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Economical Insurance was founded in Kitchener (then known as Berlin), Ontario, in 1871, by a group of citizens seeking to pool resources, making the community more resilient in the wake of setbacks. At the time, it was called the Economical Mutual Fire Insurance Company.
In 2021, a demutualization process was completed, and the company was reorganized under a new parent company Definity Financial Corporation.
Definity Financial Corporation was subsequently listed on the Toronto Stock Exchange (TSX).
Over its history, through several mergers and acquisitions, Economical Insurance has grown to become a leading national property and casualty (P&C) insurance brand offering a wide range of insurance lines. These include:
Auto
Home
Commercial
Agricultural
The insurance products above are available through a coast-to-coast network of independent Economical Insurance brokers. Ask an insurance professional how to take advantage of deals, including home and car insurance bundle discounts, renewal discounts and discounts for having more than one car insured with Economical.
Customers with multiple accidents or claims can get an Economical insurance quote for the company's high-risk auto insurance products. The company even offers high-risk home insurance. Ask your Economical broker or agent for details.
According to the Financial Services Regulatory Authority (FSRA) of Ontario, Economical's 2020 private passenger automobile direct written premium market share in Ontario is 5.9465%.
The FSRA also reports the most recent rate increases for Economical Insurance. Effective May 1, 2021, Economical enacted an approved rate change of –0.11%. The most recent rate changes include:
Read on to learn more about what Economical auto insurance can offer you. Use our online tool to compare Economical auto insurance quotes and quotes from 50+ Canadian car insurance providers.
As a national insurance brand, Economical Insurance can meet many insurance needs. Here are several highlights of what Economical offers clients:
Variety of vehicle coverage: Multiple types of Economical auto insurance are available, including for antique vehicles, ATVs, motorcycles and motorhomes.
High-risk auto insurance: Non-standard auto insurance for high-risk customers with a poor driving record. If you have an impaired driving conviction, license suspension or have made frequent claims, you can still get coverage from Economical insurance.
Discounts: Economical car insurance discounts are available for accident- or conviction-free drivers, experienced drivers, and vehicles with anti-theft devices installed.
24-hour claim service: Economical Insurance has more than 600 claims professionals working to provide 24-hour service for Economical car insurance customers who file claims.
Certified partners: Economical Insurance works with partners, including Certified Economical Repair Facilities (CERF) and Certified Economical Quality Contractors (CEQC), to make necessary repairs quickly. Special services include on-site car rental pick-up at CERFs and a two-year guarantee on property repairs and restoration by CEQCs.
What is Economical Insurance called now?
Following the demutualization of Economical Mutual Insurance Company in 2021, a newly created company, Definity Financial Corporation, became the parent of Economical Insurance, Family Insurance Solutions Inc., Petline Insurance Company, and Sonnet Insurance Company.
While Economical Insurance's legal name is now Definity Insurance Company, it continues to do business as Economical -- the same brand name it has used since its launch in 1871.
Need to contact Economical Insurance with general inquiries about their company or insurance products? Economical has several offices across the country, so you can reach out to the nearest one using the following contact information.
111 Westmount Road South, P.O. Box 2000,
Waterloo, Ontario N2J 4S4
Local phone: 519-570-8200
Toll-free phone: 1-800-265-2180
Fax: 519-570-8389
Calgary
322 11th Avenue SW, Suite 700,
Calgary, Alberta T2R 0C5
Local phone: 403-265-8590
Toll-free phone: 1-800-562-1180
Fax: 403-264-2591
Edmonton
10158 103 Street, Suite 300
Edmonton, Alberta T5J 0X6
Local phone: 780-426-5925
Toll-free phone: 1-800-661-3274
Fax: 780-428-6166
Vancouver
1055 West Georgia Street, Suite 1900,
P.O. Box 11112, Royal Centre,
Vancouver, British Columbia V6E 3P3
Local phone: 604-681-2037
Toll-free phone: 1-866-681-2037
Fax: 604-684-1197
Halifax
238A Brownlow Avenue,
Park Place II, Suite 310,
Dartmouth, Nova Scotia B3B 2B4
Local phone: 902-835-6214
Toll-free phone: 1-800-278-9639
Fax: 902-835-8503
Executive Office
121 King Street West, Suite 1400,
Toronto, Ontario M5H 3T9
Local phone: 647-260-3680
Toll-free phone: 1-800-265-9996
Fax: 647-260-3670
Kitchener-Waterloo
590 Riverbend Drive,
Kitchener, Ontario N2K 3S2
Local phone: 519-570-8335
Toll-free phone: 1-800-265-4562
Fax: 519-570-8312
London
148 Fullarton Street, PO Box 817,
Talbot Centre, Suite 1200,
London, Ontario N6A 4Z4
Local phone: 519-673-5990
Toll-free phone: 1-800-265-4441
Fax: 519-661-0085
Metro Insurance Centre
5700 Yonge Street, Suite 1800,
Toronto, Ontario M2M 4K2
Metro personal insurance inquiries
Phone: 416-590-0038
Toll-free: 1-800-268-8801
Fax: 416-590-0869
Metro commercial insurance inquiries
Phone: 416-733-1777
Toll-free: 1-866-251-9075
Fax: 416-733-1463
Mississauga Customer Contact Centre
77 City Centre Drive, Suite 400,
Mississauga, Ontario L5B 1M5
Phone: 1-800-607-2424
Fax: 905-896-2698
Fax (New claims only): 905-896-7857
Ottawa
343 Preston Street, Suite 500,
Ottawa, Ontario K1S 1N4
Local phone: 613-567-7060
Toll-free phone: 1-800-267-8318
Fax: 613-567-6981
Montreal
800 Rene-Levesque Blvd. West, Suite 2000,
Montreal, Quebec H3B 1X9
Local phone: 514-875-5790
Toll-free phone: 1-800-361-7573
Fax: 514-875-9769
Customers can file Economical insurance claims directly with their brokers. Can’t reach them? Economical has a 24-hour claims service line at the ready to assist.
