Economical Car Insurance Review and Quotes for 2024
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Discover the methodologyAre you in search of reliable car insurance tailored to your needs? Economical Car Insurance, a trusted provider offering comprehensive coverage for Canadian drivers since 1871, could be a good choice.
From diverse coverage options to competitive rates and top-tier customer service, explore everything you need to know in our Economical car insurance review.
You can use our free tool to get personalized quotes from Economical Car Insurance and other top providers and compare their coverage right here.
Economical Car Insurance Canada: 5 Key Takeaways
- Offers diverse coverage since 1871.
- Competitive rates, 93% satisfaction as per customer's reviews.
- Ontario-focused, with a presence in other provinces.
- Discounts for multi-vehicle, safe drivers.
- Get free quotes online using the HelloSafe tool.
Our 2024 review of Economical car insurance
Economical Insurance, founded in 1871, stands out for its diverse coverage options and competitive rates. Boasting a 93% satisfaction rating, it caters primarily to Ontario but has a presence in other provinces. With discounts for multi-vehicle policies and safe drivers, it's ideal for those seeking reliable coverage and savings.
Economical provides mandatory third-party liability and optional coverages like collision and comprehensive, ensuring holistic protection. It's a top choice for Canadian drivers prioritizing value, quality service, and customizable coverage.
If you think Economical Car Insurance might be the right choice for you, you can get a free quote right now. Press the button below and get free quotes in no time.
Here are its pros and cons to help you decide if it's a good fit for you:
Pros of Economical Car Insurance
- Known for offering competitive rates, especially for drivers with a good driving record and those who qualify for discounts
- Boasts a 93% customer satisfaction rating
- Offers the standard suite of car insurance options
- Offers various discounts to bring down your premium
- More than 5 additional coverages
- Renewal discounts are available
- Legal fees are covered
- The ideal option for vans, trucks & SUVs
Cons of Economical Car Insurance
- Primarily operates in Ontario, but it does have a presence in other provinces.
- While competitive, it might not always be the cheapest option for high-risk drivers.
Overall, Economical Insurance is a good option for Canadian drivers looking for a reliable insurer with competitive rates and a good reputation for customer service. But you must compare it with other providers. You can do it right here using our free tool below. Explore Canada's best car insurance plans based on your unique needs and compare quotes now.
Compare Canada's best car insurance plans
What does Economical car insurance cover?
Economical Car Insurance offers a variety of coverages, but here's a breakdown of the most common ones:
Mandatory coverage:
- Third-party liability: This covers injuries and property damage you cause to others in an accident. This is mandatory car insurance in Canada.
Optional coverage:
- Collision: It covers damage to your vehicle if you're at fault in an accident or if it collides with something else (like a tree or a parked car).
- Comprehensive: This covers damage to your vehicle from things other than collisions, such as theft, vandalism, fire, weather events, or animal strikes.
- Accident benefits: It covers medical expenses, lost wages, and other costs you incur if you're injured in a car accident, regardless of fault.
Additional coverage options (may vary based on your location):
- Loss of use: This covers the cost of a rental car while your vehicle is being repaired after a covered claim.
- Towing and roadside assistance: This covers the cost of towing your vehicle if it breaks down or gets stuck.
- Personal injury protection: Provides additional coverage for medical expenses and lost wages beyond what's included in accident benefits.
Find out what coverage you can get based on your unique profile, needs, and budget right here. You can get a tailormade quote from Economical Car Insurance and other providers right now.
Does Economical car insurance offer discounts?
Economical auto insurance prioritizes providing top-tier service at competitive rates for its customers.
The company offers various discounts and specialized programs, including:
- Multi-vehicle discount for insuring more than one car
- Conviction-free discount for maintaining a clean driving record
- Safe driver discount for remaining claims-free
- Security discount for vehicles equipped with anti-theft systems
- Renewal discounts applicable to eligible customers
- Bundling discount for combining auto and home insurance policies
In addition to discounts, Economical offers special programs tailored to specific client needs:
- Group insurance: Economical provides competitive group insurance options for auto coverage, available through employer or guild affiliation via Economical Select’s website.
- High-risk car insurance: For drivers facing challenges in obtaining car insurance due to past driving records, Economical offers assistance through its Perth Insurance subsidiary.
- Disappearing deductible: Enroll in this program to see your deductible decrease for every term without a claim.
How much does Economical car insurance cost?
There's no one-size-fits-all answer for how much Economical car insurance costs in Canada.
The exact price will depend on several factors, including:
- Your location: Economical primarily operates in Ontario, but their rates can vary depending on the specific province or territory.
- Your driving record: Drivers with a clean record and no accidents or tickets will typically get lower rates.
- The type of car you drive: More expensive or powerful cars will generally cost more to insure.
- Your age and gender: Young drivers and males are typically seen as higher risk and may pay more.
- The amount of coverage you choose: A policy with more comprehensive coverage will cost more than a basic policy.
