Cumis Car Insurance Rates Review & Ratings in Canada

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Cumis Auto Insurance
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The Cumis Group Ltd offers many insurance products to around 380 credit unions across Canada and has over 5 million members. The Central 1 Credit Union and the Co-operators Life Insurance Company own Cumis. They partner with credit unions and offers different types of insurance services. These include life, home, disability, critical illness, mortgage and credit protection, employee and travel benefits, liability, business, and property insurance. Cumis also specializes in wealth management services such as group retirement plans, education sessions, and financial tools for credit unions. Cumis General Insurance Company and Cumis Life Insurance Company are Cumis Group’s principal companies. They also have 50% stake in Credential Financial Inc. The Cumis General Insurance Company underwrites the auto policies and HB Group Insurance Management Ltd administers the insurance policies.

Cumis Car Insurance Market Share

CUMIS General Insurance Company Market ShareQuarterYear
0.36%Q12016
0.36%Q32015
0.37%Q12015
0.37%Q12014
0.37%Q32013
0.34%Q22012
0.30%Q42011
0.27%Q22010
0.26%Q12010

 

2010-2011 Market Share

Cumis did not file for rate change approval in the 3rd and 4th quarters of 2010. The market share was 0.26% in the 1st quarter of 2010. This marginally increased to 0.27% in the 2nd quarter of 2010. They did not file for rate change approvals in the 1st, 2nd and 3rd quarters of 2011. The market share marginally increased to 0.30% in the 4th quarter of 2011.

2012-2013 Market Share

There were no rate change approvals in the 1st, 4th and 3rd quarters of 2012. Their market share increased to 0.34% in the 2nd quarter of 2012. Cumis did not file for rate change approval in the 1st, 2nd and 4th quarters of 2013. The market share increased to 0.37% in the 3rd quarter of 2013.

2014-2016 Market Share

They did not file for rate change approvals in the 2nd, 4th and 3rd quarters of 2014. The market share was stable at 0.37% in the 1st quarter of 2014. They had no rate changes approved in the 2nd and 4th quarters of 2015. Their market share was stable at 0.37% in the 1st quarter of 2015. Around 39 insurance companies filed for rate changes in that quarter. They represented 73.48% of the insurance market. This marginally dropped to 0.36% in the 3rd quarter of 2015. In that quarter about 40 insurance companies filed for rate changes. They were representing 77.45% of the industry.

Cumis did not file for rate change approvals in the 2nd and 3rd quarters of 2016 and there is no data for the 4th quarter of 2016. The market share was stable at 0.36% in the 1st quarter of 2016. In the same quarter around 50 insurance companies filed for rate change approvals. They represented 83.36% of the industry.

Cumis Car Insurance Rate Changes

QuarterYear           CUMIS General Insurance Company Rate Change Approved %
Q120168.99%
Q32015-1.94%
Q12015-1.15%
Q12014-13.60%
Q32013-0.95%
Q22012-0.04%
Q420116.49%
Q220100.00%
Q120100.00%

 

2010 – 2011 Rate Change Review

Cumis had no rate change approval in the 3rd and 4th quarters of 2010. Their rates did not change in the 1st and 2nd quarters of 2010. There were no rate changes approved by FSCO in the 1st, 2nd and 3rd quarters of 2011. The rate change approved in the 4th quarter of 2011 increased by 6.49%.

2012 – 2014 Rate Change Review

They had no rate change approvals by FSCO in the 1st, 3rd and 4th quarters of 2012. Their rate change approved in the 2nd quarter of 2012 marginally decreased by 0.04%. Cumis did not file for rate changes in the 1st, 2nd and 4th quarters of 2013. The rate change approved in the 3rd quarter of 2013 decreased marginally by 0.95%. They did not file for rate change approvals with FSCO in the 2nd, 3rd and 4th quarters of 2014. There was a drop in the rates approved in the 1st quarter of 2014 by 13.60%.

2015 – 2016 Rate Change Review

In the 1st quarter of 2015, the rate changes approved by FSCO marginally decreased by 1.15%. That quarter saw 39 insurance companies filing for rate change approvals. They represented 73.48% of the insurance market. This further dropped by 1.94% in the 3rd quarter of 2015. Around 40 insurance companies filed for rate change approvals in the same quarter. They were representing 77.45% of the industry.

