2.6/5 (41 Reviewers)
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For Canadians by Canadians, Economical Insurance has been protecting people from coast to coast for more than 150 years with a variety of home, auto, and commercial insurance solutions. Learn more and leave/read reviews.

Economical Insurance

HeadquartersWaterloo, Ontario
Employees~ 2,600 (2023)
Canadian Mkt. Share (As Definity Insurance Company)*5.14% (2022)
Insurance ProductsAuto, Home, Life, Renters, Landlord, Condo, Business, & Farmers Insurance
* Of all private P&C in Canada by net premiums written, excluding life and purely A&S companies.

Economical Insurance Quotes

Get a Quote now

For an Economical insurance quote, Call one of our brokers today to see just how much Economical Insurance has to offer, and how little it will cost: rnSpeak with a broker today: 1-800-731-2228

Company Overview

Economical was started in 1871 by a group of concerned citizens in what is now Kitchener, Ontario, who wanted to help their neighbours through hard times. Over the years, the company has remained true to its original promise of “neighbour helping neighbour” and is now one of the largest property and casualty insurers in Canada. In Nov 2021, Economical insurance demutualized under their new parent company, Definity Financial Corporation

Economical is known for its:

  • High rate of customer satisfaction with its quick response to customer needs and simple claims options
  • Customizable flex features on almost all of its standard and non-standard insurance offerings
  • Targeted, industry-specific commercial insurance at very reasonable premium rates
  • Reliable and reasonably priced insurance for members of groups and associations

Economical Insurance has a comprehensive line-up of personal, business, farm, and group insurance products. The company’s focus is on developing coverage that meets the needs of the customer, while maintaining a high level of customer service.

Economical Insurance Advantages

Economical Insurance has repeatedly demonstrated that it does everything it can to stay in line with modern insurance developments. This is a company that listens to its customers and makes changes based on their needs. Some of the advantages of working with Economical Insurance include:

  • Stable Corporate Foundation – Economical Insurance is known for its sound financial decisions and its strong underwriting team. In its long history, Economical Insurance has established itself as one of the most stable insurance carriers in Canada. Economical Insurance also works closely with community groups and non-profit organizations throughout the communities it serves.
  • Focus On Cost-Efficiency – One of the core beliefs of Economical Insurance is that it must provide precise solutions for customers at reasonable premium costs. Not only does the company strive for cost-effective solutions for each customer, but it also has developed a long roster of discount options that can help lower premiums.
  • Hassle-free Service Program – Economical Insurance has one of the highest customer satisfaction ratings in the business. Their hassle-free service program guarantees the quality of your repairs, and the prompt, friendly services you deserve. And with 24-hour emergency service, they’ll be there when you need them most.

Insurance Products

Economical Insurance specializes in personal, business, farm, and auto insurance solutions. The company partners with a large broker network across Canada to ensure every solution is tailored to meet the needs of every customer. Economical Insurance does not cut corners on coverage in order to keep costs down — they deliver quality coverage at a competitive price.

Economical Auto Insurance

You’re going places, and Economical Insurance can protect you and your vehicles along the way with a wide range of auto insurance coverage options and discounts.

Economical Home Insurance

Whether you own or rent your home, Economical Insurance can help you protect it with coverage for possessions, structures, identity theft, and additional living expenses. Economical also offers home and auto insurance bundles

Economical Business Insurance

Economical Insurance offers commercial insurance solutions so you can run your business with peace of mind. From customized, industry-specific coverage and discounts to their in-house team of risk services consultants, you’ll be taken care of — and so will your business.

  • Property insurance
  • Liability insurance
  • Commercial vehicle insurance
  • Surety bonds

Economical Farm Insurance

Economical Insurance understands that it’s more than a farm — it’s a way of life. They proudly offer specialized, cost-effective solutions to hard-working farmers in Ontario.

