Economical Insurance

Economical Insurance

For Canadians by Canadians, Economical Insurance has been protecting people from coast to coast for more than 145 years with a variety of home, auto, and commercial insurance solutions. Learn more and leave/read reviews.

Economical Mutual Insurance Co.
Founded 1871
Headquarters Waterloo, Ontario
Employees ~ 2,500
Canadian Mkt. Share* 4.06% (2019)
Insurance Products Auto, Home, Life, Renters, Landlord, Condo, Business, & Farmers Insurance
* Of all private P&C in Canada by net premiums written, excluding life and purely A&S companies.

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Economical Insurance Quotes

For an Economical insurance quote, Call one of our brokers today to see just how much Economical Insurance has to offer, and how little it will cost: Speak with a broker today: 1-800-731-2228

Company Overview

Economical was started in 1871 by a group of concerned citizens in what is now Kitchener, Ontario, who wanted to help their neighbours through hard times. Over the years, the company has remained true to its original promise of “neighbour helping neighbour” and is now one of the largest property and casualty insurers in Canada.

Economical is known for its:

  • High rate of customer satisfaction with its quick response to customer needs and simple claims options
  • Customizable flex features on almost all of its standard and non-standard insurance offerings
  • Targeted, industry-specific commercial insurance at very reasonable premium rates
  • Reliable and reasonably priced insurance for members of groups and associations

Economical Insurance has a comprehensive line-up of personal, business, farm, and group insurance products. The company’s focus is on developing coverage that meets the needs of the customer, while maintaining a high level of customer service.


Economical Insurance Advantages

Economical Insurance has repeatedly demonstrated that it does everything it can to stay in line with modern insurance developments. This is a company that listens to its customers and makes changes based on their needs. Some of the advantages of working with Economical Insurance include:

  • Stable Corporate Foundation – Economical Insurance is known for its sound financial decisions and its strong underwriting team. In its long history, Economical Insurance has established itself as one of the most stable insurance carriers in Canada. Economical Insurance also works closely with community groups and non-profit organizations throughout the communities it serves.
  • Focus On Cost-Efficiency – One of the core beliefs of Economical Insurance is that it must provide precise solutions for customers at reasonable premium costs. Not only does the company strive for cost-effective solutions for each customer, but it also has developed a long roster of discount options that can help lower premiums.
  • Hassle-free Service Program – Economical Insurance has one of the highest customer satisfaction ratings in the business. Their hassle-free service program guarantees the quality of your repairs, and the prompt, friendly services you deserve. And with 24-hour emergency service, they’ll be there when you need them most.

Insurance Products

Economical Insurance specializes in personal, business, farm, and auto insurance solutions. The company partners with a large broker network across Canada to ensure every solution is tailored to meet the needs of every customer. Economical Insurance does not cut corners on coverage in order to keep costs down — they deliver quality coverage at a competitive price.

Economical Auto Insurance

You’re going places, and Economical Insurance can protect you and your vehicles along the way with a wide range of auto insurance coverage options and discounts.

Economical Home Insurance

Whether you own or rent your home, Economical Insurance can help you protect it with coverage for possessions, structures, identity theft, and additional living expenses.

Economical Business Insurance

Economical Insurance offers commercial insurance solutions so you can run your business with peace of mind. From customized, industry-specific coverage and discounts to their in-house team of risk services consultants, you’ll be taken care of — and so will your business.

  • Property insurance
  • Liability insurance
  • Commercial vehicle insurance
  • Surety bonds

Economical Farm Insurance

Economical Insurance understands that it’s more than a farm — it’s a way of life. They proudly offer specialized, cost-effective solutions to hard-working farmers in Ontario.

  • General farm insurance
  • Premier dairy coverage
  • Premier poultry coverage

Economical Group Insurance

Economical Insurance makes it easy to save on insurance with their group insurance program. Through your work or association, you could be eligible for exclusive discounts on car and home insurance.

  • Employees of a company
  • Labour union members
  • Professional or alumni groups
  • Non-profit groups or companies

