P&C insurer is different and offers varying discount options. To see if you qualify for available discounts, ask your agent or broker when shopping for quotes or at renewal. 

Factors that affect P&C insurance premiums include your location, age, claims history and coverage amount. If you’re looking for car insurance, factors such as your vehicle make and model, driving history and license class will also be considered. For home insurance, the type and size of your home, and your proximity to areas prone to wildfires or flooding, will influence your premiums. Companies calculate risk and rates differently, which is why it’s essential to compare insurance quotes from different providers to find the right level of coverage at the best price.