If you reside in or intend to live in Canada, it’s advisable to think about getting insurance tailored to the Canadian method. Once you’ve established yourself in your new Canadian residence, you may start thinking of long-term significance, including insurance coverage for your home, vehicle, and life.
Why Should you have Canadian insurance?
Here are several reasons for having Canadian insurance, including:
1.Access to healthcare: Canada has a universal healthcare system, which means that residents have access to medical services and treatments at little to no cost. This can be especially beneficial in cases of serious illness or injury.
2.Protection against financial risk: Having insurance coverage can protect you from financial hardship in the event of unexpected medical expenses. This can include expenses related to hospitalization, surgery, medication, and other treatments.
3.Peace of mind: Knowing that you have insurance coverage can give you peace of mind, as you know that you are protected in the event of an unexpected medical issue.
4.Travel insurance: Many Canadian insurance plans include travel insurance, which can provide coverage for medical expenses, trip cancellation, and other issues that may arise while traveling.
5.Employment benefits: Many employers in Canada offer insurance benefits to their employees, which can include health, dental, and vision coverage, as well as disability and life insurance.
What Specific Type of Insurance Do I Need in Canada?
Although the specific type of Canadian insurance coverage required in Canada may differ based on individual circumstances and requirements. Below are some typical insurance types that individuals may consider:
#1. Auto insurance:
In Canada, auto insurance is mandatory for all drivers. This type of insurance can provide coverage for damage to your vehicle, liability for injuries or damages you cause to others, and protection against theft or vandalism.
Mandatory Auto Insurance in Canada
- Liability insurance:
Covers losses such as bodily harm or death caused by your vehicle, as well as property damage. It excludes the cost of vehicle repairs.
- Accident benefits:
In the event of an accident, your own medical expenses and lost income are covered.
- Collision insurance:
If you collide with another vehicle or an object, your insurance will pay for the repairs or replacement of your vehicle.
- Comprehensive insurance:
This covers the cost of repairing or replacing your car if it is damaged by vandalism, fire, or theft, among other things.’
Auto Insurance Policies per Province or Territory
The following provinces and territories have solely private automobile insurance systems:
- Alberta
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island.
- Yukon
Provinces and territories with hybrid auto insurance systems, in which people must purchase the basic insurance mandated by the provincial government:
- Manitoba
- Saskatchewan
- British Columbia
#2. Home insurance:
If you own a home or condo, it’s important to have home insurance to protect against damage, theft, and liability. Home insurance can also cover your personal belongings and provide additional living expenses if you need to temporarily relocate due to damage to your home.
Insurance Policies For Quebec Residents
Quebec residents can choose between two types of insurance:
- private insurer: Property damage is insured.
- Government insurer: protects people from injuries caused by the operation of motor vehicles.
Choosing the best province in Canada to live in is critical. You might be interested in learning more about the Canada Provincial Nominee Program to help you choose your desired province.
#3. Travel insurance:
If you are planning to travel outside of Canada, travel insurance can provide coverage for medical expenses, trip cancellation or interruption, and other issues that may arise while traveling.
Items covered by travel insurance policy in Canada
Travel insurance may cover the following products, depending on the insurer:
- Trip interruption
- Lost or delayed baggage
- Trip cancellation
- Medical coverage
- Trip delay
- Medical evacuation
These are just some examples of the types of insurance that you may need in Canada. It’s important to speak with an insurance provider to determine what type of insurance is best for your individual needs and circumstances.
#4. Health insurance:
As mentioned before, Canada has a universal healthcare system, which means that residents have access to medical services and treatments at little to no cost. However, some healthcare services may not be covered, such as dental care, prescription drugs, and vision care. Private health insurance plans can provide coverage for these services.
Is Medicare in Canada free?
Yes, the number of available free medical services is limited. This is why having private health insurance is critical. Medicare will only cover medically necessary and physician-recommended treatments.
Available Health Insurance Plans in Canada
Although there are various health insurance plans in Canada by province, they all differ from one province or territory to another. However, below is a general overview of the services that are typically included in these plans:
Diagnostic tests:
Medically necessary diagnostic tests, such as X-rays, blood tests, and ultrasounds, are generally covered by provincial health insurance plans.
Doctor visits:
Medically necessary visits to a general practitioner or specialist are generally covered by provincial health insurance plans.
Emergency services:
Emergency medical services, such as ambulance services and emergency room visits, are generally covered by provincial health insurance plans.
Hospital care:
Hospital stays and medically necessary procedures and surgeries are generally covered by provincial health insurance plans.
Maternity and newborn care:
Prenatal care, childbirth, and postnatal care are generally covered by provincial health insurance plans.
Mental health services:
Medically necessary mental health services, such as therapy and psychiatric care, are generally covered by provincial health insurance plans.
Preventive care:
Some preventive care services, such as cancer screenings and vaccinations, may be covered by provincial health insurance plans.
