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Economical Health Insurance

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Know more about Economical Health Insurance plans.

Economical Health Insurance Overview

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Economical Insurance is a Canadian Property & Casualty insurance company, founded in 1871. It offers a wide range of insurance services across Canada including property, automobile, surety, agricultural and liability insurance. It also offers business insurance solutions for SMEs, associations and groups, commercial vehicles, farm insurance products, and so forth. Economical Insurance is headquartered in Waterloo, Ontario but has its regional offices in various parts of Canada including Edmonton, Calgary, Vancouver, Halifax, Ottawa and so forth.

Its products are marketed and sold via independent insurance brokers. Economical insurance is the 20th largest insurance company in Canada by total assets and 9th largest property and casualty insurance company in Canada by direct written premium. The company has several subsidiaries including Economical Mutual Insurance Company, Perth Insurance Company, Waterloo Insurance Company, and so forth.

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What are the Different Health Insurance Plans Offered by Economical Insurance

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What Does Economical Insurance Group Benefit Cover?

Economical Insurance allows you to save a lot through exclusive discounts on your car and home insurance. Here are the group benefits available to group members on the car and home insurance.

  • The car insurance covers cars, trucks, vans, and SUVs as well as campers & motorhomes. You can qualify for more savings if you use an anti-theft device; you are an occasional driver’ conviction-free driver; mature driver; bundled your home and car insurance with Economical; or have more than one car insured with Economical.
  • The home insurance coverage includes coverage for houses, condos, cottages, landlords, and tenants. Moreover, you can save on your home insurance by using a monitored fire alarm or a security system; you are mortgage-free; you are claims-free; a mature homeowner; you are a new homeowner, or you own more than one home.

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News about Economical Insurance

Petline, a member of the Economical Insurance group companies, is the first and only licensed insurance company in Canada to focus exclusively on pet health insurance. The company announced on September 18, 2018, that it is launching Peppermint which became available to Canadian pet owners as of September 18, 2018. Peppermint is a pet insurance solution designed to help pet owners conscious of their budget to adequately protect their pets.

The Vice President of Petline, David Fitzpatrick, pointed out that the goal of launching Peppermint is to make quality pet insurance easily accessible to pet owners across Canada. Besides, the pet solution is easy and affordable and would truly make a difference for Petline customers.

The solution gives pet owners the choice to purchase insurance at a price suitable for their budget. It offers four different plans, namely Lite, Base, Plus and Prime. The coverage begins at a tailored coverage for illnesses and accidents and also includes special coverages such as behavioral therapy, alternative therapy, and medical devices.

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Economical Insurance FAQ

Are there other discounts I can get in my group insurance?

If you are a mature homeowner, claims-free, mortgage-free, have monitored fire alarm service, own a new home and have a security system, you can take advantage of additional discounts on your property policy.

Additional discounts may also be available on your car insurance if you are a mature driver, installed an approved anti-theft device in your car, or are conviction-free.

You will also be able to save much more by if you have more than one car or home insurance with Economical.

What payment plans are available in Economical Insurance?

Economical Insurance provides several payment options, you can choose the one that is most suitable for you whether you want the monthly installments or the three-pay plan. Payment methods provided by the insurer include payment through credit card, financial institution, by money order or with a mailed cheque.

How efficient is Economical Insurance claims service?

Economical insurance provides 24/7 claims service all year round. It has more than 600 claim professionals throughout North America to provide efficient claims services when you need it. It also provides Economical Select which has been serving Canadians for over 20 years.

How does Economical insurance determine my car insurance premiums?

Economical insurance considers several factors to determine your premium for car insurance. These include

  1. The number of claims you have submitted in the past.
  2. Your traffic violations such as your speeding tickets.
  3. Information about you such as how long you have been a licensed driver.
When am I required to update my policy?

Economical Insurance recommends that you update your insurance policy at least once a year. But in case of the following, you may be required to contact your broker to officially update it:

  1. When you buy another vehicle.
  2. When you changed your address.
  3. When you changed how you use your vehicle.
  4. If you have an additional licensed driver in your home.
I am an Uber driver, am I covered?

No. Economical Insurance does not currently provide coverage for Uber drivers.

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