Economical Insurance Company Overview
Economical Insurance is one company that has been around for a very long time. In fact, Economical insurance was founded back in 1871. The company offers property, casualty, liability, agriculture as well as surety and auto insurance. Economical has its insurance executive offices located in Waterloo, Canada. The company is the 9th largest property and casualty insurance company in Canada partially as a result of Economical owning and operating several subsidiaries under its name. In the insurance world, Economical Insurance ranked 15th in terms of profits in 2015 with a total profit of $47,335,000.
Products Offered by Economical Insurance
If you are looking for simple and affordable insurance, Economical has a lot of options to offer you. The company has its own website containing all of its policies and they make it very easy for you to get in contact with them. The company allows you to put in your address in order to get in touch with the nearest broker to your location. So that you know what Economical has to offer in terms of insurance products, here is a list of the things they currently offer coverage for:
- Legal fees
- Medical bills
- Theft and Vandalism
- Damages/ Liability Insurance
- Accident repairs
- Rental car costs
- Lost wages
- Cracked windshields
- Identity theft
- Home based business
- Living expenses
- Trailers and water crafts
- Detached buildings
- Damages/ liability
- Your home, cottage, condo
- Landlord and Tenant Insurance
Economical Insurance Car Insurance Review:
If you think you might be interested in Economical insurance but aren’t entirely sure, you may be interested to learn about what a total written auto premium is. This is an amount of money that stands for how much the insurance company gathered as a whole through all of its insurance plans. This number is not a profit as claims have to be deducted from this dollar amount, however, it can give you a good idea how popular the company is and if they are worth looking at. Economical Insurance ranks in the top ten for total written auto premium and in 2015, they had a total written auto premium of $1,119,061,000. Although this number may not be as high as the most popular insurance companies in the country it is certainly a respectable number and one that causes many Canadians to choose Economical Insurance.
Car Insurance Products:
One potential reason that you might want to look at Economical insurance is due to the many discounts that they offer. The company offers drivers who are accident-free or who renew with the company after one policy expiration a discount. Other discounts include things like how much experience you have, whether you have installed an anti-theft device, whether you bundle your house and home insurance and whether or not you have more than one vehicle insured. Getting a free discount is always nice and Economical certainly rewards its customers for good driving and loyalty.
Economical prides itself on being able to provide insurance for the masses, which is why it has a Perth program. This program allows people who have been in accidents or have multiple speeding tickets to be able to get insurance. Many insurance companies don’t like to insure people who have bad things on their driving records. This is one of the leading “risk” insurance providers in Canada and they have been a part of the Economical family since 1968. Definitely a good option for you if you have a few convictions on your record.
If you happen to get into an accident or need a repair on your vehicle done through a claim, the company will contact a repair facility in your area and they will be able to get working on your vehicle as soon as possible. The company has its own performance standards, which means that you don’t have to shop around to find a good repair shop in your area. After taking your car to a shop, Economical offers a lifetime guarantee on body, parts, and paint repair for automobiles. You also can grab a rental car on the site of a repair shop, which is always handy. If you are doing a claim for property, you do get a two-year restoration/ repair guarantee on your home by a certified Economical contractor.
One reason why you might want to choose Economical over a different Insurance company is because of the fact they are Insurance brokers. Although with other insurance companies you can get fast quotes and quick coverage, you do not get expertise. Economical will work for you to compare various quotes and plans and find something that is priced in your budget and that offers you the coverage that you need. One thing that makes Economical stand out amongst other brokers is that you can see their commission rates. This is kind of nice as it allows you to get a better idea of how their business works and how they make money off of you so that you can make a better and more informed decision for your insurance.
Total Sales/ ranking by province:
If you think you might be interested in Economical insurance, you may want to take a look to see how popular they are in your area. Economical is definitely more popular in certain provinces than others and this may be due to ease of finding a broker or as a result of lower prices. Looking at how Insurance companies rank in your area can give you an idea as to which companies you might want to check out first as there are almost always reasons for a company doing well in a particular area. Here is a table based on the total 2015 direct written premiums in Canada’s provinces to give you an idea of how popular Economical Insurance is in the location where you live:
|Direct Written Premiums 2015
|Ranking on Top 30
|Prince Edward Island