Unavailable Coverage in Canadian Medicare Plan?
Some of the things that most provincial health insurance plans do not cover are as follows:
- Ambulance services are available.
- Chiropractors.
- Dental treatment.
- Eye care
- Hearing aids.
- Limb prostheses.
- Medication on prescription.
- Official documents require tests.
- Physiotherapy.
- Psychologist assistance.
Do I Need Private Health Insurance in Canada?
In Canada, obtaining private health insurance is entirely dependent on your medical needs. Even if you’re in good shape and wear glasses, you should think about getting private health insurance.
Private healthcare insurance policies cover the following services:
- Medication that has been prescribed.
- Regular dental care.
- Corrective vision treatment.
- Physical and psychological therapies.
- When traveling abroad, emergency medical services are available.
Why Should I have a Private Healthcare Insurance?
Private health insurance is also recommended if you are:
- Frequently travel between Canadian provinces/territories.
- An elderly person.
- Taking prescription medication on a regular basis.
- It should be noted that group health insurance provided by
- Canadian employers is insufficient.
Healthcare premiums in Canada are approximately $157 per month for a family, $47 per month for a male, and $80 per month for a female.
Life insurance:
Life insurance offers financial security for your family in the event of your passing. It can encompass costs related to your funeral, settle any remaining debts, and offer continuous financial support to your loved ones.
Canada Insurance Providers
| Canada Insurance Providers | Life | Health | Investment | Travel | Retirement | Home | Autos | Disability insurance |
| Manulife Financial: | Yes | Yes | Yes | |||||
| Sun Life Financial: | Yes | Yes | Yes | |||||
| Great-West Life: | Yes | Yes | Yes | Yes | ||||
| Desjardins Insurance: | Yes | Yes | Yes | |||||
| Intact Insurance: | Yes | Yes | Yes | |||||
| Aviva Canada: | Yes | Yes | Yes | |||||
| TD Insurance: | Yes | Yes | Yes | |||||
| RBC Insurance: | Yes | Yes | Yes | Yes | ||||
| Co-operators Insurance: | Yes | Yes | Yes | |||||
| Allstate Insurance: | Yes | Yes | Yes | |||||
| Industrial Alliance Insurance and Financial Services: | Yes | Yes | Yes | |||||
| SSQ Insurance: | Yes | Yes | Yes | |||||
| Wawanesa Insurance: | Yes | Yes | Yes | |||||
| Canadian Direct Insurance: | Yes | Yes | ||||||
| Empire Life: | Yes | Yes | ||||||
| CAA Insurance: | Yes | Yes | Yes | |||||
| The Personal Insurance: | Yes | Yes | ||||||
| Belairdirect: | Yes | Yes | ||||||
| Economical Insurance: | Yes | Yes | Yes | |||||
| Pembridge Insurance: | Yes | Yes |
Steps to Apply for Canadian Insurance as a Foreigner Online
If you have made your decision to choose coverage from any insurance provider, now is the time to start Applying for insurance in Canada as a foreigner online or through the insurer office. To apply,
#1. Determine your Insurance Needs – Before you begin the application process, assess your insurance needs. Consider what types of insurance you require, such as health insurance, auto insurance, home insurance, or life insurance.
#2. Research Insurance Providers: Research Canadian insurance providers that offer coverage suitable for your needs. Look for reputable insurance companies that cater to foreigners or newcomers.
#3. Compare Quotes: Obtain insurance quotes from multiple providers to compare coverage options and premiums. Many insurance companies in Canada offer online quote tools that can provide estimates based on your information.
#4. Gather Required Documents: Prepare the necessary documents for your insurance application. These documents may include identification, proof of address, visa or immigration status, and any other documentation requested by the insurance provider.
#5. Fill Out Online Applications: Visit the websites of the insurance providers you’ve selected and complete the online application forms for the desired insurance types. Ensure that you provide accurate and complete information.
#6. Submit Supporting Documents: Upload or submit the required supporting documents as specified by the insurance company. This may include scanned copies of identification, immigration documents, or other verification materials.
#7. Review and Confirm: Carefully review your application for accuracy before submitting it. Confirm that all details are correct to avoid processing delays or issues.
#8. Pay Premiums: Pay the initial insurance premiums as outlined by the insurance provider. Many insurers accept online payment methods, including credit cards and electronic funds transfers.
#9. Await Approval: After submitting your application and payment, wait for the insurance company to review and approve your coverage. This process may take some time, so be patient.
#10. Receive Policy Documents: Once approved, you will receive your insurance policy documents electronically or by mail, depending on the insurer’s procedures.
#11. Understand Your Coverage: Take the time to read and understand your insurance policy, including its terms, coverage limits, deductibles, and any exclusions.
#12. Contact Customer Service: If you have any questions or need assistance with your policy, contact the insurance company’s customer service or support team.