Heartland Farm Mutual Car Insurance Rates Review & Ratings

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Heartland Farm Mutual Car Insurance
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Two prominent insurance companies merged to form Heartland Farm Mutual Inc in January 2016. These were the Oxford Mutual Insurance and North Waterloo Farmers Mutual. These 2 companies had over 250 years of insurance history together in rural Ontario. Two farm mutual insurance companies amalgamated to form Oxford Mutual Insurance in 1973. Those 2 companies had a strong history since 1878. They operated in the rural communities of Elgin, Perth, Oxford and Middlesex counties in Ontario. Initially, they offered fire insurance policies but began to provide other coverage as per market requirement.

Heartland Farm Mutual offers home, farm, agribusiness, commercial and auto insurance and plans to continue the tradition of both North Waterloo Farmers Mutual and Oxford Mutual of supporting the rural community in Ontario. Both North Waterloo Farmers Mutual and Oxford Mutual were highly regarded by the rural community in Ontario, so the new company formed from their merger, Heartland Farm Mutual Inc, builds on a strong base.

Heartland Farm Mutual History

Both North Waterloo Farmers Mutual (founded in 1874) and Oxford Mutual (formed in a merger in 1973) conducted reviews about the feasibility of a merger before agreeing to one. The companies complement each other well, including similarities in culture, strategies, and operations. The merger is advantageous for both brokers and clients as they get to benefit from the combined product portfolios as well as from a number of new products and services. Because of the enhanced capacity to invest in technology, the newly formed Heartland Farm Mutual is able to provide better products, services, and attractive discounts. Using a network of brokers and agents to sell its products, Heartland offers personal property and casualty insurance coverage, though its focus is on the farm and commercial insurance.

Heartland Farm Mutual Outlook

The new entity formed from the merger offers much better long-term financial security to clients, as well as a lower expense ratio. The new company passes the Minimum Capital Test, which is used by regulators to measure fiscal strength. The merger allows both North Waterloo Farmers Mutual and Oxford Mutual to benefit from an increased growth potential because of a much larger share in the existing market territory and allows the new company to expand to other parts of Ontario and Canada. Heartland Farm Mutual has a larger financial base while maintaining its existing infrastructure. It is expected to grow stronger with expansion in different parts of Ontario. Already, Heartland Farm Mutual has access to annual written premiums of over $100 million, with more than 50,000 policies across Ontario.

Helen Johns, chairperson of North Waterloo Farmers Mutual is very confident about the merger and its potential for the future. As Ms. Johns explains the merger creates a strong mutual p&c insurance company, able to compete. Improving the ability to spread risk and be more efficient to bring stronger results. All of this will add financial strength, stability, and security for the shareholders.

North Waterloo Farmers Mutual started as early as 1874 by some farmers from Waterloo townships in Ontario. Since then they progressed and became one of the biggest farm insurance providers in Ontario by 2014. The Oxford Mutual Insurance merged with the North Waterloo Farmers Mutual Insurance Company in 2015. Currently, Heartland insurance products are sold by independent insurance agents and brokers only in Ontario.

Heartland Farm Mutual Car Insurance Market Share Review

Heartland Farm Mutual Inc Market ShareQuarterYear
0.31%Q32016
0.31%Q12016
0.31%Q32015
0.29%Q12015
0.29%Q42013
0.29%Q32013
0.29%Q12013
-3.17%Q32012
0.29%Q22012
0.27%Q12012
0.27%Q42011
0.12%Q32010
0.12%Q22010
0.64%Q12010

2010-2011 Market Share Review

Heartland Farm Mutual did not have any rate filings in the 4th quarter of 2010. The market share was 0.64% in the 1st quarter of 2010. This declined to 0.12% in the 2nd quarter of 2010 and stayed stable in the 3rd quarter of 2010. There was an increase in the market share of 0.27% in the 4th quarter of 2010. They did not have any rate filings in the 1st, 2nd and 3rd quarters of 2011.

2012-2013 Market Share Review

There were no rate filings approved in the 4th quarter of 2012. The market share stayed stable at 0.27% in the 1st quarter of 2012. This marginally increased to 0.29% in the 2nd quarter of 2012. There was a decrease in the market share of 3.17% in the 3rd quarter of 2012. Heartland Farm Mutual did not file for rate changes in the 2nd quarter of 2013. The market share was stable at 0.29% in the 1st, 3rd and 4th quarters of 2013.

2014-2016 Market Share Review

They had no rate filings in 2014. The market share continued to stay at 0.29% in the 1st quarter of 2015. This marginally increased to 0.31% in the 3rd quarter of 2015. There were no rate change filings in the 2nd and 4th quarters of 2015. In the 2nd quarter of 2016, there was no rate change filing and the data for the last quarter is not updated yet. Their market share was stable at 0.31% in the 1st and 3rd quarters of 2016.

Heartland Farm Mutual Car Insurance Rate Changes Review

QuarterYearHeartland Farm Mutual Inc Rate Change Approved %
Q32016-5.37%
Q12016-2.20%
Q32015-1.52%
Q12015-1.09%
Q42013-6.57%
Q32013-1.05%
Q12013-3.17%
Q320122.46%
Q220120.00%
Q12012-0.46%
Q420110.00%
Q320100.00%
Q22010-3.35%
Q12010-0.10%

2010 – 2011 Rate Change Review

Heartland Farm Mutual had no rate change approvals in the 4th quarter of 2010. The rate change approved in the 1st quarter of 2010 decreased by 0.10%. There was a further drop in the rate change approved in the 2nd quarter of 2010 by 3.35%. The rate for the 3rd quarter of 2010 did not change. They did not file for any rate changes in the 1st, 2nd and 3rd quarters of 2011. There was no change to rate approved in the 4th quarter of 2011.

