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Economical Car Insurance

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Written by Alexandra Bosanac

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About Economical Insurance

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

  • Cars, vans, trucks, and SUVs
  • High-risk auto insurance
  • Motorcycles
  • Motorhomes and campers
  • Snowmobiles and ATVs

Home

  • House and condo
  • Cottage
  • Landlord
  • Tenant

Commercial

  • Commercial property insurance
  • Liability insurance
  • Commercial vehicle insurance
  • Surety bonds

Agricultural

  • Farm insurance
  • Premier cash crop insurance

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:

  • 4.09% approved rate change (Effective May 29, 2020)
  • 6.20% approved rate change (Effective Nov. 25, 2019)
  • 11.4% approved rate change (Effective May 23, 2019)

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.

What does Economical Insurance offer?

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.

Economical Mutual Insurance Company Contact Information

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.

Head Office

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

Alberta

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

British Columbia

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

Nova Scotia

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

Ontario

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

Quebec

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

Claims

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

Frequently asked questions about Economical Insurance

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 it has used since its launch in 1871.

Is Economical Insurance going public?

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.

Who did Economical Insurance buyout?

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:

  • Merged with Langdon Insurance (2004)
  • Purchased the commercial portfolio of the Hartford Insurance Company of Canada (2001)
  • Purchased Federation Insurance (2000)

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.

Why did I receive a cheque from Economical demutualization?

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:

  • Policyholders of Economical mutual policies until Dec. 14, 2015
  • Policyholders of Economical non-mutual policies from Nov. 4, 2014 to Dec. 14, 2015 at minimum.

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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