InsuranceHotline Review

InsuranceHotline Review

Written by Priyanka Correia
Fact-checked by Caitlin Wood
Last Updated June 4, 2021

InsuranceHotline is an online insurance aggregator that helps Canadians find the best insurance policies at the lowest rates. While not an insurer itself, InsuranceHotline offers Canadians a convenient platform to find any number of insurance policies to fit their needs and budget.

Founded in 1994, InsuranceHotline’s free service is designed to guide Canadians to the most suitable insurance companies and policies. Based on the criteria entered, a list of the cheapest quotes from over 30 insurance providers will be provided in one search. 

Types Of Insurances Offered By InsuranceHotline

InsuranceHotline can help you find just about any insurance policy you might need, including the following:

Home Insurance

A home insurance policy is a requirement if you take out a mortgage to finance the purchase. Mortgage lenders typically require that the subject property be insured before they agree to issue a policy. Even if not required, a home insurance policy is important to have, as it covers the most valuable asset you likely own. 

Standard home insurance policies provide financial compensation in the event that your home is damaged or destroyed by things like fire or vandalism. It will also cover you if any of your home’s contents or your personal belongings are stolen or damaged. Plus, you may be protected against potential litigation if someone on your property is injured. 

Residential insurance policies include:

Auto Insurance

It’s mandatory to have an active auto insurance policy when driving a vehicle on the road in Canada. If you’re ever stopped by an officer without insurance, you could face a hefty fine.

A standard auto insurance policy will protect you and your vehicle if you’re ever hit by an uninsured driver. It will also protect you against any lawsuits brought against you if you’re responsible for causing harm to another person or damage to someone else’s car. Plus, you’ll be compensated for any lost income or medical care if you’re ever hurt in an accident, regardless of who is at fault.

Check out why third party auto insurance is important.

With InsuranceHotline, you can obtain a quote for any of the following:

Life Insurance

Unlike home or auto insurance, life insurance is not a requirement. That said, you may want to seriously consider a life insurance policy to protect your loved ones in the event that you pass away while some of life’s biggest bills still have to be paid. For instance, a policy can come in handy if you’ve still got a mortgage to pay and children at home who depend on you to make home loan payments. Upon your passing, your beneficiaries will be paid out a death benefit, tax-free. 

You can also add other types of coverage to your life insurance policy, such as disability insurance or critical illness coverage. These policies can provide you with financial compensation if you’re unable to work because of an injury or illness.

You can choose from the following with InsuranceHotline:

Term Life Insurance

This type of policy protects you for a specific period of time. Your beneficiaries will be paid out a death penalty if you pass away during the term of your policy. Term life insurance is typically more affordable than permanent life insurance because of its finite duration.

Permanent Life insurance

Also referred to as whole life insurance, a permanent life insurance policy provides coverage for a lifetime, regardless of when you pass away. These policies may also feature a cash value component that can serve as a type of investment vehicle that builds value over time.

See more details on the difference between term and permanent life insurance.

Travel Insurance

Travelling comes with some level of risk. Your luggage could get lost, your rental car could break down, or you could get sick or injured. With a travel insurance policy in place, you can receive financial coverage if you’re ever left with a big bill to pay while you’re outside of Canada. 

Medical travel insurance, in particular, is very important. Your provincial health care plan might cover you while you’re at home, but it won’t cover you while you’re travelling abroad. With a travel insurance policy in place, you won’t get stuck paying exorbitant medical fees for doctor visits, medication, hospital stays, or surgeries. 

Unless you’re already covered with a policy provided by your employer or credit card or are looking for additional coverage, taking out a travel insurance policy before leaving the Canadian border is advised. 

Commercial Insurance

If you run a business, you should have some form of business insurance policy in place. This will ensure that your business is fully protected. With the right policy in place, you’ll have the assurance knowing that you’re protected against any potential liability that could compromise the health and integrity of your business. 

InsuranceHotline will provide quotes for a variety of commercial business coverages, including:

  • Errors and omissions insurance
  • Tenants legal liability insurance
  • Construction and bonding insurance
  • Crime insurance
  • Property in transit insurance
  • Commercial vehicle insurance

What Is The Application Process Like With InsuranceHotline? 

To get a quote with InsuranceHotline, you’ll need to enter your postal code so the online aggregator can populate the companies and policies that are available in your location. 

From there, you’ll be asked to enter specific insurance details based on the type of insurance policy you want to get a quote for.