Economical Brands and Subsidiaries

  • Economical Mutual Insurance Company: Founded in 1871, and underwritten by the Economical Mutual Insurance Company except for the province of Quebec where it’s underwritten by Missisquoi Insurance Company (Est. 1835), the oldest Canadian-owned P&C insurer.
  • Economical Select: Discounted group auto and home insurance, underwritten by Waterloo Insurance Company (Est. 1863), which joined Economical in 1980
  • Western General: Insurance for farmer with customized coverage for home, auto, machinery, and operations. Founded in 1905, and underwritten by the Economical Mutual Insurance Company. Western General joined Economical in 1997.
  • Perth Insurance: Canada’s leading special risk home and auto insurer. Founded in 1863 (legal name is Perth Insurance Company). Perth joined Economical in 1968.
  • Economical Financial: Provides financing and support for Economical broker partners, such as equity investments and debt financing. Economical Financial’s legal name is Westmount Financial Inc.
  • Sonnet: Purely online insurance quotes, purchases, and account management. Sonnet was founded in 2016 and underwritten by the Sonnet Insurance Company.
  • Family Insurance Solutions Inc: P&C insurance provider for British Columbia. Founded in 1989 and joined Economical in 1999.
  • Petline Insurance Company: Leading Canadian pet insurer. Founded in 1989 and joined Economical in 2017.
Get a Quote Now

Get an Economical Insurance Quote

If you need a strong insurance solution that will not break your budget, then consider a solution from Economical Insurance. Call one of our brokers today to see just how much Economical Insurance has to offer, and how little it will cost: Speak with a broker today: 1-800-731-2228

Economical Insurance
Head Office:
111 Westmount Road South, Waterloo, Ontario N2J 4S4, Canada
Claims: 1-800-607-2424

Economical Insurance Reviews

Rated 2.7 stars
2.7 / 5 (19)

40%


  • Savings
    User: 64%
  • Application Process
    User: 62%
  • Claims Process
    User: 40%
  • Rate stability
    User: 38%
  • Document delivery
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Bekah
Rating: 1
1 /5 stars

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Abusive and endless harassment

on 2020-09-14 14:10:29

After being injured in a car accident a claim was filed for my physio therapy treatment. I suffered extreme whiplash and a herniated disc which required me to need help with every single aspect of living. I lost 4 months of treatment due to the pandemic closure. Things were going fine with the company until we got close to the end of my benefits. I have not recovered from my injuries due to the pandemic closure and require more time. Chris B. [last name retracted] was handling my claim. He decided to cut me off early. He refused my physios treatment plan. He claimed to have spoken with my provider which my physiotherapist can confirm is a lie. He claimed that my treatment plan would be approved. Another lie. He continued to send harassing and threatening emails stating "let me tell you upfront that this is not the end of the story". This felt like an absolute do what I say threat. He demanded I attend a medical exam with a doctor of his choosing. I was advised by my physiotherapist not to do this as it will not be beneficial to my cause. I am also immune compromised and have no desire to enter a medical facility during a pandemic. It is not safe for me. I requested that Chris drop this and leave me alone. I do not need the added stress and anxiety. Today my fiancé received a message from Direct IME, a medical examiner in Markham demanding that I return the call. Chris does not have permission whatsoever to give out my fiancé's details to anyone. He was told by multiple individuals to back off and leave me alone but he went ahead with this anyway. This is now just pure harassment on his part. He clearly enjoys making other people stressed and miserable. The audacity of this man is just appalling. Extreme unprofessionalism and incredibly abusive.



Andy
Rating: 5
5 /5 stars

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Good value for good coverage

on 2020-09-07 20:42:48

Switched to Economical from Co-Operators for my rental property. Much better rates from Economical. I'm looking forward to being with them for a long time.



Peter
Rating: 5
5 /5 stars

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Truly lives up to its name!

on 2020-09-05 06:54:30

Economical insurance allowed me to get my motorcycle back on the road with the best rates ever. I haven't had to make any claims so can't speak to that but am very happy to be out and riding again.



Todd
Rating: 5
5 /5 stars

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Appreciation Msg.

on 2020-08-13 12:18:20

When I was serving overseas I let my insurance lapse. Upon returning home, I had a lot to deal with and insurance was low on my list of priorities. It's been a couple years since then.

Economical Insurance was willing to cover me regardless of the lapse. For that I am extremely appreciative. It has given me so much peace and less worry.

Fair rates, fair deal. Received a completely informative package containing all information regarding coverage, and claims process. I would personally recommend.



Stephanie Bacsalmasi
Rating: 2
2 /5 stars

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on 2020-05-28 12:12:11

I am absolutely disgusted with this company my broker called them when COVID started to ask them if they could offer any help in terms of my insurance payments for the two cars I have with them and they said no they were not willing to help me and then the worst part was I had missed a payment and they weren’t willing to make arrangements for me to catch up so they took double payment the following month and now I had the same problem this month with an nsf payment and now they are saying if I don’t pay it by the June payment then they will no longer insure me and I’m not working right now and my husband salary was cut down due to the COVID so I do not recommend this company



Diane
Rating: 3
3 /5 stars

  • Savings
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Saved our bacon (or house)!

on 2020-05-24 11:54:51

We had hit a hard time and was told we were uninsurable. Our agent told us there was nothing she could do. I called Mitchell & Whale and in just a few short days with a small amount of paperwork, we were once again insured. They saved us, and relieved so much anxiety and pressure. Our new agent is fantastic, always ready to help and answer questions.



