Optimum Car Insurance Rates Review & Ratings

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Optimum Car Insurance
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Optimum General Inc has 3 subsidiaries that have 8 sub-divisional branches across Canada. The subsidiaries are Optimum West Insurance, Optimum Insurance Company Inc and Optimum Farm Insurance Inc. The 3 main subsidiaries have offices in Montreal, North Bay, Quebec, Winnipeg, Toronto, Vancouver, Edmonton, and Trois-Rivières. These 3 companies provide insurance products to businesses and individuals across Canada. The Optimum Group is a Canadian underwriter who offers property and casualty insurance all over Canada since 1976. The distribution network consists of over 600 insurance brokers spread across over 1100 areas.  There are over 200 employees across Canada.

In 1983, the Optimum Group acquired British Columbia Insurance Company. They also acquired the Northern Frontier Insurance Company in 1985. All these merged together to form the Optimum General Inc in 1988. Thereafter they acquired 11 more insurance companies and the latest was the Union Québécoise, a farm insurance provider in 1995. Now this company is known as the Optimum Farm Insurance Inc.

 Optimum Car Insurance Market Share Review

time and money

Optimum Insurance Company Inc  Market ShareQuarterYear
0.22%Q22016
0.25%Q12016
0.25%Q32015
0.54%Q12015
0.54%Q32013
0.27%Q22012
0.26%Q32011
0.23%Q12011
0.23%Q22010
0.38%Q12010

 

2010-2011 Car Insurance Market Share Review

Optimum Insurance did not file for rate changes in the 3rd and 4th quarters of 2010. Their market share was 0.38% in the 1st quarter of 2010. This decreased to 0.23% in the 2nd quarter of 2010. There were no rate filings approved in the 2nd and 4th quarters of 2011. The market share was stable at 0.23% in the 1st quarter of 2011. This marginally increased to 0.26% in the 3rd quarter of 2011.

2012-2013 Car Insurance Market Share Review

They did not file for rate change approvals in the 1st, 3rd and 4th quarters of 2012. Optimum Insurance market share marginally rose to 0.27% in the 2nd quarter of 2012. There was no rate change filing in the 1st, 2nd and 4th quarters of 2013. Their market share increased to 0.54% in the 3rd quarter of 2013.

2014-2016 Market Share Review

In 2014 there were no rate change filings. Optimum did not file for rate changes in the 2nd and 4th quarters of 2015. Their market share was stable at 0.54% in the 1st quarter of 2015. This decreased to 0.25% in the 3rd quarter of 2015. They did not file for rate change approvals in the 3rd quarter of 2016. The data for the last quarter of 2016 is not updated.

Optimum Car Insurance Rate Changes Review

QuarterYearOptimum Insurance Company Inc Rate Change Approved %
Q22016-0.36%
Q12016-4.70%
Q32015-0.78%
Q120151.87%
Q32013-4.10%
Q220120.00%
Q320110.00%
Q120113.00%
Q220100.00%
Q120104.73%

 

2010 – 2011 Rate Change Review

Optimum Insurance did not have any rate changes in the 3rd and 4th quarters of 2010. Their rate change increased by 4.73% in the 1st quarter of 2010. There was no change to rates in the 2nd quarter of 2010. They did not file for rate changes in the 2nd and 4th quarters of 2011. The rate change approved in the 1st quarter of 2011 increased by 3%. The 3rd quarter of 2011 saw no change to rates.

2012 – 2014 Rate Change Review

They did not file for rate changes in the 1st, 3rd and 4th quarters of 2012. Their rates did not change in the 2nd quarter of 2012. Optimum had no rate filings approved in the 1st, 2nd and 4th quarters of 2013. Their rate change declined by 4.10% in the 3rd quarter of 2013. There was no rate change filing done in 2014.

2015 – 2016 Rate Change Review

They did not file for any rate change approvals in the 2nd and 4th quarters of 2015. In the 1st quarter of 2015, around 39 insurance companies filed for rate changes. They represented 73.48% of the insurance market. The rate change approved in the 1st quarter of 2015 increased by 1.87%. This marginally dropped by 0.78% in the 3rd quarter of 2015. In that quarter, 40 insurance companies filed for rate changes. They were representing 77.45% of the industry.