  • General farm insurance
  • Premier dairy coverage
  • Premier poultry coverage

Economical Group Insurance

Economical Insurance makes it easy to save on insurance with their group insurance program. Through your work or association, you could be eligible for exclusive discounts on car and home insurance.

  • Employees of a company
  • Labour union members
  • Professional or alumni groups
  • Non-profit groups or companies

Economical Brands and Subsidiaries

  • Economical Mutual Insurance Company: Founded in 1871, and underwritten by the Economical Mutual Insurance Company except for the province of Quebec where it’s underwritten by Missisquoi Insurance Company (Est. 1835), the oldest Canadian-owned P&C insurer.
  • Economical Select: Discounted group auto and home insurance, underwritten by Waterloo Insurance Company (Est. 1863), which joined Economical in 1980
  • Western General: Insurance for farmer with customized coverage for home, auto, machinery, and operations. Founded in 1905, and underwritten by the Economical Mutual Insurance Company. Western General joined Economical in 1997.
  • Perth Insurance: Canada’s leading special risk home and auto insurer. Founded in 1863 (legal name is Perth Insurance Company). Perth joined Economical in 1968.
  • Economical Financial: Provides financing and support for Economical broker partners, such as equity investments and debt financing. Economical Financial’s legal name is Westmount Financial Inc.
  • Sonnet: Purely online insurance quotes, purchases, and account management. Sonnet was founded in 2016 and underwritten by the Sonnet Insurance Company.
  • Family Insurance Solutions Inc: P&C insurance provider for British Columbia. Founded in 1989 and joined Economical in 1999.
  • Petline Insurance Company: Leading Canadian pet insurer. Founded in 1989 and joined Economical in 2017.

Economical Insurance Quotes

Get a Quote now

For an Economical insurance quote, Call one of our brokers today to see just how much Economical Insurance has to offer, and how little it will cost: rnSpeak with a broker today: 1-800-731-2228

Economical Insurance Reviews

2.6/5 (41 Reviewers)
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Economical Insurance
Head Office:
111 Westmount Road South, Waterloo, Ontario N2J 4S4, Canada
Phone Number: 1-800-607-2424
Rating: /5 stars


Economical insurance has to be the worst company I have dealt with across any industry. I would rather walk uphill in a snowstorm than pay another dime to this company. Adjusters tell you misleading and false information, then they disappear altogether and leave you with a mess to deal with. What's the point in paying a monthly service for an insurance company if they aren't going to honour your insurance claim. I was in an accident where the other driver was 100% at fault, and economical has made me feel like a victim. If it wasn't such a huge company I would absolutely take legal action. ZERO STARS

Rating: .5 .5 /5 stars

The worst insurance company in all of Canada by far

Please spare yourself the hassle with economical. They are quick to take your money but they have the worst customer service I have ever seen in the history of any company. Don’t get into an accident and submit a claim with them because it’ll take 3 months to get the paperwork started

Rating: .5 .5 /5 stars

Don’t recommend

Worst company I have ever had to deal with. Someone backed into my parked car. And now I’ve been waiting 5+ months to get money out of my car. Seems like they find one problem after another

Rating: 0.5 0.5 /5 stars

Best rates I’ve seen. They have up front and explained everything regarding insurance changes etc. Super happy

Got the guitar through Mitch insurance. Recieved a call from economical. They had the best deal and explained all changes with insurance policy as well as government regulations. Super helpful

Rating: .5 .5 /5 stars

Horrible experience – stay away

This company is a complete and total joke… no flexible at all doesn’t matter the situation you are just a number, not to mention they are expensive compared to others… so your home work and check their reviews… also it is based in the US.

Rating: 5 5 /5 stars

Great Insurance

I got a couple of tickets and my old insurance company gave me the boot . I was so happy and relieved that economical gave me insurance so that I could continue being independent and the staff was fantastic. I hope I can keep having a positive experience.