24-hour claims service line
Quebec: 1-888-875-8088
Elsewhere in Canada: 1-800-607-2424
Complaints
For Economical Insurance complaints, talk to your Economical auto insurance broker first. If this doesn’t resolve the problem, the company has further steps that clients can follow to deal with complaints. The next step is to escalate the issue to Economical using one of the following contact numbers:
Personal insurance
Auto or property policy inquiries (including billing-related)
1-844-327-2227 (option 2)
Commercial insurance
Commercial policy inquiries (including billing-related)
1-844-327-2777 (option 3)
Agribusiness (Farm) insurance
Atlantic & Ontario: 1-800-265-4030
British Columbia & Western Canada: 1-800-669-5057
Quebec: 1-800-361-7573
Insurance claims
For claims related-complaints call the Economical Insurance 24-hour claims service line.
If these steps don’t work, clients can contact the Economical Insurance internal ombudsman with concerns.
Mailing address
Office of the Ombudsperson
111 Westmount Road South
P.O. Box 2000
Waterloo, Ontario N2J 4S4
Phone, fax, email
Phone: 1-800-265-9996 (ext. 48215)
Fax: 519-570-8550
Email ombudsperson@economical.com
If Economical’s final ombudsman response isn’t satisfactory, clients can elevate their concerns to provincial insurance regulators (ex: Autorité des marchés financiers (AMF) in Quebec) or an independent dispute resolution service like the General Insurance OmbudService with their concerns.
GIO contact
Web address
www.giocanada.org
Mailing address
General Insurance OmbudService
4711 Yonge Street, 10th Floor
Toronto, ON M2N 6K8
Phone, fax, email
Phone: 1-877-225-0446
Fax: 416-299-4261
Email: info@giocanada.org
Following the demutualization of Economical Mutual Insurance Company in 2021, a newly created company, Definity Financial Corporation, became the parent of Economical Insurance, Family Insurance Solutions Inc., Petline Insurance Company, and Sonnet Insurance Company.
While Economical Insurance’s legal name is now Definity Insurance Company, it continues to do business as Economical -- the same brand it has used since its launch in 1871.
Yes, Economical Insurance's parent company, Definity Financial Corporation went public on the Toronto Stock Exchange (TSX) on Nov. 18, 2021. It trades under the symbol DFY.
Definity Financial Corporation was created following the demutualization of Economical Insurance. Its initial public offering was one of the largest in recent Canadian history.
It is the parent of Economical Insurance and three other insurance companies, including web-based brand Sonnet Insurance Company.
Over the years, Economical Insurance has acquired or merged with companies to grow its Canadian market footprint. Since the turn of the millennium, Economical has:
The company made five notable acquisitions prior to the millennium. In 1997, it also amalgamated with Western General, which became Economical's farm division. This growth strategy has allowed the company to have a national presence in auto, commercial, farm and home insurance.
When a mutual insurer -- an insurance company owned by policyholders -- undergoes a demutualization process when it converts into a shareholder-owned corporation.
Economical was a mutual insurance company for 150 years before demutualizing in 2021, in advance of parent company Definity Financial Corporation becoming a publicly traded company. Financial benefits were distributed among eligible policyholders as part of the demutualization process.
Demutualization benefits came from selling shares of the new company to investors and private placements where stock was sold in advance to select investors and institutions. Two categories of eligible policyholders received demutualization payouts per the company's conversion plan:
Further restrictions may have applied to both categories. Eligible policyholders were contacted by the insurer during the process and will have already received a cheque from Definity Financial Corporation.
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