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Updated Aug. 30, 2024
A Canadian insurance broker represents you – the consumer – in your search for auto insurance coverage. They can sell different policies from top Canadian insurers and negotiate coverages and add-ons for you, doing all the hard work to find the best coverage. Unlike captive or independent insurance agents, auto insurance brokers in Toronto represent multiple insurance companies and have a duty to serve their clients first. They can offer more personal advice, more choice and potentially better pricing.
Auto insurance brokers in Toronto can be individuals or part of a larger team of brokers working under a brokerage. Brokerages are generally a collection of brokers selling different types of insurance, including auto, life, group and home insurance. A car insurance brokerage in Toronto works with various insurance companies to learn what insurance products are available to consumers. Brokers use this insurance knowledge to help clients find the coverage they're looking for. The brokerage receives a commission from the insurer when a client buys the insurer's policy through one of their brokers.
Individual auto insurance brokers in Toronto are also paid by the insurance companies they represent and not by the client (you).
Typically, a Canadian auto insurance broker will be paid a commission as a percentage of the annual premium you pay for your insurance. They also receive payments when clients renew their policies or if they help their clients switch insurance providers. As a result, broker fees will vary depending on the policy (and add-ons) sold and the province in which they are sold.
You can easily save on insurance using an insurance broker or brokerage. Toronto is one of the most expensive cities for insurance in the province, making it important for you to find the lowest insurance rates possible.
Becoming an auto insurance broker is a demanding process that can increase the difficulty as you become more specialized.
To become an insurance broker in Ontario, you need to follow a straightforward multi-step process through the Registered Insurance Brokers of Ontario (RIBO).
Writing the entry-level exam is the first step in becoming a licensed insurance broker in Ontario. The exam includes but is not limited to legislation such as the RIB Act, Regulations, RIBO Bylaws, and insurance product knowledge, including automobile, habitational, travel health, and general policies.
Within the exam's habitational, automobile and general sections, you must score a 75% grade or higher to pass. In contrast, travel health requires a score of 60% or higher.
This restriction assists individuals who wish to remove the "Acting Under Supervision" restriction from their license but have no intention of pursuing the full "Unrestricted" registration.
This restriction also assists individuals in cases of perpetuation, allowing a son or daughter to pass the Technical section of the "Unrestricted" class of license without having to pass the Management section at the same time, therefore easing the pressure at a later date.
To qualify for this restriction, an individual must be actively employed holding a RIBO registration restricted to "Acting Under Supervision".
An overall grade of 75% or higher and 60% or higher in any one individual section must be achieved.
Successful completion of both the "Unrestricted – Management" examination and the "Unrestricted – Technical Only" examination qualifies an individual to the "Unrestricted" registration and therefore eligible to act as the Principal Broker of a broker business. However, individuals who hold an "Unrestricted" registration will still be under the direction of the Principal Broker of the firm they are employed by.
Section 1 – 20 multiple choice of RIB Act and Regulations
Secon 2 – Finance and administration
Section 3 – RIBO Form 1 Financial Statement
Principal Broker (Unrestricted)
To be eligible, an individual must be personally registered as an insurance broker and hold an "Unrestricted" class of license (successful completion of both the "Unrestricted – Technical" and "Unrestricted – Management" examinations). The individual must also be a Director and/or Officer of the corporation, a partner of the partnership or a full-time employee and/or sole proprietor of the sole proprietorship with authority to act in the name of, and on behalf of the firm, regarding information filed to comply with all RIBO requirements.
| Car insurance broker | Car insurance agent | Car comparison sites |
|---|---|---|
| Can typically sell insurance from multiple insurance companies | Can typically sell insurance policies from one company | Aggregates and compares insurance quotes from multiple insurance companies |
| Works for the customer or client (you) | Works for the insurance company they represent | Works for you by connecting you to a broker who can best identify your needs and represent you during the comparison prices |
| Are paid a commission by the insurer only, based on annual premium of the policy you receive | Often paid salaries and a bonus based on individual sales results | The service is free for consumers. Comparison sites are paid by insurance “partners” after you connect with them through the site |
| As your representative, brokerages can save you money by finding and comparing the best rates available | Agents are required to sell the insurance of the company(ies) they represent and are not free to comparison shop on your behalf | Comparison sites like RATESDOTCA can save you money by offering quotes from insurance providers in our partner network |
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Using a car insurance broker in Toronto helps make your insurance search easy. Those benefits include:
1) Insurance brokers use their expertise to understand each client’s insurance needs and source the best policies, allowing the client to pick the best option easily.
For example, Andy needs an insurance policy for his new Honda in Toronto. After getting a car insurance quote on RATESDOTCA, he is connected with an insurance broker named Lisa. Lisa starts the insurance search by asking Andy further questions about his driving habits, driving history and car. Lisa then uses the information to see which providers offer him the cheapest and most optimal coverages, making Andy’s search easier and faster. Lisa also looks into any special discounts Andy may be eligible for, such as an alumnus or an association discount, giving him access to the best deal possible. Andy is happy to have found the best deal on car insurance without having to do all the hard work. And best of all, the process didn’t cost him any money.
2) An insurance broker can help you save money because brokers have insider knowledge of the best insurance rates and discounts you may be eligible for.