Rating: 1 1 /5 stars

Over priced insurance

I just switched to them and pay an insane amount a month

Rating: .5 .5 /5 stars

Absolutely horrible

Worst customer service ever! My daughter had an accident and we filed a claim. Our adjuster was horrible to deal with. We had to go a week without a rental car for a week. They decide to right off the car after the adjuster advised they wouldn’t write it off. I was told I had to make calls to find a rental car because enterprise did not have any vehicles for a week. I could call other rental companies, but economical would only pay $40 a day and i would have to pat the difference out of pocket even though i had dental coverage. The money they offered as a replacement was about $4000 to $5000 dollars less then comparable cars of same mileage and options. Also when speaking to the adjuster she was quoting me less money then the money actually on the documents. 10% difference. They take forever to get back to the customer and make no attempt to work with and or help customers during claims. I had to ask my adjuster 3 times to escalate my complaint of dissatisfaction before I was contacted. I sent my own comparisons that showed the vehicle was worth more and they still wouldn’t budge. I could pay for an appraisal out of pocket to appeal but I was told by an appraiser it was a waste of money because they won’t budge. It has now been 6 weeks and I have had to settle with the low amount because I had no other options. Even the team lead that I was dealing with would take days to respond and stated that the adjuster made a human error while discussing buy out. They do not care about customer service and satisfaction. I know another person getting the run around for a claim where he was hit and they are trying to short him on couple thousand dollars in repairs. Stay away. I was told there is no other appeal options.

Rating: .5 .5 /5 stars

run away, fast!

Brutal brutal brutal. Rude representatives, inflexible policies.

Like many here, I would give a zero rating if I could.

Customers are just file numbers to them, no humanity behind this company.

They took my money but still cancelled my policy after only 5 months due to a COVID related oversight. I feel like they stole my money.

Run for the hills people, this place is trash.

Rating: 3.5 3.5 /5 stars

Great customer service Polite, fast affordable insurance

Very helpful

Rating: 5 5 /5 stars

Give this company a try

Overall we are very satisfied with the service and cost of insurance. Professional people with a no nonsense approach to dealing with our inquiries.

Rating: 1 1 /5 stars

Huge hussle with economical insurance

It takes them forever to handle your claim. Adjuster will go on vacation in the middle of your claim without having somebody else to take over your claim and leave you hanging for an entire week. They give you update about your claim once a week. Twice if you’re persistent on asking them about an update. Once you open up a claim with them and your car is not driveable expect not to have a car to drive for more than a month before they even give you a rental. In some insurance company you can get decision in your claim in less than a week and it’s only a matter of time for the body shop to finish the repair. But with the economical give them one month or two before the body shop can work on your car and that’s when your car rental can be provided.

Rating: 5 5 /5 stars

Very competitive pricing

Rating: 5 5 /5 stars

Good coverage

Rating: 5 5 /5 stars

Very competitive rates. I’ve switched after many years with the same insurer who suddenly raised my premiums for no discernible reason

Rating: 5 5 /5 stars

Great price

Rating: 3 3 /5 stars

Very Competitive Premium

Economical insurance allowed me to get my motor cycle back on the road as I was not able to stay with a previous group insurance carrier due to change of employment status.. I haven’t had to make any claims so can’t speak to that but am very happy to be out and riding again. Thank you Mitchell & Whale for all your help.

Rating: 5 5 /5 stars

Best insurance company I have ever used!

My old broker was still waiting for response over a week for house insurance because I am high risk . I:E 20 years no insurance and tin roof original to my house built 1936 . When I got a hold of this company I had house insurance done in under an hour. Later my old broker sent me a higher quote for auto insurance. Also informed me that I no longer qualified for high risk due to a letter she received several days before. Got Angela again. She had my new insurance done again in under an hour. Cheaper by at least $50 a month. Will recommend this company without hesitation if asked!

Rating: 1 1 /5 stars

Worst company ever.

Stay away from these hacks.

