Insurance Brokers in Vancouver

If you are moving to Vancouver for the first time, then you just might be wondering how the insurance system works in British Columbia. Or maybe you are a current resident of the province, and are looking to purchase your first insurance policy.

There are literally hundreds of insurance brokers in the province. Who should you go to?

The first question is - what type of insurance do you need?

If you need car insurance, then pretty much any broker will do.

All ICBC brokers are tied into the same computer system, so it doesn't really matter where you go.

However, you do have the option of buying your optional coverage privately. This can often result in significant cost savings, especially if you are an experienced and accident-free driver.

Canadian Direct Insurance is the largest provider of private car insurance in the province. You can request a quote online through this link - there is no cost for the quote.

There are other providers of private car insurance in the province, however Canadian Direct is the biggest.

Home insurance is 100% private, so you are free to deal with whatever company you want.

There has been a great deal of consolidation throughout the insurance industry over the past 5-10 years, so the number of companies that you can obtain quotes from will be quite minimal. Sure, every broker can provide you with a quote, but the majority deal with the same group of companies - Aviva, Gore Mutual, etc.

In order to obtain a quote, I would recommend getting a copy of your real estate listing, as you will receive a much more accurate quote with this information. Shop around for the best deal, but make sure that you are comparing apples to apples - not all companies provide the same level of coverage.

Large banks and institutions also offer home insurance, including TD Canada Trust, BCAA and the Royal Bank. I would leave no stone unturned when you are obtaining quotes - you could easily save yourself hundreds of dollars just by shopping your quote around.

Many businesses also offer business, travel and life insurance. Again, it is in your best interests to obtain multiple quotes. Just be sure that the policies are providing the same level of coverage when you are comparing quotes.

If you are unable to travel to an insurance broker, don't despair - there are a number of brokers out there who will travel to your home to complete the policy.

There are also auto brokers who will deliver your policy straight to your door. Open your phonebook and start dialing brokers - if they really want your business, then they will send someone out to your apartment or home.

My top tips when dealing with insurance brokers in Vancouver:

1. Shop around for quotes (except for basic auto insurance, as that will be the same everywhere).

2. Make sure that you are being offered similar levels of coverage when comparing quotes.

3. Make sure that your broker is willing to answer your questions and is easily contactable.

4. Try and select a broker who is located nearby and knowledgeable about the area.

Good luck!


Filed under: General Knowledge