The Economical Insurance Company Auto Insurance Quotes Review

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The Economical Insurance
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In 1871, The Economical Insurance Company was founded in Berlin and today it is one of the major property and casualty Canadian insurance companies. The Economical Mutual Insurance Company underwrites the insurance policies and serves over a million customers across Canada. Their headquarters are located in Waterloo, Ontario and there is a huge independent broker network all over Canada. Currently, the Economical is a mutual company but is in the process of demutualization to change its entity to a public share company. The Economical now has plans to trade publicly on a stock exchange after 145 years.

The Economical offers nonstandard insurance to high-risk auto consumers who could not get coverage from the regular insurance market. These customers may have many driving violation tickets or accident claims. They can get an insurance policy through Perth Insurance, a prominent Canadian specialty risk insurer. Since 1968, Perth Insurance has been a member with the Economical Insurance. In Quebec, the Missisquoi Insurance Company underwrites car insurance policies for Economical

The Economical Car Insurance Market Share Review

Economical Mutual Insurance Company Market ShareQuarterYear
3.44%Q12016
3.44%Q32015
6.64%Q12015
6.48%Q42013
3.25%Q12013
3.25%Q42012
7.40%Q12012
4.96%Q12011
4.96%Q22010
12.42%Q12010

 

2010-2011 Market Share Review

The Economical Insurance did not have rate changes approved in the 3rd and 4th quarters of 2010. The market share was quite good at 12.42% in the 1st quarter of 2010. This declined in the 2nd quarter of 2010 to 4.96%. It stayed stable at 4.96% in the 1st quarter of 2011. They did not have rate changes approved in the 2nd, 3rd or 4th quarters of 2011.

2012-2013 Market Share Review

The market share increased to 7.40% in the 1st quarter of 2012. They did not have any rate changes approved for the 2nd and 3rd quarters of 2012. The market share dropped to 3.25% in the 4th quarter of 2012. This was stable at 3.25% in the 1st quarter of 2013. Economical did not file for rate change approval in the 2nd and 3rd quarters of 2013. The market share increased to 6.48% in the 4th quarter of 2013. They did not file for rate change approvals in 2014.

2015-2016 Market Share Review

In the 1st quarter of 2015, the market share increased marginally to 6.64%. This declined to 3.44% in the 3rd quarter of 2015. They did not file for any rate change approvals in the 2nd and 4th quarters of 2015. There were no rate change approvals in the 2nd and 3rd quarters of 2016. The market share stayed stable at 3.44% in the 3rd quarter of 2015 and the 1st quarter of 2016. There is no data available for the 4th quarter of 2016.

The Economical Car Insurance Rate Changes Review

QuarterYearEconomical Mutual Insurance Company Rate Change Approved %
Q120163.44%
Q32015-3.66%
Q12015-0.58%
Q42013-11.08%
Q120130.86%
Q42012-0.37%
Q120121.40%
Q12011-3.47%
Q22010-0.42%
Q120103.90%

 

2010 – 2011 Rate Change Review

The Economical did not file for any rate changes in the 3rd and 4th quarters of 2010. The rate change increased by 3.90% in the 1st quarter of 2010. There was a marginal decreased by 0.42% in the 2nd quarter of 2010. They did not have any rate changes in the 2nd, 3rd and 4th quarters of 2011. The rate change further declined by 3.47% in the 1st quarter of 2011.

2012 – 2014 Rate Change Review

They had not filed for rate changes in the 2nd and 3rd quarters of 2012. The rate change increased by 1.40% in the 1st quarter of 2012. The 4th quarter of 2012 saw a marginal decrease in rate change by 0.37%. The rate changes approved increased minutely by 0.86% in the 1st quarter of 2013. There was a huge decline in the rates approved for the 4th quarter of 2013 by 11.08%. The Economical did not file for rate changes in 2014.

2015 – 2016 Rate Change Review

In the 1st quarter of 2015, the rates marginally decreased by 0.58%. Around 39 insurance companies filed to change rates in that quarter. They represented 73.48% of the insurance market. This further dropped by 3.66% 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. There were no rate changes in the 2nd and 4th quarters of 2015.

The rate change marginally increased by 3.44% in the 1st quarter of 2016. That quarter saw 50 insurance companies file for rate changes. They represented 83.36% of the market. The data for the last quarter of 2016 is not updated.