2012 – 2014 Rate Change Review

There were no rate changes approved in the 4th quarter of 2012. The rate change approved in the 1st quarter of 2012 declined by 0.46%. There was no change to rate in the 2nd quarter of 2012. The 3rd quarter of 2012 saw an increase in the rate by 2.46%. They did not file for any rate changes in the 2nd quarter of 2013. The rate changes approved decreased by 3.17%. In the 3rd quarter of 2013, the rate change approved dropped by 1.05%. There was a decline in the rate change approved in the 4th quarter of 2013 by 6.57%. Heartland Farm Mutual did not file for any rate changes in 2014.

2015 – 2016 Rate Change Review

They did not file for any rate changes in the 2nd and 4th quarters of 2015. The rate change approved in the 1st quarter of 2015 decreased by 1.09%. Around 39 insurance companies filed for rate changes in that quarter. They represented 73.48% of the insurance market. The rate change approved by FSCO further declined by 1.52% in the 3rd quarter of 2015. About 40 insurance companies filed for rate changes in the same quarter. They represented 77.45% of the industry.

There were no rate changes approved in the 2nd quarter of 2016 and there is no data for the 4th quarter of 2016. In the 2nd quarter of 2016, the rate change approved decreased by 2.20%. That quarter saw 50 insurance companies file for rate changes. They were representing 83.36% of the market. The rate change decreased by 5.37% in the 3rd quarter of 2016.

Heartland Farm Mutual Auto Insurance Discounts

Heartland Farm Mutual offers discounts for car insurance policies.

  • You may get a discount of 18% on most coverage when you insure more than one car. For insuring your home and auto insurance you may get a discount of 15%.
  • If you are a mature driver aged between 50 years to 74 years with a good driving record more than 10 years then you may get savings.
  • Cars located on a farm and used personally can get a special farmer rate discount of 40%.
  • Students who attend school away from home may get a discount of up to 60% on certain coverage.
  • In case you drive a distance of 5km only one way to commute to work then you may get a discount of 5%.
  • When you are insured with Heartland for 3 years then you may qualify for a 5% discount and for seven years you may get a 10% discount.
  • Retired drivers may get a 10% discount for a specific coverage.
  • For the age group between 45 to 49 and 75 or more, you may qualify for a discount.
  • Installing winter tires will get you a 2% discount.
  • When you increase deductible for the collision to $1000 from $500 you may get a 15% discount. If you increase your collision deductible to $2500 from $500 then you may get a 26% discount.

Optional Coverage You May Consider Buying With Heartland Farm Mutual

Protection Plus

There is optional coverage that Heartland Farm Mutual offers for car insurance policies. Some of the special endorsements that you could add to your car insurance policy are as follows:

  • Protection Plus or FMCF01: This endorsement will protect your driving record for your 1st at-fault accident at a $40 fee.
  • Emergency Road Service Excess or FMCF35: You may claim for reimbursement of up to $50 per road emergency service.
  • Depreciation Deduction Removal or OPCF 43: The depreciation of your new vehicle will be waived when there is a loss within 2 years of delivery date.
  • Family Protection Coverage or OPCF 44R:  – Family Protection Coverage – This endorsement will cover you and your family against any claim for bodily injury from your insurance company. This applies when an at-fault motorist who has less or no insurance caused the damage.

Heartland Farm Mutual Car Insurance Cancellation Policy

If you wish to cancel your car insurance policy then you may contact your local agent or broker. You may also call the head office on 519.886.4530 or 1800.265.8813 and inform them to cancel your policy. In case you wish to send your cancellation request in writing then you may mail it to the head office or one of the regional offices. They may issue a refund based on the policy term and it could be calculated on a short rate basis. This means that you may have to pay a cancellation fee for policy handling.

Making Heartland Farm Mutual Car Insurance Claim

You may contact your agent or broker to report a car insurance claim. If you are not able to reach them then you may call the contact number for emergency claims support. Their phone number is 1800-265-8813 and the fax number to send any documents to support your claim is 519-746-0805. To report a claim in the U.S. you may call on 519-746-0805. In case you wish to send an email to the claims department then you can send it to claims@heartlandfarmmutual.com.

How Can I Get Heartland Farm Mutual Car Insurance Quote

Independent insurance agents and brokers sell Heartland Farm Mutual car insurance products only in Ontario. If you wish to locate your nearest broker then you may use the online tool.  You can search by postal code or name of the agent or broker.

Contact Methods For Heartland Farm Mutual Insurance

Agent or Broker:  You may search for an agent or a Broker using postal code and name online.

Payments: If you need to contact the billing team then you may send an email to billings@heartlandfarmmutual.com. The fax number to send your documents to the billing department is 519-886-1630.

Mail: The mailing address to write to the head office is 100 Erb Street, East Waterloo, ON N2J 1L9. The regional office address is 682794 Road 68, RR 4, Box 430 Thamesford, ON N0M 2M0.

Phone: If you wish to contact the head office then you may call on 519.886.4530 or 1800.265.8813. The contact numbers for the regional office are 519.285.2916 and 1800.461.6933.

Fax: In case you wish to fax any documents to the head office then you may fax it to 519-746-0222. The fax number for the regional office is 519-285-3099.


Disclaimer

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


References:

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

https://www.heartlandfarmmutual.com/sites/default/files/editor_images/Car%20Insurance%20Coverage%20Options.pdf

https://www.heartlandfarmmutual.com/claims/report-claim


 

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