Pafco Insurance is a Canadian-based company that provides car insurance to high-risk drivers. The company was founded in 1965 and is headquartered in Markham, Ontario, Canada. Pafco Insurance is a subsidiary of the Northbridge Insurance, a part of the Fairfax Financial Holdings Limited.
Pafco Insurance specializes in providing insurance coverage for drivers who may have difficulty obtaining coverage from other insurance providers due to factors such as a poor driving record, a history of claims, or a lack of driving experience. The company offers a range of insurance policies, including liability coverage, collision coverage, comprehensive coverage, and more.
One of the unique features of Pafco Insurance is its focus on high-risk drivers. The company understands that these drivers may face higher premiums and works to provide affordable coverage options. Pafco Insurance also offers a range of discounts to help customers save money on their premiums.
In addition to car insurance, Pafco Insurance also provides home insurance and other types of personal insurance coverage. The company prides itself on providing excellent customer service and support to its policyholders.
Overall, Pafco Insurance is a reliable and trusted insurance provider for high-risk drivers in Canada. With its range of coverage options and commitment to customer service, Pafco Insurance is a great choice for drivers who may have difficulty obtaining coverage from other insurance providers.
According to a 2020 report by Insurance Bureau of Canada (IBC), Pafco Insurance had a market share of less than 1% of the Canadian auto insurance market. It’s worth noting that Pafco Insurance specializes in providing coverage to high-risk drivers, which is a relatively small segment of the overall auto insurance market. Therefore, its market share is expected to be smaller compared to other insurance providers that cater to a broader range of customers.
Services Offered By Pafco Car Insurance
Pafco Car Insurance offers a range of services to its customers, including:
- Liability coverage: This is the mandatory coverage that covers the cost of damages or injuries you cause to another person or their property while driving your car.
- Collision coverage: This coverage pays for damages to your car if you are in an accident with another vehicle or object.
- Comprehensive coverage: This coverage pays for damages to your car that are not caused by a collision, such as theft, vandalism, or weather-related damage.
- Uninsured motorist coverage: This coverage provides protection if you are involved in an accident with an uninsured or underinsured driver.
- Accident benefits: This coverage provides benefits for medical expenses, lost income, and other expenses related to an accident, regardless of who is at fault.
- Endorsements: Pafco Insurance offers a range of optional endorsements that allow you to customize your policy to suit your specific needs. For example, you can add coverage for rental cars, roadside assistance, or increased liability limits.
Overall, Pafco Car Insurance provides a range of coverage options to its customers to help protect them from the financial risks associated with car accidents and other incidents. The company also offers a range of discounts to help customers save money on their premiums.
Pafco Auto Insurance Discounts
Pafco Car Insurance offers several discounts to help its customers save money on their auto insurance premiums. Some of the discounts offered by Pafco Car Insurance may include:
- Multi-vehicle discount: If you insure more than one vehicle with Pafco Car Insurance, you may be eligible for a discount.
- Claims-free discount: If you have not made any claims on your policy for a certain period of time, you may be eligible for a discount.
- Conviction-free discount: If you have a clean driving record and have not received any traffic convictions or tickets, you may be eligible for a discount.
- Group discounts: Pafco Insurance partners with certain organizations and employers to offer group discounts to their members or employees.
- Winter tire discount: If you install winter tires on your car during the winter months, you may be eligible for a discount.
- Anti-theft discount: If you install an anti-theft device on your car, you may be eligible for a discount.
Pafco Car Insurance Pros
There are several potential pros to choosing Pafco Car Insurance for your auto insurance needs. Here are a few:
- Specialization in high-risk drivers: Pafco Insurance specializes in providing coverage to high-risk drivers who may have difficulty obtaining coverage from other insurers due to factors such as a poor driving record or a history of claims.
- Customizable coverage: Pafco Insurance offers a range of coverage options and endorsements that allow you to customize your policy to suit your specific needs.