JEFF LLOYD
Rating: 5
5 /5 stars

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on 2020-05-14 08:49:57

amazing customer service, everyone was a pleasure to deal with, all done over email and set up with no difficulty whatsoever. highly recommend, I am trying to get anyone I know to give you guys a call. also the best rates I could find



K Stephenson
Rating: 1
1 /5 stars

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Don't even bother getting a quote from Economical

on 2020-04-03 12:31:37

They only get one star because I can't do 0. Do your future self a huge favour, and don't bother with economical insurance. Not only do they have terrible customer service, their assume guilty policy punishes good drivers who act in good faith, while allowing or even rewarding bad drivers who lie about insurance claims to get off with only a slap on the wrist. No wonder insurance fraud is so high, with that policy.

I have been a customer for years with no claims; I've driven 10 years with no at fault accidents. The first time I submitted a claim this year, things went downhill fast. Not only did the insurance agent insist I go to their auto shop, across town from where I had an appointment already booked, she didn't even give me the right address. I'm glad I called the shop to confirm ahead, because I found out that she had also given me the wrong time too, Monday afternoon instead of friday, making my time off work nothing but lost hours and income. (Apparently this was not the first time this had happened according to the auto shop.)

Next, we come to the claim itself. I had a police report with a clear not at fault, a clear recounting of the events, and photos of vehicle damage on my left / drivers side. The other 'honest' driver (who insisted we should not do insurance, and was 'very honest,' we could settle with cash!) made a false claim to their insurance saying I turned right and hit them, instead of what happened, they turned right and hit me. Their story is physically impossible while traveling same direction given the physical damages to my vehicle. But, the lie did not match, so apparently it was an automatic 50/50 - now, not only was I being given bad customer service, they weren't even trying to help at all, and I was treated as guilty in each subsequent interaction. Nobody wanted to do any real work to help or make sure that things were done right. They are currently trying to finalize my claim without even bothering to wait for the police report on their end to be delivered - pure lazyness, and it makes me wonder if that part is even legal - I gave them proof and they can't even be bothered to read it? Clearly it was far easier (and more profitable) to just hit the 50/50 button than do their job.

This policy of treating their customers like dirt, and guilty until innocent not only punishes those drivers who do things right, but by allowing the false claims to stand it condones and even rewards bad drivers who lie to avoid penalty, with no burden of proof on their side. I can almost guarantee that the other driver, if they keep driving like what I saw, will go on to be in another accident and next time may not be lucky enough to escape with no injury. The first agent I spoke to argued up and down how I could have hit the other person, in fact, taking their side! (and the first story I heard was not identical to the second story either - different stories from the other insurance agency would also make things a bit suspicious too!) This lack of oversight might be why insurance fraud is so high, if their agents just accept lies at face value while deliberately ignoring proof from their own customers.

Mitchell Whale
on 2020-05-22 10:36:49

Hi K. That's too bad that you had this bad experience. Ultimately, the insurance company doesn't decide who is at fault. It is clearly spelled out in a government regulation called the fault determination rules. If you disagree with how fault was assigned, you can challenge the decision through the insurance company's dispute resolution or complaints process, and if you're not happy with the outcome, the government has its own independent ombudsman who should be able to help, especially if the evidence is in your favour. Hope this helps.



Christina
Rating: 1
1 /5 stars

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Fraud Artists

on 2020-03-20 20:11:11

I was in a minor not at fault accident, where I was rear ended while at a red light. This was a confirmed at at fault accident and should not have had any impact on my own policy. Economical Insurance started a harassment campaign against myself stating that they wanted to do a full financial audit of myself to determine my eligibility for my claim. This company asked for employment verification, letters from my landlord and full credit, debit, and cell phone records to approve a $200 chiropractic treatment. I would not ever recommend this company.



Lyne Brassard
Rating: 3
3 /5 stars

  • Savings
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Happy

on 2020-02-26 14:46:49

So far, we are happy to be with this insurance company



Lisa
Rating: 5
5 /5 stars

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Such a simple, seamless transaction!

on 2020-02-25 21:34:02

Obtaining insurance for a rental income we recently purchased was by far the easiest step in the entire process!



Ed Keenan
Rating: 1
1 /5 stars

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Find another insurance company! Don't use Economical

on 2020-01-19 17:36:07

After using Economical for my home and auto insurance for over 25 years, they decide to cancel collision on 2 of my high end vehicles without any notice or discussion. If this is how they treat loyal customers without any claims, I can't imagine how they would treat a customer with claims or problems.

