Protection Guide
Insurance in Canada
Understand the types of insurance available in Canada and how to protect yourself, your family, and your assets.
MonthlyTypes of Insurance
Auto Insurance
Mandatory in all provinces. Covers liability, collision, and comprehensive protection for your vehicle.
- Required by law to drive
- Rates vary by province
- Factors: driving record, vehicle, location
Home & Tenant Insurance
Protects your home or rental contents from damage, theft, and liability claims.
- Covers personal belongings
- Liability protection included
- Often required by landlords/lenders
Life Insurance
Provides financial protection for your loved ones in case of death. Term and permanent options available.
- Term: affordable, fixed period
- Permanent: lifelong coverage
- Consider income replacement needs
Health & Disability Insurance
Supplements provincial health coverage. Includes dental, vision, prescriptions, and income protection.
- Provincial plans cover basics
- Extended health fills gaps
- Disability protects income
Auto Insurance by Province
Canada has a mix of public and private auto insurance systems. Some provinces have government-run basic coverage, while others operate fully private markets.
British ColumbiaICBC provides basic auto insurance; optional coverage from private insurers
SaskatchewanSGI provides mandatory auto insurance with optional private add-ons
ManitobaMPI provides basic auto insurance; private insurers offer extensions
QuebecSAAQ covers bodily injury; private insurers cover vehicle damage
Other ProvincesFully private auto insurance market with competitive rates
Tips for Finding the Right Coverage
- 1.Get multiple quotes — Rates can vary significantly between insurers for the same coverage.
- 2.Bundle policies — Many insurers offer discounts when you combine auto, home, and other policies.
- 3.Review annually — Your needs change. Review coverage each year at renewal time.
- 4.Understand deductibles — Higher deductibles lower premiums but increase out-of-pocket costs if you claim.
- 5.Ask about discounts — Good driving, home security, alumni associations, and more can reduce rates.
Official Sources
OSFI