3) Due to the complex terminology and policy clauses, insurance coverages can sometimes be challenging to understand.
A Toronto car insurance broker can help break down the specifics of different coverages and policies and work to get you the best deal on insurance premiums. All you have to do is answer a few questions about your insurance needs. They shop the market to look for the top insurers without sacrificing your desired coverage. Best of all, the decision to choose a policy is yours.
| Name | Address | Phone |
| RATESDOTCA (rate comparison site) | 225 King St W, Suite 1000, Toronto, ON, M5V 3M2 | 1-844-726-0907 |
| Lowestrates.ca (rate comparison site) | 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2 | 1-855-487-6911 |
| Scoop Insurance | 300 Lincoln St. Unit 22, Welland, ON L3B 4N4 | 1-888-456-6620 |
| Insurance Hotline | 225 King St W, Suite 1000, Toronto, ON, M5V 3M2 | 1-855-821-7312 |
| Levitt Insurance Brokers | 5050 Dufferin St. Unit 119, Toronto, ON M3H 5T5 | 416-512-8060 |
| Reliable Insurance Brokers | 1111-111 Pacific Ave., Toronto, ON M6P 2P2 | 416-200-8348 |
| Bedrock Insurance Brokers | 333 Wilson Ave. Suite 302, North York, ON M3H 1T2 | 416-907-2130 |
| Able Insurance Brokers | 50 Portland St. #201, Toronto, ON M5V 2M7 | 647-335-4949 |
| Case Insurance Brokers | 336 Millwood Rd. Toronto, ON M4S 1K1 | 416-484-3810 |
| BrokerLink | 700 University Ave Suite 1000. Toronto, ON M5G 1Z5 | 1-855-761-2987 |
You can also use your broker's expertise when filing an insurance claim. A Canadian car insurance broker can professionally handle insurance claims and hold the insurer accountable. Using a broker to file an insurance claim can reduce the chance of your claim being rejected. Brokers have a deep understanding of the claims process and can advise you on the best ways to get approval.
To form an auto insurance brokerage in Toronto, an active firm registration is required for any business that wants to sell general insurance or be identified in any way with general insurance to the public. Each firm must appoint a broker with an "unrestricted" registration to act as the Principal Broker. That person is responsible for the business's compliance with all governing legislation and by-laws.
Because car insurance brokerages in Toronto are required to offer choices to consumers, at least two letters of intent are needed from insurers when they apply for registration.
You can get the following insurance coverages from a Toronto car insurance broker, depending on which products the broker specializes in.
Want to use a broker for your insurance needs? Here are some frequently asked questions and their answers.
Navigating the insurance landscape in Toronto can be tricky. Costs can vary depending on location, experience, age and many other factors. A car insurance broker in Toronto can help navigate policy limits and add-ons and help you find the best price from a wide selection of insurance companies. Aggregators like RATESDOTCA can also assist you in finding the lowest auto insurance rates in Toronto by comparing information from many car insurance brokers in Toronto.
RATESDOTCA is an insurance aggregator, not a broker. The main difference is that while car insurance brokers in Toronto compile offers from a handful of insurance providers, an aggregator like RATESDOTCA compiles offers from several brokers. This translates to a greater number of quotes, which gives our users a better sense of the insurance market in Toronto and a better chance to find the cheapest insurance policy available to them.
Having a variety of choices and the ability to compare rates will help you get the best insurance rates. Because auto brokers in Toronto will work with many insurance companies, they can advise and work with you to find the best rates possible. Insurance companies can only provide products from their line of offerings. Insurance agents compete with other companies and thus want your business. However, they do not represent you as only a broker will.
No, you shouldn't have to pay a Canadian insurance broker anything when they secure a policy for you. They receive their commission from their brokerage or the policy's insurer. A standard commission can be between 5-15% of the policy's premium.
Insurance regulation in Canada happens at both the federal and provincial levels. This makes insurance a highly regulated sector. The federal government ensures the financial stability of insurance providers, while the provincial government focuses on licensing and regulating insurance brokers.
In Ontario, all brokers are licensed by the Registered Insurance Brokers of Ontario (RIBO). RIBO is a self-regulatory body established in 1981. They manage the licensing, professional competence, ethical conduct and insurance-related financial obligations of all independent general insurance brokers in the province. Learn more about RIBO.
Finding the most and best insurance brokers in Toronto is easy. RATESDOTCA will easily aggregate your options and allow you to comparison shop for the best rates. Because we are compiling information from brokers and insurance companies, you will get more quotes and a chance to find the best auto insurance rates in Toronto.
The average Toronto car insurance cost is $1,952 per year or $163 per month. The average cost of car insurance for the Greater Toronto Area (including Toronto) is $1,842 per year. Compared to other drivers in Ontario, Toronto is the seventh most expensive city to be a driver.
According to Indeed, the average insurance broker base salary in Toronto is $53,938 annually.
Insurance Brokers Association of Ontario says there are more than 15,000 insurance brokers in the province servicing more than 90 insurance markets.
Companies that don't work with brokers in Toronto, also known as direct writers, including some of the larger insurance companies such as:
*Shoppers in Toronto who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $635per year. The average savings represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third-lowest quoted premiums generated by RATESDOTCA.
Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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