For instance, if you’re planning to take out an auto insurance policy for your vehicle, you’ll be asked to provide details about the make, model, and year of the car. If you’re taking out a life insurance policy, on the other hand, you’ll be asked for details such as your age, gender, occupation, health, and whether or not you smoke. 

Check out this detailed guide on buying auto insurance.

After you’ve submitted the required information and filled out all the fields, you’ll be presented with the lowest-priced quotes after InsuranceHotline searches over 30 insurance companies. Alternatively, you may instead be provided with a list of rates and policies, depending on which type of policy you’re asking for. You’ll be given a reference code that you can use if you choose to go ahead with the process and finalize your policy purchase. 

What Affects The Cost Of My Insurance Premium? 

There are a variety of factors that impact the cost of an insurance policy, which will depend on the exact type of policy you’re applying for. For instance, your age, health, and smoking or non-smoking habits will influence your life insurance premium costs, while the age, condition, and location of your home will affect your home insurance premiums costs. 

That said, the most common basic factors that influence the amount you will pay for any given insurance policy are as follows:

  • Your personal details — These can include your age, gender, job, and lifestyle.
  • Amount of coverage you’re seeking to get — The more coverage you want, the more you will likely pay on premiums. For instance, a $1 million life insurance policy will probably be more expensive than a $200,000 policy, depending on other factors involved.
  • Deductible — A deductible will have to be paid before your policy kicks in for coverage for certain types of insurance policies, like home and auto. Generally speaking, a higher deductible is associated with lower premiums, while a lower deductible is associated with higher premiums. 
  • Insurance company — Every insurance provider will have their own price list, so your particular quotes will be based in part on what each insurance company charges. 

Benefits Of Using InsuranceHotline

Save money

Since InsuranceHotline compares policies from dozens of insurance providers in Canada, finding the lowest price is easy. In fact, you can get a quote that’s as much as 26% less than the average market rate simply by using a service like InsuranceHotline. Plus, you’ll be presented with opportunities to get even more discounts if you meet certain criteria based on things like professional affiliation, union memberships, alumni status, and so forth.

Fast And Easy

Getting a quote takes just a few seconds after entering some information online. You’ll quickly be provided with a list of insurance providers and their associated quotes based on the information you submit. 

Free Service

There’s no cost to use InsuranceHotline.

Check Out Sample Quotes In Your Area

Before you apply for an insurance policy, InsuranceHotline will present you with recent prices that other Canadians in your area were given. This will give you an idea of what you can expect to pay before you go through with an application process. 

Helpful Tips And Guidance

If you have any questions about different types of insurance, you can get the answers through InsuranceHotline’s Resource Hub. 

How Do You Make A Claim With InsuranceHotline?

InsuranceHotline is an online marketplace for insurance policies and is not an insurance company. As such, any claims would need to be filed directly with the insurance provider you ultimately select. That said, the claims process is relatively similar across insurers, with minor differences.

Generally speaking, a claim would need to start with a phone call to your insurance company. Ideally, the call should be made shortly after the incident that you’re filing the claim for.  

You will be asked to supply various pieces of information to help the insurance company better assess your claim. For instance, if you’re filing a claim after your home was damaged by fire, you may want to provide photos of the damage done to your property and any belongings within it. Depending on the situation, an insurance inspector may be sent to your home to get a more detailed look at any damage caused. 

Once the insurance company has all the relevant documentation needed, a dedicated insurance agent will take over your case to determine if your claim will be approved and if so, the amount that you are eligible to be reimbursed for. 

Not happy with your life insurance policy? Learn how to cancel your life insurance policy.

Should You Use InsuranceHotline? 

If you’re looking for a quick and easy way to find the lowest price for an insurance policy without having to call individual companies, then InsuranceHotline may be a great resource to use. Plus, you can conduct your search for an insurance provider and policy from the comfort of your home. However, different policies may be available only in specific provinces or territories, though InsuranceHotline will funnel the policies available to you after you’ve entered your postal code.

Priyanka is a personal finance expert at Loans Canada. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives. She has taken financial control of her life by using Mint to budget and track her expenses while growing her wealth by investing through Wealthsimple. She also believes in having an emergency fund, so she keeps a good sum of money in an easily accessible high-interest savings account. She also uses the American Express Cobalt Card to earn points on all her purchases, further fueling her savings goal. She also uses Loans Canada’s lender directory whenever she wants to compare rates from different lenders.

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