There was no rate change approval filed in the 3rd quarter of 2016. The data for the 4th quarter of 2016 is not available. The rate change approved by FSCO decreased by 4.70% in the 1st quarter of 2016. Around 50 insurance companies filed for rate changes in that quarter. They represented about 83.36% of the market. Their rate change approved in the 2nd quarter marginally dropped by 0.36%. In the same quarter about 14 insurance companies filed for rate changes. They represented 30.06% of the industry.

Optimum Auto Insurance Discounts

You may contact your broker or agent to know more about the discounts offered for car insurance policies. Some of the discounts are mentioned below.

  • Driver aged more than 40 years discount: A mature driver aged more than 40 years with a good driving record may get a discount.
  • Multi-product discount: When you insure many products with Optimum that may qualify you for a discount. For example home and car insurance bundling.
  • Multiple vehicle discounts: If you have more than 1 vehicle insured with Optimum, then they may give you a discount.
  • Retiree discount: Optimum gives discounts to retired drivers with good driving record.
  • Student discount: An occasion driver who is a student attending school away from home may get a discount.
  • Excellent driving record: You may get a discount for having an excellent driving record with no driving tickets or violations.

Optional Coverage You May Consider Buying With Optimum

Optimum offers standard car insurance policies at competitive prices in Ontario. This includes statutory accident benefits, uninsured motorist, liability, and DC-PD coverage. The liability coverage limit can be increased up to $2 million. This will allow you to claim for property damage and bodily injury caused to others. There is optional coverage that you may purchase from Optimum.

You also have the option of adding special endorsements on your car insurance policy for enhanced protection. One of the special endorsements that you could add to your car insurance policy is for accident forgiveness. When you add this special endorsement then Optimum may forgive your 1st at-fault accident. So, your driving record will not be affected and your vehicle will retain its rating.

Optimum Car Insurance Cancellation Policy

If you wish to cancel your car insurance policy then you may contact your insurance broker or agent. They could help you with the cancellation process and refund. You may also contact the head office or your regional branch and let them know that you wish to cancel your auto policy. As per your car insurance conditions, Optimum may calculate a refund and issue to you. If they use the short rate basis for calculation of refund then you may have to pay a cancellation fee for administrative reasons. If you wish to send an email to cancel your car insurance policy then you may send it using the online form.

Making Optimum Car Insurance Claim

You may contact your insurance broker to report a car insurance claim and loss. If you are trying to reach them after business hours then you may contact the claims department on the emergency number. The claims department number for British Columbia, Ontario and Alberta is 1877-806-8023. The phone number for Manitoba and Saskatchewan is 1855-318-2001.These phone numbers can be reached 24 hours every day of the week for claims support.

How Can I Get Optimum Car Insurance Quote

You can get a quote from an independent insurance broker or agent. To locate your local agent you may use the search tool on the website. In case you wish to contact one of the regional branches then you may call their office numbers for a car insurance quote.

Contact Methods For Optimum Insurance

Mail: The mailing address of the head office of Optimum General Inc is 425 de Maisonneuve Blvd. West, Suite 1500 Montreal, Quebec H3A 3G5.

Call: The phone numbers for the 8 branches that underwrite personal car insurance policies are as below:

  • North Bay branch contact number is 705.476.4814 and the fax number is 705.476.8694.
  • Toronto branch contact number is 416.922.2882 and the fax number is 416.922.9586.
  • Manitoba branch contact number is 204.943.6885 and the fax number is 204.956.1709.
  • Quebec branch contact number is 418.522.4757 and the fax number is 418.522.6494.
  • Montreal branch contact number is 514.288.8711 and the fax number is 514.288.8269.

Email: You can also send an email to Optimum by using their web form.


Disclaimer

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


References:

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

http://www.groupe-optimum.com/en/coordonnees

https://www.optimum-general.com/en/ontario/report-a-claim

https://www.optimum-general.com/en/ontario/automobile/private-automobile


 

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