Explore Insurance Types
Click any card to jump to its deep-dive guide below.
Car Insurance
Mandatory in all provinces. Covers accidents, liability, theft & damage to your vehicle.
Learn how it works arrow_forwardHome Insurance
Protects your property, contents, and liability. Required by most mortgage lenders.
Explore coverage arrow_forwardHealth Insurance
Supplements provincial healthcare. Covers dental, vision, prescriptions & paramedical.
See what's covered arrow_forwardLife Insurance
Provides a tax-free payout to your family if you pass away. Term vs. Whole Life explained.
Compare options arrow_forwardBusiness Insurance
Liability, property, E&O, and cyber insurance for freelancers, startups & corporations.
Protect your business arrow_forwardTravel Insurance
Emergency medical, trip cancellation & baggage loss. Essential for leaving your province.
Get covered arrow_forwardCar Insurance in Canada
Mandatory in every province & territory
What is it & why is it required?
Car insurance is legally required in every Canadian province. It protects you financially if you cause an accident, injure someone, or damage property. Driving without insurance can result in fines of $5,000 to $50,000+, vehicle seizure, and even jail time.
Mandatory vs. Optional Coverage
| Coverage Type | Required? | What It Covers |
|---|---|---|
| Third-Party Liability | ✓ Yes | Damage/injury you cause to others |
| Accident Benefits | ✓ Yes | Medical costs & income loss for you |
| Uninsured Motorist | ✓ Yes | If hit by an uninsured driver |
| Collision | Optional | Damage to YOUR car in an accident |
| Comprehensive | Optional | Theft, fire, vandalism, weather |
check_circle You NEED this if:
- • You own or lease a vehicle
- • You drive a company car
- • You borrow someone else's car regularly
cancel You may NOT need this if:
- • You don't own a car and never drive
- • You only use public transit or cycling
Frequently Asked Questions
Your premium is based on: age, driving record (tickets, accidents), postal code (urban = higher), vehicle type (sports car vs. sedan), annual mileage, deductible amount, and your credit score (in some provinces).
1) Increase your deductible. 2) Bundle home + auto. 3) Install winter tires (5% discount in many provinces). 4) Take a defensive driving course. 5) Ask about group discounts through your employer or alumni association. 6) Shop around — rates vary dramatically between providers.
Home Insurance in Canada
Not legally required, but your mortgage lender will demand it
Home insurance protects your dwelling (the physical structure), your personal belongings inside it, and your personal liability if someone gets injured on your property. While not legally mandatory, virtually every mortgage lender in Canada requires it.
| Policy Type | Best For | Typical Cost |
|---|---|---|
| Comprehensive | Homeowners (covers all risks except exclusions) | $800–$2,500/yr |
| Broad | Coverage + named perils for contents | $600–$1,800/yr |
| Basic (Named Perils) | Budget option, only named risks covered | $400–$1,200/yr |
| Tenant / Renter's | Renters — covers YOUR stuff + liability | $15–$40/mo |
| Condo | Condo owners — covers unit improvements | $25–$50/mo |
warning Common Mistake
Most Canadians are underinsured for water damage. Standard policies often exclude overland flooding and sewer backup. Always add these riders — they cost ~$50-$150/year but can save you $50,000+ in repairs.
Health Insurance in Canada
Provincial healthcare is good — but it doesn't cover everything
Canada's public healthcare covers hospital stays and doctor visits, but it does NOT cover dental, vision, prescriptions, physiotherapy, mental health counselling, or ambulance rides (in most provinces). Supplemental health insurance fills these gaps.
What Provincial Healthcare Does NOT Cover
check_circle You SHOULD get this if:
- • Your employer doesn't provide benefits
- • You're self-employed or freelancing
- • You have kids who need dental/ortho
- • You take prescription medications
info You may already have this if:
- • Your employer has a group benefits plan
- • Your spouse's plan covers you
- • You're a student at a university (plan included)
Life Insurance in Canada
A tax-free payout to protect your family's future
Life insurance pays a tax-free lump sum to your beneficiaries when you die. It's designed to replace your income, pay off debts (like a mortgage), and cover future expenses like your children's education.
| Type | Duration | Cost (30yo, $500k) | Best For |
|---|---|---|---|
| Term 20 | 20 years | ~$25/mo | Young families, mortgage coverage |
| Term 10 | 10 years | ~$18/mo | Short-term needs, budget |
| Whole Life | Lifetime | ~$200+/mo | Estate planning, wealth transfer |
| Universal | Flexible | ~$150+/mo | Investment component, tax shelter |
💡 Pro Tip: The 10x Rule
A common rule of thumb: get coverage equal to 10 times your annual income. If you earn $80,000/year, aim for $800,000 in coverage. This ensures your family can maintain their lifestyle for years.
Business Insurance in Canada
For freelancers, small businesses & corporations
Even if you're a solo freelancer, one lawsuit from a client can bankrupt you. Business insurance protects your company's finances, reputation, and future. Many clients and contracts require proof of insurance before working with you.
General Liability
Covers third-party bodily injury and property damage. The #1 policy every business needs.
~$300–$1,500/yr for small biz
Professional Liability (E&O)
Covers claims of negligence or mistakes in your professional services.
Essential for consultants & IT
Cyber Liability
Covers data breaches, hacking, and ransomware attacks on your business.
Growing fast — highly recommended
Commercial Property
Covers your office, equipment, inventory, and signage against damage or theft.
For businesses with physical assets
Travel Insurance in Canada
Your provincial health card is nearly useless outside Canada
emergency Real Cost Without Insurance
A broken leg in the US can cost $50,000–$150,000 in hospital bills. An air ambulance back to Canada costs $25,000+. Your provincial health plan covers almost nothing outside Canada.
Emergency Medical
Hospital, surgery, prescriptions abroad
Trip Cancellation
Refunds if you can't travel
Baggage & Delay
Lost bags, delayed flights
warning Common Insurance Mistakes Canadians Make
1. Only comparing price
The cheapest policy often has the worst coverage. Always compare what's included, not just the premium.
2. Not reading exclusions
Every policy has exclusions. The most common surprise: water damage, earthquakes, and "acts of God" are often NOT covered.
3. Underinsuring your home
If your home is insured for $300k but costs $500k to rebuild, you'll only get partial payout. Update your coverage annually.
4. Skipping travel insurance
A single emergency abroad can cost more than your entire vacation. Travel insurance is $2-5/day — always worth it.