Mitchell Whale
on 2020-05-22 11:00:25

Hey there Ed. So sorry that you didn't have a good experience. The fact is that insurance companies don't cancel customers for no reason. But it's also never punitive. It's usually because you no longer meet their underwriting rules, like maybe they don't insure cars older than a particular model year. Every company has its own rules, but the good news is, there's almost always companies out there willing to insure any kind of risk. Because of the large financial risks involved, the notion of loyalty doesn't really apply to insurance companies the way it does in other industries.



n/a
Rating: 1
1 /5 stars

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they dont give you best rate rip offs

on 2019-10-10 19:19:29

last year my rate went up by 10 i didnt say nothing when u talk to them they say that is the best but this year more increase up by 25 extra month wow what a difference again they didnt help me lower it there im canceling and going to another insurance provider

Mitchell Whale
on 2020-05-22 11:08:37

It's a shame that this happened to you. Rates are always changing, but while some companies are spending more in claims and raising rates, others may not be, so it's never a bad idea to get quotes from a broker to make sure you're getting the best deal available.



Elsie May Scott
Rating: 2
2 /5 stars

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Economical Insurance

on 2019-01-25 15:41:33

Last year I was so happy when my broker Duliban found your company to save me money on premiums. What a laugh as this year it increased $368.56. This is totally unnecessary that I have to pay more for my car which is now one year older and over $100 for the same coverage in my condo. I have instructed my broker to work on a better company next year.

Mitchell Whale
on 2020-05-22 11:18:31

Hey Elsie. Sometimes insurance is a matter of being at the right place at the right time. Insurers are always adjusting their rates based on their claims experience. One year, the company may have very few claims from drivers like you, and the next year may be the opposite. Doesn't mean that company suddenly started hating its customers. It's all based on accident statistics and how they affect risk. That said, it's not a bad idea to shop around for a better rate with your broker every once in a while.



Scott
Rating: 0.5
0.5 /5 stars

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Company should hvae its license revoked!! Buyer Beware!! Stay away!!

on 2019-01-03 14:25:42

This company cancelled our home insurance over the Christmas holidays. The reason- after being a client who pays on time for over a year, we were away and missed a payment date by 3 business days. They cancelled our home insurance without notice. We only found out after the fact- 4 days afterwards via our broker. Good thing nothing happened to our house over that time. When we called them to rectify the situation, we were abruptly told that our insurance could not be re-activated.
For an industry predicated on customer service, it is unbelievable how little they care about customers. They are cheaper for a reason. Buyer beware, stay away! Don`t risk your house. 4 days without house insurance is stressful. Stay away!



Adam Busch
Rating: 0.5
0.5 /5 stars

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Worst insurers- customer service sucks

on 2018-10-23 11:55:43

I had a horrible experience with Brokerlink Insurance. I had a not at fault claim with one of their vendors (Economical insurance) and was very disappointed to find out they were in Calgary and did not operate during regular business hours IN ADDITION to trying to settle a claim with me for LESS THAN HALF Of what their PREFERED shop quoted for the damage.

When I was in transition from moving from Oakville to Hamilton I got quotes for house insurance from them which came in 35% higher than TD Insurance. Their sales representative (Karen Butler) after finding out that I went to TD for the house insurance than told me that my in term annual insurance was going to go up 50-55% (900+ dollars more a year). for my address chance I was flabbergasted. Agitated. I immediately called TD who actually came in 100+ lower than I was originally paying with these p****s(with the address change factored). After basically begging them not to hit me with a cancellation fee given the attempted extortion they went ahead and processed it anyway. Very disappointed.



Pat
Rating: 1
1 /5 stars

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Terrible

on 2018-09-13 22:50:20

3 months after I paid for the whole year they send an invoice for an additional $2000.

They dont explain what it's for and I'm already paid in full.

No one has any idea what's going on there and no one can give any answers because it's always someone else's job.

I've called the ombudsman twice and left messages and no return call.

They have sent me so many policies and invoices and they are different almost every time. They honestly dont know what is going on and cant give me a straight answer.

The claims process has been taking a long time and they do try to avoid paying anything they can. I am now going to be as rude and difficult to any employees of economical because their customer service is disgusting.



Harold
Rating: 5
5 /5 stars

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good landlord rates

on 2018-08-23 09:45:10

I have 2 rental properties. Much cheaper than my old company. Good rates and I did it all from my phone!



Fatima
Rating: 5
5 /5 stars

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  • Rate stability
    User: 80%
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on 2017-10-25 08:59:48

Switched my parents home insurance to economical this year. They were previously with Statefarm and paying $1000 more for their insurance. They are so happy to be saving all that money and actually have more coverage than they did before.



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