RBC Car Insurance Review

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RBC General Insurance Company Overview

company overview

If you are looking for an insurance company that has a huge financial backing and that has a big brand name, you might be hard pressed to find something like RBC General Insurance. The Royal Bank of Canada was founded way back in 1864 in Halifax, Nova Scotia. The company is traded on the TSX, NSYE as well as SIX. RBC employs around 80,000 employees and they don’t just offer insurance to their customers, they have a ton of other products to offer. RBC is the largest bank in Canada with over 16 million clients. This is the main reason that Aviva Canada Inc. decided to purchase RBC General Insurance Company in 2016 in a 582 million dollar deal. In 2015 the company was ranked 20th in the country for insurance company profits with a total profit of $32,325,000.

Products Offered by RBC General Insurance

One of the main reasons why you may want to go with RBC other than convenience is because of all of the insurance coverage options they offer. This is one of the most diverse insurance companies on the market. The company offers a ton of insurance experience and a team that can not only just help you with insurance, but all your financial worries. If you need help deciding if RBC General Insurance is the right insurance company for you, here are some of the products that they currently offer:

Home Insurance:

  • Condo
  • Seasonal home
  • Tenant
  • Average home
  • Property damage
  • Content insurance
  • Environmental damages

Vehicle Insurance:

  • Liability
  • Collision
  • Comprehensive (theft, fire vandalism etc.)
  • ATV, motorcycle, motor home, snowmobile and other vehicles

Life Insurance:

  • Disability
  • Critical illness
  • Hospital/ recovery expenses
  • Accident
  • Permanent and term

Loan, Credit card, and mortgage:

  • Loan protector
  • Mortgage protector
  • Credit card balance protector

Travel Insurance:

  • Trip cancellation/ interruption
  • Emergency medical coverage
  • Medical travel

RBC General Insurance Car Insurance Review

If you are still a little unsure about RBC General Insurance Company, you may want to learn what total written auto premium means.  Luckily, this term is quite simple and easy to understand. The total written auto premium for an insurance company is essentially a collection of all of the premiums together before any claims are deducted or profits are taken. The number is a great way to determine how well the insurance company is doing in the business. It is a good way to be able to tell if the company is going to be able to pay all of its client’s claims and it is definitely something you should pay attention to. The RBC General Insurance total written auto premium was $620,118,000. Just a small portion of the largest bank in Canada’s business and definitely a number that should be more than capable of covering client’s claims.

RBC Car Insurance Products Review:

insurance

Liability:

If you happen to end up being legally responsible for injuring another person, there are insurance policies you can get that can cover you. Injuring someone can put anyone in a massive financial state of despair, which is why you might want to consider grabbing some. You can choose to get different amounts of coverage to give you peace of mind.

Death Protection/ injury:

If you get in an accident and die or can’t replace the income that you lost as a result of your accident, you can get insurance coverage from RBC to protect you. They also offer the option to pay for medical and rehabilitation in the case of injury. RBC will even pay the medical bills that are not covered under regular government health insurance. You might be surprised just how much medical bills can cost, even when you are living in a “free healthcare” society. Definitely, something to keep in mind when deciding which options you want to be attached to your premium.

Uninsured Motorist:

If you happen to get into an accident and the other driver had no insurance, you can get insurance to make sure you are covered. RBC offers insurance that will give back to your family in the event that you are killed or injured as a result of an accident with an uninsured driver. You can also get coverage for hit and run accidents if you really want some peace of mind.

Forgiveness:

If you are worried about getting into an accident while you are driving for whatever reason, RBC can offer you some peace of mind. They have a policy available that forgives you in the event of an at fault accident. If you have this policy it will protect your good driving record and keep your premiums low, which will result in a lot of money saved for you, especially if you are a young and inexperienced driver.

Alternate Transport:

If you are constantly in the repair shop with your vehicle or are in an area where you think it might be stolen, you may want to consider grabbing this coverage. The alternate transport coverage will cover the cost of transportation while your car is getting fixed or attempting to be found. The cost of a rental car can be quite expensive so this coverage could definitely save you some money over time.

Total Sales/ ranking by province:

ranking

If you think you might be interested in going with RBC General Insurance, you may first want to stop and consider how popular they are where you live. Looking at popularity can help to give you a better idea as to whether or not RBC has good quality insurance plans to offer. If the company is popular in your area, they are likely easy to find, have good plans available and have the products that you desire. To help you be able to find this out, we have created a table for you. This table shows the total direct written premiums by province compared with the other top 30 insurance companies. Here are the results we found with the 2015 data:

Province:Direct Written Premiums 2015Ranking on Top 30
Newfoundland10,104,0007
Prince Edward Island2,730,00011
Nova Scotia11,286,00013
New Brunswick8,998,00013
Quebec14,627,00017
Ontario507,364,00010
Manitoba471,0008
Saskatchewan461,00012
Alberta60,924,00014
British Columbia2,319,00010
Yukon Territory295,00012
Northwest Territories323,00013
Nunavut216,0008

Resources:

https://www.rbcinsurance.com/personal.html

https://en.wikipedia.org/wiki/Royal_Bank_of_Canada

https://www.rbcinsurance.com/car-insurance/endorsements-riders.html

https://www.rbcinsurance.com/car-insurance/collision-comprehensive-insurance.html