Cumis did not file for rate change approvals in the 2nd and 3rd quarters of 2016. Their rate change approved by FSCO increased by 8.99%. About 50 insurance companies filed for rate changes in that quarter. They represented 83.36% of the insurance market.

Cumis Auto Insurance Discounts

Cumis gives savings or discounts on car insurance policies for many factors. Some of them are as follows.

  • When you have no claims for a certain number of years then you may get a discount.
  • If you insure more than one car with Cumis then that may get you a discount.
  • You may get a discount when you are insured with Cumis or your previous insurance company for 3 or more years on a continuous term.
  • An occasional driver who is a student attending school away from home could get a discount.
  • A mature driver with a good driving record could get a discount.
  • If you are a retired driver with the good driving record then that could also get you a discount.
  • In case you have installed an anti-theft system on your car for protection then you may get a discount.
  • Bundle home and auto insurance policies to get a discount.

Optional Coverage You May Consider Buying With Cumis

Cumis offers optional coverage that you could purchase apart from your mandatory car insurance in Ontario. There are also special endorsements that you could add to your car insurance policy for enhanced protection from loss. Driving Record Protector is an optional coverage that will protect you in the case of your 1st at fault accident. You may also choose one of the packages mentioned below as additional coverage.

Emergency Road Service

Package 1

  • Replacement Transportation: This will cover your expenses for taxi, rental car or public transit when you cannot use your damaged car during its repair.
  • Damage to Vehicle that is Non-Owned: The coverage protects you from obligations if you damage a car that you damage while using it.
  • Limited Waiver of Depreciation for Leased & Owned Cars: You may get replacement value for a new car if it is a write-off or stolen within 24 months.
  • Emergency Road Service: You may claim for towing and emergency hotel and road service expenses with this coverage when your car is damaged.

Package 2

In this package, you may get all of the above coverage except the Limited Waiver of Depreciation for leased & owned cars.

Cumis Car Insurance Cancellation Policy

You may cancel your Cumis car insurance policy anytime and do not have to wait till renewal. When you cancel your car insurance policy midterm then Cumis will use a short rate method to calculate your refund. To save this cost you may cancel your policy at renewal. This will depend on what time of the policy term you request for cancellation.

Making Cumis Car Insurance Claim

To make a claim you may call 1800.810.2847 and this number can be reached anytime on all days of the week. You may send documents to support your claims such as guarantees, appraisals, police report number and warranties. There are many repair shops that Cumis prefers across Canada. They offer guaranteed work till the time you own the car. You may choose one these preferred shops or your local body shop.

How Can I Get Cumis Car Insurance Quote

To get a car insurance quote you can call on 1800-810-2847. You may also contact your credit union and get a quote online on their website. There is also an option to ask them to contact you either my mail, fax or email. They will give you a quote as per your vehicle and driver profile.

Contact Methods For Cumis Insurance

The following methods can be used to contact Cumis about your car insurance policy.

  • Phone:  You may reach Cumis by calling 905.632.1221 or Toll-free 1800.263.9120. This number can be contacted on weekdays EST 8 am to 8 pm.
  • Fax: The fax number to send your documents is 1888.770.7951.
  • Mail: The mailing address for Cumis is P.O. Box 5065, 151 North Service Road Burlington, ON L7R 4C2.
  • Website form: The form on the website can help you contact Cumis about your query.
  • Online sign-in: You may sign in to your account to review or make any changes to your policies.
  • Accounting department: The address to reach the billing department is 5600 Cancross Court Mississauga, ON L5R 3E9.

Disclaimer

We are not affiliated and make no representations or warranties, recommendations or endorsements of Cumis Insurance. This article is our review of Cumis Insurance for information purposes only.  The logos, trademarks, and copyrights mentioned in this article belong to the Cumis Insurance.


References:

https://www.fsco.gov.on.ca/en/auto/rates/pages/default.aspx

https://www.Cumis.com/en/pages/Contact-Us.aspx

https://www.Cumis.com/en/products-services/home-auto-insurance/Pages/auto-insurance.aspx

https://www.Cumis.com/en/claims/Pages/home-auto.aspx

https://www.Cumis.com/en/products-services/home-auto-insurance/Documents/CUMIS-HomeAndAuto-JustTheFacts.pdf


 

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