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Insurance brokers: what you need to know.

An insurance broker is someone who’s licensed to sell insurance and can either work independently or for an insurance brokerage. A broker advises people on their insurance needs and works with insurance companies to secure contracts on their behalf. In exchange, they earn a commission from the company. While the prices of some insurance products are fixed, in cases where prices are more flexible, brokers can also assist in negotiating for you and ensuring you receive the best value for what you’re paying.

An insurance broker is one kind of financial service provider LowestRates.ca can connect you with. On this page, we’ll explore the benefits of using an insurance broker, how to connect with a broker through LowestRates.ca, and how to find a broker in your area.

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What you need to know about insurance brokers in Canada.

Should you use an insurance broker?

There are many benefits to using an insurance broker to secure your insurance coverage. For example, if you’re not quite sure which insurance company to go with, an insurance broker can help since they work with a number of different companies. They can even negotiate the best rates for you in some cases. The difference between a broker and an agent is that a broker works with multiple insurance companies, whereas an insurance agent works for just one.

Some benefits of using an insurance broker include:

Save on your insurance rates: an insurance broker works with a wide range of insurance companies to find the best offers for their clients. Because brokers work with several insurance companies, they sometimes have the ability to negotiate competitive rates and group discounts for you. Brokers may also be able to provide more insight into what coverage you actually need and help you avoid paying extra for features or products you won’t use since they are independent.

Have your claims paid out faster: Working with an insurance broker can help smooth out the process if you ever find yourself needing to file a claim (which we hope you don’t!).

Specialized brokerages: Some brokerages specialize in one type of insurance. These brokers will be specifically knowledgeable in the type of insurance policy you’re looking for and may be able to provide insight that an insurance agent, or even a general brokerage, may not have. The downside of going with a specialized brokerage is that you may have to look elsewhere once you require a different type of insurance. Many brokerages will strike a balance by specializing in a handful of insurance types, such as auto, home and business.

Advice and experience: Insurance brokers you connect with through LowestRates.ca have extensive knowledge of the industry and can also advise you on what you may (or may not) need. Brokers often prove valuable in helping consumers navigate the process of selecting an insurance policy and filing a claim.

How are insurance brokers licensed in Canada?

Insurance brokers across Canada must obtain a license in order to practice, though they have the option to pursue further certifications and professional development. All insurance brokers in Canada must achieve a base level provincial license before they’re able to sell insurance in their province.

Insurance brokers are regulated by the Insurance Brokers Association of Canada, which contains a provincial branch for each province. Each provincial branch oversees the licensing process for insurance brokers in that province. These include:

Insurance Brokers Association of Alberta
Insurance Brokers Association of British Columbia
Insurance Brokers Association of Manitoba
Insurance Brokers Association of New-Brunswick
Insurance Brokers Association of Newfoundland
Insurance Brokers Association of Nova Scotia
Insurance Brokers Association of Ontario
Insurance Brokers Association of Prince Edward Island
Insurance Brokers Association of Saskatchewan
Regroupement des cabinets de courtage d’assurance du Québec

Insurance brokers can go through three levels of licensing, though they’re only required to complete Level 1 to sell insurance with supervision. Outside these primary licenses, there are a number of additional certifications brokers can obtain, such as the Canadian Accredited Insurance Broker (CAIB) designation and the Canadian Professional Insurance Broker (CPIB) designation.

Connect with an insurance broker. Save on premiums. Just like that.

Is LowestRates.ca an insurance broker?

No, LowestRates.ca is not an insurance broker, but we do connect you with insurance brokers. LowestRates.ca is a free rate comparison tool that allows users to compare a wide range of financial products, including auto insurance and home insurance. Our quoter allows customers to compare offers from more than 50 insurance providers. Users can also compare credit cards, mortgages and loans.

Can I connect with an auto insurance broker on LowestRates.ca?

Yes. If you’re on the market for auto insurance, LowestRates.ca is here to help. The process of comparing auto insurance quotes on our site is easy, simple, fast and secure. By providing a bit of information about you, your vehicle and your driving habits, you’ll be able to choose between the best rates offered by our partners. These offers come from a mix of direct writers and insurance brokers. A direct writer can be defined as an insurance company that only issues insurance policies from one company. This could include insurance agents working for firms such as Aviva or Desjardins insurance. Whereas a brokerage can choose from a number of insurance companies when securing your policy, an insurance agent can sell you a policy from one company only — the company they work for.

Can I connect with a home insurance broker on LowestRates.ca?

Yes, you can! Our customers can also obtain a home insurance quote on LowestRates.ca by filling out some simple information about their home and its occupants. Similar to obtaining an auto insurance quote, users will then be shown the best offers from our partners derived from a mix of insurance companies and insurance brokers.

How can I work with an insurance broker in Toronto?

LowestRates.ca automatically shows you the best offers from companies in your area. Some brokerages operate in one central hub whereas some operate in a number of locations. LowestRates.ca works with numerous insurance brokers in Toronto, and the Greater Toronto Area, in addition to several direct writers.

We offer a wide range of insurance coverage options through our partners in Toronto, including auto insurance, home insurance, renters or condo insurance, commercial insurance, etc. Compare rates from our partners in Toronto by completing a quote at LowestRates.ca.

What other kinds of insurance can I get with LowestRates.ca?

LowestRates.ca compares a wide range of insurance products, from standard products like home insurance and life insurance all the way to more unique offerings such as pet insurance.

Here’s a full list of the insurance products you can compare on LowestRates.ca:

I’m an insurance broker. How can I work with LowestRates.ca?

If you’re interested in working with us, that’s awesome! We’re always eager to meet potential partners and we’re excited to get to know you better. To get in touch with us, first open lowestrates.ca on your browser and navigate to the Contact Us section, which can be found at the bottom of the site. After entering your name and email, select “Becoming a Partner” from the Topic dropdown. Include a message about who you are and why you’re interested in working with LowestRates.ca and one of our sales representatives will be in touch with you shortly.

Alternatively, click this link to be redirected to a landing page where you can learn more about how working with LowestRates.ca can grow your business, and provide us more information about who you are.

We can’t wait to meet you!