Does the Bank of Montreal Sell Auto Insurance?

No, as far as we can tell the Bank of Montreal (BMO) does not sell car insurance. They offer life insurance, mortgage protection, critical illness insurance, accident insurance, travel insurance and income annuities. You can also purchase insurance for your BMO MasterCard, which can help maintain your credit rating and protect the balance of your credit card.

About BMO

The Bank of Montreal was established in 1811 and is headquartered in Canada. The BMO Financial Group serves more than 12 million customers around the globe and is the fourth largest bank in the country.

BMO provided Canada’s first widely circulated currency. The company has played a major and continuing role in the development of Canada and is also a significant presence in the United States and world markets.

The Bank of Montreal is a member of Interac, MasterCard International, the Cirrus Network, Air Miles and the Canadian Bankers Association (CBA). They are a registered member with the Canada Deposit Insurance Corporation (CDIC), which is a federal agency insuring deposits for Canada’s largest banking institutions.

How Automobile Insurance Rates Are Set in Canada

Insurance rates are determined by a few factors including your personal driving profile (driving record, age, location, how much you drive), your deductibles, your coverage amounts, and your insurer. Insurance companies will sometimes charge vastly different premiums for the exact same coverage. This is another reason why you should get a few insurance quotes before purchasing. There are certain criteria that your insurance company can not use when determining your premiums. These factors include your employment status, credit history, time length living in your home, leasing information, ownership of a credit card, previous bankruptcy, and whether you have had periods with no car insurance in the past.

Important Things to Know When Buying Insurance

  • If you change insurance companies or cancel a policy you will likely have to pay a penalty.
  • Vehicle owners are liable if an accident occurs while someone else is using their vehicle.
  • Most insurance policies require you to contact the insurance company within one week of any accident, even if you are not at fault.
  • If you give your insurance company false information then your policy may be canceled.
  • If you don’t want to renew your coverage you must still contact your insurance provider to let them know. Otherwise your policy may be cancelled for non-payment, which can mean higher premiums next time you go to insure a vehicle.

Where Can You Find Car Insurance Then?

BMO doesn’t offer car insurance but there are hundreds of other companies providing auto coverage in Canada.

One quick way to get car insurance is to compare prices from a number of providers on the Internet. Our website doesn’t have any way to get coverage but you can try searching on Google or you can go through our Company Profile section to find a company that might suit your needs.

Other Insurance Companies in Canada

  • AMA Car Insurance – The Alberta Motor Association has more than 900,000 members. Their automobile products include warranties, personal vehicle insurance, recreational vehicle insurance, and commercial car insurance. By insuring two or more vehicles you can save 10% on your premiums.
  • President’s Choice – PC Financial has a variety of investment, mortgage, credit card, and banking solutions for Canadians. You can currently get travel, pet, and auto insurance quotes on the PC Financial website.
  • Desjardins Car Insurance – Desjardins Insurance provides coverage to residents of Ontario, Quebec, and Alberta. They also have a mobile site that lets you to get a quote from your smart phone.
  • Economical Mutual Insurance – If you need personal automobile, personal liability, or personal property insurance then look no further than The Economical Insurance Group.
  • Echelon – The Echelon General Insurance Company provides vehicle insurance for antique cars, motor homes, motorcycles, ATVs, travel trailers, and other non-standard vehicles.