To give you a better idea, here are some specific quotes:
| Criteria | Customer Category | Annually | Monthly |
|---|---|---|---|
| Overall cost | All drivers | $ 3,179 | $ 265 |
| Gender and status | Male | $ 3,255 | $ 271 |
| Female | $ 3,048 | $ 254 | |
| Married | $ 3,380 | $ 282 | |
| Single | $ 3,139 | $ 262 | |
| Age | Under 25 | $ 3,642 | $ 304 |
| 26-35 | $ 3,259 | $ 272 | |
| 36-49 | $ 2,994 | $ 250 | |
| 50-64 | $ 2,287 | $ 191 | |
| 65 and over | $ 2,042 | $ 170 | |
| Driving record | 1 ticket | $ 3,029 | $ 252 |
| 2 tickets | $ 3,284 | $ 274 | |
| 1 accident | $ 3,182 | $ 265 | |
| 1 cancellation | $ 2,899 | $ 242 | |
| 1 suspension | $ 2,650 | $ 221 | |
| Location | Toronto | $ 3,316 | $ 276 |
| Ottawa | $ 2,609 | $ 217 | |
| Brampton | $ 3,746 | $ 312 | |
| Hamilton | $ 3,170 | $ 264 | |
| Mississauga | $ 3,851 | $ 321 | |
| London | $ 3,430 | $ 286 | |
| Kitchener | $ 3,214 | $ 268 |
Use our comparator to get customized car insurance quotes from Economical and other top providers. Compare quotes to get the best deal right here using our tool below.
Compare Canada's best car insurance plans
How can you contact Economical car insurance?
Economical Insurance has several offices in Canada. You can use one of the following Economical car insurance phone numbers or fax numbers to reach out.
| Location | Phone Numbers | Fax Numbers |
|---|---|---|
| Head Office (Waterloo, Ontario) | Local: 519-570-8200 Toll-Free: 1-800-265-2180 | Fax: 519-570-8389 |
| Alberta (Calgary) | Local: 403-265-8590 Toll-Free: 1-800-562-1180 | Fax: 403-264-2591 |
| Alberta (Edmonton) | Local: 780-426-5925 Toll-Free: 1-800-661-3274 | Fax: 780-428-6166 |
| British Columbia (Vancouver) | Local: 604-681-2037 Toll-Free: 1-866-681-2037 | Fax: 604-684-1197 |
| Nova Scotia (Halifax) | Local: 902-835-6214 Toll-Free: 1-800-278-9639 | Fax: 902-835-8503 |
| Ontario (Executive Office, Toronto) | Local: 647-260-3680 Toll-Free: 1-800-265-9996 | Fax: 647-260-3670 |
| Ontario (Kitchener-Waterloo) | Local: 519-570-8335 Toll-Free: 1-800-265-4562 | Fax: 519-570-8312 |
| Ontario (London) | Local: 519-673-5990 Toll-Free: 1-800-265-4441 | Fax: 519-661-0085 |
| Ontario (Metro Insurance Centre, Toronto) | Personal: 416-590-0038 / Toll-Free: 1-800-268-8801 / Commercial: 416-733-1777 / Toll-Free: 1-866-251-9075 | Personal Fax: 416-590-0869 / Commercial Fax: 416-733-1463 |
| Ontario (Mississauga Customer Contact Centre) | Phone: 1-800-607-2424 Fax: 905-896-2698 / New claims only: 905-896-7857 | |
| Ontario (Ottawa) | Local: 613-567-7060 Toll-Free: 1-800-267-8318 | Fax: 613-567-6981 |
| Quebec (Montreal) | Local: 514-875-5790 Toll-Free: 1-800-361-7573 | Fax: 514-875-9769 |
Before you choose any car insurance policy — be it from Economical or any other company — go through its coverage and exclusions properly. To get the best deal, compare multiple options using our tool and pick the one that best meets your needs and expectations.
Compare Canada's best car insurance plans
How to claim Economical car insurance?
If you need to file a claim, the Economical Claims team is readily accessible via their website or by phone. They are available around the clock to offer assistance and guidance throughout the entire process. If you're an existing customer, you can also use your economical car insurance login details to access policy information, customer care, and the claims process.
Here are all the details that might need to make a claim:
You can file Economical Car Insurance claims directly with your brokers. If you can’t reach them, you can reach out to Economical’s has a 24-hour claims service line.
24-hour claims service line
- Quebec: 1-888-875-8088
- Elsewhere in Canada: 1-800-607-2424
You can also contact the Economical Insurance internal ombudsman with concerns:
Mailing address
Office of the Ombudsperson
111 Westmount Road South
P.O. Box 2000
Waterloo, Ontario N2J 4S4
Phone, fax, email
Phone: 1-800-265-9996 (ext. 48215)
Fax: 519-570-8550
Email [email protected]
If Economical’s final ombudsman response isn’t satisfactory, you can elevate your concerns to provincial insurance regulators — e.g., Autorité des marchés financiers (AMF) in Quebec — or an independent dispute resolution service like the General Insurance OmbudService with your concerns.
GIO contact
Web address: www.giocanada.org
Mailing address
General Insurance OmbudService
4711 Yonge Street, 10th Floor
Toronto, ON M2N 6K8
Phone, fax, email
Phone: 1-877-225-0446
Fax: 416-299-4261
Email: [email protected]
