Best Insurance in Canada (2026)
Insurance is one of the most overpaid or underbought financial products in Canada. Here's what you need, what you don't, and how to get the best rate.
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Auto Insurance
Average: $1,400–$2,200/yr
Mandatory in all provinces. Rates vary dramatically by province and driving record.
💡 Tip: Compare quotes from Intact, Aviva, TD, and brokers like Sonnet or Onlia to save 15–30%.
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Home Insurance
Average: $900–$1,800/yr
Not legally required but typically mandatory for mortgage holders.
💡 Tip: Bundle with auto insurance for 5–15% discount with most insurers.
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Life Insurance
Average: $25–$80/mo (20-year term, $500K)
Term life is the most cost-effective for most Canadians. 20-year term covers prime earning years.
💡 Tip: PolicyMe and Walnut offer competitive digital-first term life quotes.
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Travel Insurance
Average: $50–$200/trip
Provincial health plans have limited coverage outside Canada. Travel insurance is essential.
💡 Tip: Many premium credit cards include travel insurance — check before buying separately.
Insurance products and prices vary significantly by province, age, and personal circumstances. This is for educational purposes only — always speak with a licensed insurance broker for personalized advice.