The Co-operators General Insurance Co. Car Insurance Review

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Co–operators General Insurance Co. Overview

Co-operators is a company that was founded in 1945. The company is owned by 44 different members. Co-operators General Insurance Co. is one of Canada’s leading multi-line insurers as a result of their low prices. The company also offers auto, home, life, travel and even farm and business insurance policies. The company even offers a variety of investment options for clients, which does generate them quite a lot of business as well. Co-operators was started by farmers in Saskatchewan and is now based out of Guelph, Ontario. The company has over 485 agents throughout the country and they are one of the largest insurance providers. In fact, Co-operators General Insurance Co. generated a profit of $59,803,000 in 2015 and the company was ranked 13th in the country in terms of profit.

Products Offered by Co–operators General Insurance Co Insurance:

One good thing about Co-operators is that they offer such a wide variety of insurance policies. The company has policies available to cover almost anything that you could need insurance for, which is ideal in terms of getting the best price. Bundling insurance is always cheaper and Co-operators is a leader in Canada in terms of Multi-line insurance plans. To help you decide if Co-operators is the company for you, here are the things that their insurance covers:

Automobile Insurance:

  • Liability coverage
  • Accident Benefits
  • Uninsured automobile accident
  • Direct compensation property damage (damage when you are not responsible in an accident)
  • Collision
  • Natural Occurrences eg: fire, lightning, wind, earthquake, hail, explosion, riot, theft

Home Insurance:

  • Condominium insurance
  • Tenant insurance
  • Cottage/ seasonal home
  • Home
  • Business
  • Farm
  • Travel

Co–operators General Insurance Co. Car Insurance Review

If you want a general idea of how Co-operators is doing as an insurance company it may not be a bad idea to check out their total written auto premium. This number is essentially the total of all of the premiums that Co-operators collected. Claims are deducted from this number in order to get the total amount of profit that the company made. The total written auto premium for Co-operators General Insurance Co. in 2015 was $1,143,026,000. This amount is definitely a generous and respectable number and as you can probably tell, Co-operators is certainly one of the most popular insurance companies in Canada. To help you be able to decide if Co-operators is a company that you want to insure yourself with, below is a list of some of the policies that they offer for their car insurance.

Car Insurance Products:

Limited Waiver of Depreciation:

Due to the high cost of new vehicles, Co-operators decided to make a new vehicle policy. This policy is used to protect against the loss of value in a vehicle as a result of an accident. If you have a new vehicle and are in the first two years of ownership, you can pick up this policy. With it, you will receive money, up to the full price you paid for the vehicle if the vehicle is damaged beyond repair and needs to be replaced. This plan can literally save you thousands upon thousands of dollars. It may definitely be worth considering if you are worried about an accident and are buying a new vehicle.

Accident Forgiveness:

If you are worried about getting into an accident, you will like this policy. It doesn’t matter if you are worried about an accident as a result of being inexperienced or nervousness, this policy has you covered. This coverage plan can give you peace of mind as your first accident won’t affect your car insurance rates. The policy is available if you have been licensed for six years and have been accident-free. This is a very nice add on that can definitely save you some money if you were ever to get into an accident with this policy attached to your premium.

Loss of use:

If you have a car and it is damaged or stolen and you have this policy, you are covered. The policy will pay for the costs of temporary transportation for you while you get your car back up and on the road. There are different amounts of coverage that you can get to give you more money until your car is back up and ready to go. This policy can definitely save you some money, especially if your car has to have major repairs done to it that take a fair amount of time to do.

Family Protection Endorsement:

With this package, if you happen to get into an accident with a driver who doesn’t have enough insurance to cover you, you will receive additional coverage and benefits. This is a great way to protect yourself when driving with other people and it can definitely give you some peace of mind for something that you can’t control.

Legal Liability:

If you borrow someone else’s car on a regular basis or if you rent a car on occasion, you may want to get this on your insurance policy. This coverage will cover you if you happen to damage a car that is not yours while it was in your care or control. This will cover you if you happen to get into an accident in the vehicle or if you happen to have someone or something damage the vehicle while it is in your possession.

Total Sales/ ranking by province:

One thing that you might want to have a look at if you are considering Co-operators, is how popular they are in your province. Generally, you will find that the most popular insurance companies have the best products. Good plans are the most sought after from consumers and increase popularity. However, sometimes it is simply a matter of how easy it is to get insurance in your area. To help you decide if Co-operators is the right choice for you, we have created a table for you comparing different provinces direct written premiums. Here are the total amount of direct written premiums by province and how Co-operators ranks in comparison to other Insurance companies in Canada’s provinces:

Province:Direct Written Premiums 2015Ranking on Top 30
Newfoundland42,423,0004
Prince Edward Island11,919,0001
Nova Scotia30,051,0007
New Brunswick32,219,0008
Quebec23,322,00014
Ontario663,529,0007
Manitoba846,0005
Saskatchewan9,621,0002
Alberta322,503,0005
British Columbia549,00016
Yukon Territory3,667,0004
Northwest Territories2,068,0005
Nunavut309,0006

Resources:

https://en.wikipedia.org/wiki/The_Co-operators

https://www.cooperators.ca/