Tips about Insurance in Canada

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It is not always easy to live in a new country. You have to figure out the laws and regulations, find a new job, learn a new language or understand a new culture. You also want to make sure you are covered by imnsurance in case you get into trouble. In this article, we are going to introduce some compulsory insurance and some non-compulsory but may beneficial to certain type of people. 

Compulsory insurance in Canada 

1. Travel insurance

In some countries, buying travel insurance is highly recommended but might not compulsory. However, if you want to obtain a tourist visa of Canada, you will need to provide proof of a valid travel insurance. This provides a solid protection for you and your family in case of a medical emergency. You may want to shop around in different insurance companies like Sunlife, Canada Life, London Life, Equitable life, Industrial Alliance and JF etc. However, if you want to save your precious time, JF royal visitor plan is probably a very good one due to the comprehensive coverage and price-quality ratio.

2. Student insurance

Every student wish to be sound while study in a new country and the wise student plans ahead. In Canada, it is obligatory to have student insurance for all international students. While the medical coverage might vary from province to province for international students, the basic and preventive medical services, emergency care, dental care, vision care, prescription medications, and some diagnostic testing services should be included in your insurance plan.

3. Auto insurance 

In Canada, auto insurance is mandatory, though different provinces may have different rules. It covers the owner and driver of a vehicle, passengers, pedestrians, and property involved in a vehicle accident.

Vehicle insurance, however, is regulated by the provinces. The Insurance Bureau of Canada (IBC) is the organization that stands for most Canadian property and casualty insurance companies.

In Quebec, any vehicle travelling on a public road has to be insured. Generally, the drivers' license fee includes an insurance amount which could be used if  an accident occurs, no matter it occurs in Quebec or elsewhere. Peope who are hurt in an accient are covered through the public insurance plan managed by Société d’assurance automobile du Québec (SAAQ). 

4. Parent and Grandparent Super Visa 

For applicants of super visa, it is compulsory to have proof of Canadian medical insurance. The coverage for a period should be at least one year with a minimum coverage amount of $100,000 for healthcare, hospitalization and repatriation.

5. Purchase home insurance to get a mortgage

Legally speaking, home insurance is not obligatory in Canada if your house is fully paid off. However, you will need to have home insurance in order to get a mortgage because your lender wants to make sure your property is insured to protects their inverstment. Home, as a valuable asset, should be insured even if your home is fully paid off because insurance will provide protection from fire, lightening, explosion, smoke, weather, vandalism, theft and other accidental damage. So it is highly recommended to buy home insurance.​

Non-compulsory but highly recommended insurance

1. Rental insurance

When you rent a home, your landlord may require you to buy rental insurance, which covers your personal property, possessions in your car, damages inside or outside the building. Sometimes, it is even cover the living expenses if you need to temporarily move out to have the unit repaired. 

2.Life insurance 

When you are healthy, you probably will not realize the importance of health. The same as life insurance. You probably do not think of life insurance until accident happens or when you realize the significance of life. Life, to evey one, is only once. You need life insurance if:

  • You have dependents or someone who will still need your income to support when you are no longer alive.

  • You are likely to die with a large debt to pay and you do not want to use your capital of your estate.

  • You want to plan ahead and have a fund to pay taxes, funeral costs, probate fees and living cost for survivors. 

  • You want to protect your loved ones and leave certain fund for them to live well. 


3. Critical illness insurance 

Critical illness insurance helps you to pay bills related to life-altering diseases. It has several benefits :

  • Replace lost income if you or your spouse could not go to work because of illness

  • Have a peace of mind to convalesce

  • Provide financial support if professionals are needed

  • Cover certain medical fees or treatment options your provincial health care won't cover

  • Help to repay the debt that may have built up during the period of illness

4. Private health insurance

If you are new immigrants just arriving in Quebec, there is 3-month waiting period for the health insurance card which issued by Régie de l’assurance maladie. Therefore, it is highly recommended to buy a private health insurance for the 3 months.

After geting the provincial health insurance card, you probably also want to have a private health insurance, which covers the area that does not covered by provincial health plans like:

  • Prescription drugs to treat a chronic or serious disease 

  • Emergency medical services provided in another country

  • Practitioners like physiotherapists to improve health or help with recovery

  • Medical equipment to assist mobility

You have more questions about insurance? Contact us for more information and get a quote today!