The Economical Car Insurance Quotes Review For the Same Car and Driver Profile Across Selected Cities

CityEchelon Car Insurance Quotes*
Toronto$3,330
Mississauga$4,170
Hamilton$3,280
London$2,670
Markham$3,350
Vaughan$4,210
Windsor$2,350
Sudbury$1,970
Burlington$2,220
Oshawa$2,880
Guelph$2,200
Barrie$2,450
Brampton$4,880
Ottawa$2,120
Kingston$1,590

 

The Economical Auto Insurance Discounts

Bundle discount

The Economical offers many discounts to drivers for their safe driving habits and are insured on car insurance policies. These discounts reduce the premium rates and reward safety. Some of the criteria for getting these discounts are mentioned below.

  • No conviction discount: If you have no convictions on your driving record then you may get a discount.
  • Accident-free discount: When you do not have an accident or claims over time then you may get a discount.
  • Renewal discount: You may get a discount when you renew your Economical car insurance policy.
  • Driving experience discount: Mature drivers with good driving experience also get discounts.
  • Theft deterrent device discount: In case you have fixed an anti-theft device in your car for more safety then you may get a discount.
  • Multivehicle discount: By insuring more than 1 car with Economical, you may get a discount.
  • Bundle discount: Get insurance for your home and car from Economical to save on premiums.

Optional Coverage You May Consider Buying With The Economical

The Economical offers standard auto insurance coverage in Ontario that includes accident benefits, uninsured motorist, liability, and DC-PD coverage. You may also get optional coverage that will enhance the protection of your car in case of damage or loss. Some of the additional coverage that Economical offers is as follows.

  • Legal fees: When someone sues you in court for a charge related to driving then the legal expenses can be huge. You may get coverage to claim for these expenses.
  • Medical expenses: You could file a claim for the medical costs due to a collision that causes serious bodily injury.
  • Vandalism and Theft coverage: You may add a comprehensive coverage to cover for any damages due to theft or vandalism of your car or components.
  • Repairs:  You may claim any cost of repairs due to damage to your car for a certain limit.
  • Rental car expense: You can claim for the expenses of getting a rental car. You may file a claim when your car is being repaired or damaged and cannot be used.
  • Loss of income: In the event of a collision that injures you and does not allow you to return to work, you may claim for lost income.

The Economical Car Insurance Cancellation Policy

You may cancel your Economical Car insurance policy by informing them through your agent. They calculate your refund on a short rate basis and issue to you. If you request to cancel your policy early and not at renewal, then you may have to pay some cancellation fees. Your cancellation fee is calculated based on the actual time that your policy was active and the date of cancellation.

Making The Economical Car Insurance Claim

You may report a claim with Economical car insurance by contacting your broker. If you are not able to reach an independent broker then you may call the emergency claims department. You can reach the claims department 24 hours all days of the week on 1800-607-2424. You are directed to an accident benefits claims specialist when you are injured in an accident. They can help to claim for reimbursement of medical expenses, lost income and medical expenses.

If you wish to make a claim for windshield damage, then you may use Belron Canada who is one of their partners. To contact Belron you may call your broker or claims department. After confirming your coverage, Belron will offer a replacement quote to one of the vendors to repair your car windshield. If you do not prefer to use Belron’s services then you may also get the windshield repaired at a body shop of your choice.

How Can I Get The Economical Car Insurance Quote

You may contact one of the independent brokers of Economical Insurance to get a quote for car insurance. You can locate the nearest agent for your area using the website tool.

Contact Methods For The Economical Insurance

Phone: You may contact 1800-265-2180 or 519-570-8200 for general queries.

Broker: Find your nearest broker by using an online form and enter your postal code.

Payment: There are options to make your insurance payments through credit card, cheque, credit union or bank account.

Fax: The fax number to send documents is 519-570-8389.

Mail: The mailing address for general queries is 111 Westmount Road South, P.O. Box 2000, Waterloo, ON N2J 4S4.


*Methodology

We surveyed The Economical car insurance Quotes in select Canadian cities for the purpose of illustrating the average quotes for a male driver aged 35 years in city downtown with owned Honda Civic 2012 model car.

Please note that car insurance prices depend on many factors including your age, location, driving history and more. So, to get a customized quote, please visit The Economical car insurance quotation page.


Disclaimer

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


References:

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

https://www.economical.com/en/about-us/our-history

https://www.economical.com/en/insurance/personal-insurance/car-insurance

https://www.economical.com/en/claims/make-an-auto-claim

https://www.economical.com/en/make-a-payment


 

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