Rating: 1 1 /5 stars

Worst Insurance Company in Ontario

I had 2 demerit points back in 2016, when I went to go register for insurance in 2018 I was told by my agent that the points still take effect but wouldn’t tell me when they would stop affecting my insurance, I was paying $320 a month and only when I started to call to ask about my points is when they started to lower my rates to $250 a month. As soon as I switched insurance companies (I’m with Co-operators) I saved an additional $50 a month. I’ve sent a complaint to my previous agent because I’ve asked for a cancellation form and never got one sent to me even after I gave him my email and they have my address in their records, they’ve been delaying it because my billing payment is automatic but I’ve purposely shorted the funds in my account so they can’t take my money but every month they try I get charged an additional $48 NSF return fee. This company isn’t worth your time, you’ll be more satisfied with any other company I guarantee that.

Rating: 1 1 /5 stars

How does Economical sleeep at night?

My son was in an accident.. his best friend lost his life. My son is lucky to have survived and we are grateful. He suffered “to the bone” lacerations, Thoracic Outlet Syndrome, ongoing wrist and knee pain(early onset arthritis), constant back pain and depression. This suit has been ongoing for 5 years. Economical is not willing to make a settlement as they say he has fully recovered. He has been in treatment and continues since day1 so he can have some relief and not turn to drugs for pain. As he ages the pain becomes less tolerable. I have only written a few comments in my life and they have all been positive. I felt compelled to write them in appreciation as I feel compelled to question how these adjusters sleep at night? They make you feel like you’re looking for a retirement package when its a mere pittance to alleviate some of the ongoing treatments that the body and mind require after such a tragic accident. What was I paying $11,500.00/yr for? (Comm Ins). I am now changing providers. Unimaginable and disheartening.

Rating: 5 5 /5 stars

They help me in my time of need after my ex left me

They did everything in there power to help me and got me what I wanted and work with me. I normally dont do these reviews but in this case I am.

Go with them you won’t be wrong

Rating: 1 1 /5 stars

Abusive and endless harassment

After being injured in a car accident a claim was filed for my physio therapy treatment. I suffered extreme whiplash and a herniated disc which required me to need help with every single aspect of living. I lost 4 months of treatment due to the pandemic closure. Things were going fine with the company until we got close to the end of my benefits. I have not recovered from my injuries due to the pandemic closure and require more time. Chris B. [last name retracted] was handling my claim. He decided to cut me off early. He refused my physios treatment plan. He claimed to have spoken with my provider which my physiotherapist can confirm is a lie. He claimed that my treatment plan would be approved. Another lie. He continued to send harassing and threatening emails stating “let me tell you upfront that this is not the end of the story”. This felt like an absolute do what I say threat. He demanded I attend a medical exam with a doctor of his choosing. I was advised by my physiotherapist not to do this as it will not be beneficial to my cause. I am also immune compromised and have no desire to enter a medical facility during a pandemic. It is not safe for me. I requested that Chris drop this and leave me alone. I do not need the added stress and anxiety. Today my fiancé received a message from Direct IME, a medical examiner in Markham demanding that I return the call. Chris does not have permission whatsoever to give out my fiancé’s details to anyone. He was told by multiple individuals to back off and leave me alone but he went ahead with this anyway. This is now just pure harassment on his part. He clearly enjoys making other people stressed and miserable. The audacity of this man is just appalling. Extreme unprofessionalism and incredibly abusive.

Rating: 5 5 /5 stars

Good value for good coverage

Switched to Economical from Co-Operators for my rental property. Much better rates from Economical. I’m looking forward to being with them for a long time.

Rating: 5 5 /5 stars

Truly lives up to its name!

Economical insurance allowed me to get my motorcycle back on the road with the best rates ever. I haven’t had to make any claims so can’t speak to that but am very happy to be out and riding again.

Rating: 5 5 /5 stars

Appreciation Msg.

When I was serving overseas I let my insurance lapse. Upon returning home, I had a lot to deal with and insurance was low on my list of priorities. It’s been a couple years since then.

Economical Insurance was willing to cover me regardless of the lapse. For that I am extremely appreciative. It has given me so much peace and less worry.

