What types of insurance do I need in Canada?

At minimum, most Canadians need car insurance (mandatory in all provinces), home or tenant insurance, and some form of life insurance if anyone depends on their income. Disability insurance, critical illness insurance, and travel insurance are strongly recommended depending on your circumstances.

How can I save money on insurance in Canada?

Bundle multiple policies with one insurer, compare quotes from at least 3-5 companies, increase your deductible, maintain a clean claims history, ask about group discounts through your employer or professional associations, and review your coverage annually to remove what you no longer need.

Is insurance mandatory in Canada?

Car insurance is mandatory in all provinces and territories. Home insurance is not legally required but is required by mortgage lenders. Tenant insurance is not mandatory but is often required by landlords. Life, disability, and other insurance types are optional but highly recommended.

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Updated March 2026