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 Company
Founded 1871
Headquarters Waterloo, Ontario
Employees ~ 2,500
Canadian Mkt. Share* 4.73% (2017)
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.
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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

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Economical Insurance Reviews


  1. Avatar
    October 25, 2017 at 8:59 am

    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.

  2. Avatar
    August 23, 2018 at 9:45 am

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

  3. Avatar
    September 13, 2018 at 10:50 pm

    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.

  4. Avatar
    Adam Busch-Reply
    October 23, 2018 at 11:55 am

    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 pricks(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.

  5. Avatar
    January 3, 2019 at 2:25 pm

    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!

  6. Avatar
    Elsie May Scott-Reply
    January 25, 2019 at 3:41 pm

    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.

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