This section provides answers to the questions frequently asked by consumers. For specific questions concerning your particular insurance needs, we advise you to contact an insurance broker in your area.
IBAC does not supply quotes for home and auto insurance nor can it refer you to an insurance broker. However, you can select a broker near your home or business from
Find a Broker.
Our office is located at:
Insurance Brokers Association of Canada
18 King Street East, Suite 1210
Toronto, ON
M5C 1C4
Does IBAC sell insurance?
No. We are the professional association that represents property & casualty insurance brokers across Canada. To find an insurance broker in your area, click here.
How do I become an insurance broker?
In Canada, insurance brokers must be licensed. Licensing requirements vary from province to province. Contact the provincial insurance brokers association in your region to find out more.
How do I find an insurance broker?
Word of mouth referrals are often the best source. Ask a family member, friend, neighbour or co-worker if they can recommend a broker. Or click on our broker locator.
What is the difference between an insurance broker and an insurance agent?
An agent works for one company and can only offer you the products of that company. An insurance broker has access to the products of several insurance companies and can find the best combination of coverage, price and service. In other words, an insurance broker works for you.
To find an insurance broker in your area, click here.
How can I control my insurance costs?
For all policies:
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Review your policies with your insurance broker at least once a year, or when your circumstances or property changes, to ensure that you are adequately covered but not over- insured.
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Raise your deductibles for all policies. Accepting a higher initial cost of a loss can reduce the cost of your premiums.
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Report insurance fraud to the appropriate authorities.
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Installing alarm systems to improve protection against theft and accidental damage are often looked upon favourably by insurance companies.
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Look into the insurance cost implications before purchasing a car or house, upgrading or making changes.
For car insurance:
- Insurance costs vary considerably by make, model and year, based on theft levels and the cost to repair or replace them, as well as the intended use. Ask your broker before you buy.
- Install an aftermarket anti-theft system if the vehicle doesn’t come with one as standard.
- Avoid tickets. The better your driving record, the lower your premiums will be. Drive defensively, stay alert and do not be tempted to drink and drive.
- Avoid making claims on small “fender-bender” collisions, windshields, dents, nicks and other light damage.
- Where possible, take public transportation to and from work.
For commercial insurance:
- Consult a broker about conducting a complete loss prevention audit to identify possible hazards and offer solutions to reduce exposure to a broad range of risks– from injuries and fire to fraud and theft.
- Consider business-interruption insurance, to protect the income of you and your staff while insurance remedies are being made for fire, water or other damage.
- Ensure that your employees are aware of safety and hiring practices as well as your workplace’s harassment policies.
- Consult with your insurance broker before expanding into different geographical areas. Costs may vary dramatically.
Why are insurance premiums increasing?
Insurance is a complex business. Premium increases are sometimes necessary, even on claims-free policies, reflecting general increasing costs for insurers. Policy premiums are in part dependent on the overall claim levels within the industry (both legitimate and fraudulent), the state of the economy, the levels of protection required and the degrees of risk that customers will accept. Increasingly, global issues such as weather-related disasters can work their way through and have a bearing on local rates. For more information, feel free to discuss such matters with your broker.
To find an insurance broker in your area, click here.
Isn’t it cheaper to buy insurance direct from an insurance company?
You might be tempted to think so, but generally buying direct does not mean lower premiums. Insurance companies have to spend a lot on marketing and administration costs, which have to be passed on to their customers. Brokers are free to shop among many insurers on your behalf, and deliver the best possible price for the coverage you need.
To find an insurance broker in your area, click here.
Do brokers charge fees?
Generally no, brokers make their money by receiving commissions from the insurance companies that they place your business with. There is no direct charge to you for a broker’s services. Brokers are provincially regulated and the specific rules vary. You may want to check with the regulator in your province to find out what is the standard. You can find a list of the provincial regulators here.
Can you help me with my claim?
Sorry no, we are a professional association. Claims assistance if required is one of the services provided by your insurance broker. With other insurance channels you must deal directly with that company’s claims department. A broker’s experience and connections can really help towards getting a fair and prompt settlement