This page is for informational purposes only. MyChoice is not affiliated with this company.
About Economical Car Insurance
Economical Insurance was founded in 1871 in Berlin and quickly became a major Canadian insurer. The company currently underwrites policies for a million people across Canada. Although Economical’s bread and butter is car insurance for high-risk drivers, it still services experienced and inexperienced drivers.
How Economical’s Customer Reviews Compare to Other Insurance Companies
| Insurance Provider | Company’s Online Rating |
|---|---|
| Economical | 1.6/5 |
| CAA | 3.0/5 |
| Aviva | 4.4/5 |
| Wawanesa | 3.1/5 |
| Echelon | 2.0/5 |
Economical Car Insurance Pros & Cons
Below are some main pros and cons of getting car insurance with Economical. These are based on the company’s online reviews.
| Pros | Cons |
|---|---|
| Quick and Efficient Customer Service | Frequent Rate Increases |
| Seamless Claims Handling | |
| Long-Term Customer Satisfaction |
Who is Considered a High-Risk Driver by Economical?
A high-risk driver is a person who has a history of traffic convictions and insurance claims. These drivers have to pay higher insurance premiums, with some insurers not offering them coverage at all. A high-risk driver may have a history of:
- Filing Multiple Insurance Claims
- Several Driving Convictions
- Involved In Multiple Accidents
- Had Their License Suspended
These drivers will look to reduce their premiums by reforming their driving records in the hope that they can eventually get a cheaper insurance rate.
What’s Included in Economical Standard Insurance Policy?
A standard auto insurance policy at Economical will cover you from personal harm, liability to the other party, and if the other driver does not have insurance. These three features will help you avoid major bills following a crash. You also have the option to purchase optional features that will bring you extra coverage, which is covered further below.
Optional Coverage Offered By The Economical Insurance
Drivers can add value to their insurance coverage by opting for optional forms of insurance. These features can protect customers from risks not covered by a standard policy and offer drivers such things as rental vehicles or accident forgiveness.
What Other Insurance Products Does Economical Offer?
Other than auto insurance, economic insurance offers home insurance. A broad range of properties like houses, condos, tenants, landlords, and seasonal housing can be covered under Economical’s policy, providing the broker service to customize policies for their clients. Furthermore, Economical offers various discount programs, such as bundles with auto insurance, renewal discounts, and More than one insured property discount to satisfy their clients with better rates.
How To Submit A Claim With Economical Insurance
You can submit a claim with Economical in three ways: personally through your insurance broker, through their customer helpline, or via the claims section of the Economical website.