Rates.ca Review

Rates.ca Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated November 26, 2021

Protecting yourself against the unexpected is a major part of active risk management in your life. For many households, however, it can be confusing to figure out how to approach coverage. Rates.ca specializes in providing reliable insurance information. It offers rate comparisons and gives consumers the opportunity to save on policies. Basically, the platform is an informational resource to compare and contrast different policies. Rates.ca deals with all different types of insurance, helping you find complete coverage for all aspects of your life. 

How Does Rates.ca Work?

Offering free services to consumers, the business makes its money through the companies with which it is partnered. As a result, those who access the site are not charged for the information and services. Instead, it gives consumers a full picture of the insurance offerings and enables them to make a thoroughly informed decision. 

It is simple to use. Rates.ca partners with over fifty companies, each an individual insurance provider. The site indexes all of the information pertinent to the rates and policies. You can clearly see the cost of all your options. After you choose the most competitive rate, Rates.ca links you through to their site. It ensures that you have access to the chosen rate. 

Types Of Insurance Offered By Rates.ca

Rates.ca has a wide variety of insurance offerings. It deals in a wide range of niches, each made to address a different concern. 

Car Insurance

Vehicle coverage is compulsory to operate your car in Canada. This insurance protects you from financial expenses in the event of a collision or accident. The protection threshold varies between plans. It is essential to have at least a basic amount of insurance to drive in this country.

Home Insurance

As with vehicular coverage, home insurance protects from unforeseen expenses related to the home. The most basic type of coverage is against fire. There are also plans to protect against theft, flood, or other unexpected instances. There is a vast diversity, though there is a plan for every need. Certain residences require fire insurance as a basic protection plan. Home insurance is also a requirement for consumers who have a mortgage

Travel Insurance

Whether your flight gets cancelled or you get sick in a foreign country, travel insurance is there to ensure that you don’t get stuck with a hefty bill. Though travel within Canada is usually straightforward (out-of-province health claims get subrogated to the province of origin), international travel is not so easy. Travel insurance, unlike home and car insurance, tends to be temporary and covers you for a specific trip. 

Life Insurance

This type of insurance is designed to financially protect your dependents in the event you pass away. Each different plan will have specific requirements and thresholds for acceptance. The payout to beneficiaries will also be different. Opting for life insurance is a popular way to ensure the livelihood of those whom you could leave behind. 

Health Insurance

Medical expenses can, even with socialized coverage, be hefty. Whether it is prescriptions, physiotherapy treatment, etc., health insurance policies absorb extra costs. Instead of paying hefty bills to ensure your wellness, these plans prevent unforeseen costs. 

Pet Insurance

Similar to health insurance, pet coverage helps you absorb the price of unexpected veterinary bills. Whether it is a routine procedure or a serious surgery, pet healthcare can be expensive. These insurance policies can result in a lot of savings, especially with higher-maintenance pets. 

Business Insurance

This type of coverage is there to protect all types of companies. Ranging from industrial to contracting work, restaurant owners to retail, it is there to protect against unforeseen business expenses. It includes both commercial liability coverage and property coverage. The first is to prevent you from incurring costs associated with litigation. The latter is to protect your inventory and any other commercial property.   

Rates.ca also deals with providing mortgage rates and credit card arrangements. While this isn’t the primary purpose of the service, it offers a lot of information about rates. Site visitors can link to rates highlighted in either of these sections to lock into the best possible price. 

How Much Does It Cost To Get Insurance With Rates.ca

Prices are variable. It depends on the type of plan you’re looking for, with distinct pricing differences between commercial protection and pet insurance. Take car insurance, for example. A few things will come into play when assessing your cost. The first is your driving history (any collisions, tickets, etc.). It helps to determine whether you are a high-risk driver. Also, the age of the vehicle, the mileage, even your gender and the type and colour factor into the pricing. 

To get a quote, simply navigate to the Rates.ca site. Indicate what type of insurance you are interested in and proceed to supply some details about your specific situation. The company then issues you a variety of different quotes. If you find one that works for your situation, you can lock in the price through the site directly. 

Pros And Cons Of Using Rates.ca Insurance

As with any insurance situation, there are some advantages and pitfalls. Consider these before you make your decision:

Pros

  • Wide variety of options
  • Free access to quotes
  • Multiple affiliate companies
  • Several different coverage types

Cons

  • Rates.ca doesn’t actually sell insurance
  • It is simply a resource to compare rates
  • It only offers quotes from specific companies

Rates.ca Insurance Application Process

The application process is fairly straightforward with any insurance company. The process with Rates.ca can be completed in 4 simple steps.

  • The First Step – Answer a few personal and health related questions. You’ll need to provide your postal code, the type of coverage you want (single or couple), the amount, your email, date of birth, gender, and whether you have ever smoked. From there, you get a wide range of quotes, each with different prices. 
  • The Second Step – From there you’ll get a list of instant quotes from multiple insurance providers that you can compare and choose from. Depending on the one you like, you’ll be able to schedule a call back with that provider.
  • The Third Step – Review you quote and needs with the provider. Depending on the provider, a standard medical exam may be required. There you’ll be able to finanlize your rate and all the payment details.

Keep in mind that Rates.ca is not actually the insurance provider. It connects you with different providers, each with a unique application process. Eligibility for coverage differs between plan types and businesses offering the coverage. Generally, you will need the basic identification documents, along with relevant records for the type of insurance you seek (driving abstract, etc.). 

Learn how to buy insurance online

Where is Rates.ca Insurance Available in Canada?

You can find quotes through the Rates.ca site all across Canada. Simply insert your postal code and the site will assign you to providers that deal in your specific area. Though the different insurance providers may only deal in certain provinces, you can access coverage throughout the nation.  

Rates.ca Insurance Overview 

As an example, we’ve broken down the specifics for insurance coverage as highlighted through Rates.ca. While it will vary by situation and type of insurance, the idea behind Rates.ca is to access competitive rates. The business deals with information as opposed to insurance. For example, consider the life insurance breakdown. 

Life Insurance (Single Coverage)
CostApproximately $30/month
Min. Coverage$50,000
Max. Coverage$2,000,000
TermRanges from 10 to 100
AccessibilityOnline Services
Special perksCompetitive Quotes

Is Rates.ca Insurance Right For Me? 

Any opportunity to get extra information is definitely useful. Though Rates.ca is not actually an insurance provider, it’s connected to a huge range of providers across the nation. A key benefit is the fact that you can get information on a wide range of insurance types. Whether you need to protect your vehicle, your home, or even your pets, there is the chance to get the information you need. 

Whenever you go to get insurance coverage, the first thing you want to do is get multiple quotes. It is ultimately a matter of risk management. While having insurance is prudent, it is equally important to ensure that you check to see how much you can save. Over time, even small amounts can add up to a large total. That is one of the key values of this platform.

Rates.ca is all about finding the balance between protection and payment. Rates.ca gives you the chance to get guaranteed quotes, provided you are ready to purchase the plan. The rates are locked in through the site; so, if you are ready to find a plan, it can be a really useful service. Though it is an extra step, the research can significantly reduce your expenses and ensure that you get the most out of your insurance coverage. 

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

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