ECONOMICAL INSURANCE
Founded in 1871, we’ve been protecting Canadians’ homes, cars, businesses, and farms for a long time now. Because our customers are at the centre of everything we do, we make one simple promise: We’ll be there for you when you need us most.
With a 89% customer satisfaction score in post-claim surveys, we’re proud of our reputation as an insurance partner Canadians can count on to protect what matters most — at home, at work, and on the road.
In November 2021, Definity Financial Corporation became the parent company of Economical, joining other insurance companies, such as Sonnet Insurance, Family Insurance Solutions Inc., and Petline Insurance Company.
Founded: 1871
Headquarters: Waterloo, Ontario
isure-approved since: 1998
Insurance Products:
Personal – Home, Auto
Business – Property, Liability, Commercial Auto, Surety, and Oilfield
Services
Group – Group administrators
Farm – General, and Premier Cash Crop
Parent Company – Definity Financial Corporation
ABOUT ECONOMICAL INSURANCE COMPANY
For Canadians by Canadians, Economical Insurance is one of Canada’s leading property and casualty insurance companies, serving more than one million Canadians across the country. Offering a wide range of personal, commercial, farm and surety products, all of Economical’s products are supported by a solid history, financial stability and fast, efficient service on claims. They are going to be the first property casual insurer company in Canada that has transitioned from a mutual company to a stock company, making it the second largest Canadian insurance company that Canadians can buy shares in. Read more about their demutualization on their website: https://www.economical.com/en/financial-corner/demutualization. Economical invests $1 million every year into charitable organizations and causes that make a difference in communities where they do business. Underwritten by the Economical Mutual Insurance Company.
MEMBER COMPANIES
Perth Insurance Company
Based out of North York, Ontario, Perth Insurance is a leading insurance company in Canada that targets high-risk drivers and home owners. Perth gives you a chance to improve your auto insurance records with policies that can be customized to suit your situation. They are a member of the Economical Insurance Group.
Petline Insurance Company
Petline Insurance joined the Economical family in 2017 as Canada’s oldest and largest pet health insurance company. Its core brand, Petsecure, leads the market with innovative coverage options to meet the diverse pet insurance needs of Canadians.
Waterloo Insurance Company
Waterloo Insurance Company offers its products and services through independent insurance brokers. Brokers are the consumers’ only option for INDEPENDENCE and CHOICE. Insurance brokerages are independently owned, offering insurance policies through insurance companies with whom they are contracted.
Family Insurance Solutions Inc.
Founded in 1989, Family Insurance Solutions joined the Economical family in 1999 and has become a leading distributor of personal insurance in British Columbia.
Sonnet Insurance Company
Launched in 2016 by Economical, Sonnet is underwritten by the Sonnet Insurance Company, bringing an innovative new insurance experience to Canadians who prefer to purchase insurance directly online. Specializing in Home, Auto, Condo, Tenant, Landlord and Pet insurance products.
Frequently Asked Questions
Where does Economical Insurance serve?
Economical Insurance provides coverage across all of Canada.
What does Economical Insurance specialize in?
Economical Insurance specializes in Personal Insurance products, including Auto and Home insurance services. As well as commercial insurance, including Property,Liability,Commercial Auto,Surety, and Oilfield Services
What does Economical Insurance Go By Now?
In November 2021, Definity Financial Corporation became the parent company of Economical, joining other insurance companies, such as Sonnet Insurance, Family Insurance Solutions Inc., and Petline Insurance Company. Despite the buyout, they still operate under the name “Economical Insurance.”
Is Economical Insurance a public company?
Yes, Economical’s Parent Company, Definity Financial Corporation, went public on Nov 18th 2021.
What Home Insurance products are offered by Economical Insurance?
In addition to Homeowner Insurance, other types of home insurance offered by Economical include Condo, Tenant, Landlord, and Cottage Insurance options.
Does Economical Insurance Offer Travel Insurance?
No, Economical does not offer policies for Travel. Please get in contact with an isure broker for options for these products.
Does Economical Insurance offer Short Term Rental Insurance for services like Airbnb?
No, they do not currently provide insurance for services like Airbnb. Contact isure for more information regarding short-term rental insurance.
Why isure works with Economical?
Economical offers expanded product offerings, including their related subsidiaries, Perth Insurance (a strong high-risk auto insurer) and Economical Select (their group insurer, where we write members of the Vaughan Chamber of Commerce.)
A note about Economical from isure’s CEO/founder, Dario Battista:
They are transforming themselves from a traditional mutual to a leading-edge stock company insurer, building on their sophisticated database to benefit their target market customers.