- Affordable premiums: Pafco Insurance is committed to providing affordable coverage options to high-risk drivers, which may help you save money on your premiums.
- Discounts: Pafco Insurance offers a range of discounts to help its customers save money on their premiums, including multi-vehicle discounts, claims-free discounts, and winter tire discounts.
- Strong financial backing: Pafco Insurance is a subsidiary of the Northbridge Insurance, which is a part of the Fairfax Financial Holdings Limited, a financially strong and stable company.
- Good customer service: Pafco Insurance is known for providing excellent customer service and support to its policyholders.
Pafco Car Insurance Cons
While there are several potential pros to choosing Pafco Car Insurance for your auto insurance needs, there are also some potential cons to consider. Here are a few:
- Limited coverage area: Pafco Insurance only operates in certain provinces in Canada, which may limit its availability to some customers.
- Limited policy options: Pafco Insurance specializes in providing coverage to high-risk drivers, which means that its policy options may be limited compared to other insurance providers that cater to a broader range of customers.
- Limited discounts: While Pafco Insurance does offer a range of discounts, the availability and amount of discounts may be limited compared to other insurance providers.
- Higher premiums for some customers: While Pafco Insurance is committed to providing affordable coverage options to high-risk drivers, some customers may still experience higher premiums than they would with other insurance providers.
- Mixed customer reviews: While Pafco Insurance has a reputation for providing good customer service, some customers have reported issues with claims processing and other aspects of the company’s service.
Pafco Car Insurance Customer Reviews
Here are some summaries of Pafco Car Insurance customer reviews, both positive and negative, and their corresponding star ratings from various online sources:
- Some customers appreciate Pafco’s affordable rates and willingness to provide coverage to high-risk drivers. One customer on Insureye gave the company a 5-star rating, saying they “were able to insure [their] car at a good rate, even though [they] had some issues in the past.”
- Some customers have had positive experiences with the company’s customer service. A customer on Google Reviews gave the company a 5-star rating, saying that “the people at Pafco are very helpful and understanding.”
- Others appreciate the company’s claims process. A customer on Insureye gave Pafco a 5-star rating, saying that “the claims process was straightforward and easy.”
- Some customers have had negative experiences with Pafco’s customer service, with some citing long wait times and unhelpful representatives. One customer on Google Reviews gave the company a 1-star rating, saying that they “had to wait on the phone for 45 minutes” and that “the customer service is terrible.”
- Other customers have reported issues with the claims process, including long wait times and denied claims. One customer on Insureye gave the company a 1-star rating, saying that “their claims process is terrible” and that they “had to wait over two months to get [their] car fixed.”
Overall, Pafco Car Insurance has mixed reviews from customers. While some appreciate the company’s affordable rates and good customer service, others have had negative experiences with the claims process and customer service. On Insureye, Pafco has an overall rating of 2.5 stars, while on Google Reviews, the company has an average rating of 2.4 stars.
Leave Your Review
If you are a current or former customer of Pafco Car Insurance, we would love to hear about your experience with our company. Your feedback helps us to understand what we are doing well and where we can improve our services. Please take a moment to leave a review of Pafco Car Insurance on our website. Your review will help other customers make an informed decision when choosing an auto insurance provider. Thank you for choosing Pafco Car Insurance, and we look forward to hearing from you!
I have not had a good experience with Pafco. Their rates were very high for young drivers like my daughter. When policy was expiring they sent a renewal with payments automatically being taken out of our account so we had to go through process of canceling the policy.
When we canceled the policy the paperwork came in mail quickly however paperwork for any changes or renewal took over 3 weeks to come.
They sent multiple insurance cards with different expiry dates which did not coincide with expiry dates agreed upon.
Their paperwork with payments made no sense at all.
My daughter worked out of province for 6 months so we had to change insurance and then when she came back she got insurance for 1 month to get her to her destination out of province again.
Pafco took forever to do the changes, the paperwork and amounts owed did not make sense and it was so confusing