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Auto Insurance

Creating competitive and sustainable markets

Advancing reforms that aim to put money back into the pockets of drivers.

IBC believes Canadians deserve affordable auto insurance with more choice and better care for those injured in a collision.

IBC advocates for reforms that will modernize private auto insurance systems and products across the country with the goal of providing consumers with access to enhanced product choices and affordable premiums.

Across Canada, auto insurance is required by law. Provincial regulatory authorities are responsible for insurance sector regulatory compliance activities, as well as approving individual rate filings from auto insurance companies. IBC works with government authorities to secure flexible rate regulation environments that enhance competition and choice – all which benefit drivers.

Your auto insurance coverage provides peace of mind in the event you are ever involved in a collision. Put simply, your auto policy protects you, and it protects your vehicle and its contents. There are three distinct components to your coverage, each representing a percentage of your premium:

Loss or damage to the vehicle: This part of your insurance policy covers eligible damage to your vehicle resulting from a collision regardless of who is at fault. It also covers property damage from fire, theft or weather events.

Accident benefits: This is the part of your insurance policy that covers eligible costs that help you recover from an injury following a collision, including medical rehabilitation, attendant care, income replacement benefits. This coverage also provides death benefits.

Third party liability coverage: This part of your insurance policy covers eligible liability claims, legal fees and any damages awarded because of a lawsuits following a collision. You have the choice as to how much liability coverage you want to purchase over and above the mandatory minimum.

IBC’s recommendations for reform to auto insurance aim to yield savings for drivers and make auto insurance more responsive to consumer expectations.

Auto insurance is a big-ticket item for many households. IBC will continue to advance reforms to the auto insurance product that aim to put money back into the pockets of drivers.

Explore our Work

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End Auto Theft

Auto theft is a national crisis. Ending it requires a whole-of-society effort.

Canada is facing an auto theft crisis as tens of thousands of vehicles are stolen across the country each year. Insurers have taken proactive steps to protect their customers, but there’s more to do. Learn more about how, by working with governments and other key stakeholders, we can solve this crisis.

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Alberta Auto Insurance Reform

Alberta’s insurers are committed to working with the province on auto insurance reforms that benefit consumers.

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Nova Scotia Auto Insurance Facts

Auto insurance shouldn't be one size fits all, but it's treated that way in Nova Scotia. At one point in time, this may have made the best sense, but in 2022, this means some drivers are paying too much.