Fair rates, fair deal. Received a completely informative package containing all information regarding coverage, and claims process. I would personally recommend.

Rating: 2 2 /5 stars

I am absolutely disgusted with this company my broker called them when COVID started to ask them if they could offer any help in terms of my insurance payments for the two cars I have with them and they said no they were not willing to help me and then the worst part was I had missed a payment and they weren’t willing to make arrangements for me to catch up so they took double payment the following month and now I had the same problem this month with an nsf payment and now they are saying if I don’t pay it by the June payment then they will no longer insure me and I’m not working right now and my husband salary was cut down due to the COVID so I do not recommend this company

Rating: 3 3 /5 stars

Saved our bacon (or house)!

We had hit a hard time and was told we were uninsurable. Our agent told us there was nothing she could do. I called Mitchell & Whale and in just a few short days with a small amount of paperwork, we were once again insured. They saved us, and relieved so much anxiety and pressure. Our new agent is fantastic, always ready to help and answer questions.

Rating: 5 5 /5 stars

amazing customer service, everyone was a pleasure to deal with, all done over email and set up with no difficulty whatsoever. highly recommend, I am trying to get anyone I know to give you guys a call. also the best rates I could find

Rating: 1 1 /5 stars

Don’t even bother getting a quote from Economical

They only get one star because I can’t do 0. Do your future self a huge favour, and don’t bother with economical insurance. Not only do they have terrible customer service, their assume guilty policy punishes good drivers who act in good faith, while allowing or even rewarding bad drivers who lie about insurance claims to get off with only a slap on the wrist. No wonder insurance fraud is so high, with that policy.

I have been a customer for years with no claims; I’ve driven 10 years with no at fault accidents. The first time I submitted a claim this year, things went downhill fast. Not only did the insurance agent insist I go to their auto shop, across town from where I had an appointment already booked, she didn’t even give me the right address. I’m glad I called the shop to confirm ahead, because I found out that she had also given me the wrong time too, Monday afternoon instead of friday, making my time off work nothing but lost hours and income. (Apparently this was not the first time this had happened according to the auto shop.)

Next, we come to the claim itself. I had a police report with a clear not at fault, a clear recounting of the events, and photos of vehicle damage on my left / drivers side. The other ‘honest’ driver (who insisted we should not do insurance, and was ‘very honest,’ we could settle with cash!) made a false claim to their insurance saying I turned right and hit them, instead of what happened, they turned right and hit me. Their story is physically impossible while traveling same direction given the physical damages to my vehicle. But, the lie did not match, so apparently it was an automatic 50/50 – now, not only was I being given bad customer service, they weren’t even trying to help at all, and I was treated as guilty in each subsequent interaction. Nobody wanted to do any real work to help or make sure that things were done right. They are currently trying to finalize my claim without even bothering to wait for the police report on their end to be delivered – pure lazyness, and it makes me wonder if that part is even legal – I gave them proof and they can’t even be bothered to read it? Clearly it was far easier (and more profitable) to just hit the 50/50 button than do their job.

This policy of treating their customers like dirt, and guilty until innocent not only punishes those drivers who do things right, but by allowing the false claims to stand it condones and even rewards bad drivers who lie to avoid penalty, with no burden of proof on their side. I can almost guarantee that the other driver, if they keep driving like what I saw, will go on to be in another accident and next time may not be lucky enough to escape with no injury. The first agent I spoke to argued up and down how I could have hit the other person, in fact, taking their side! (and the first story I heard was not identical to the second story either – different stories from the other insurance agency would also make things a bit suspicious too!) This lack of oversight might be why insurance fraud is so high, if their agents just accept lies at face value while deliberately ignoring proof from their own customers.

Rating: 1 1 /5 stars

Fraud Artists

I was in a minor not at fault accident, where I was rear ended while at a red light. This was a confirmed at at fault accident and should not have had any impact on my own policy. Economical Insurance started a harassment campaign against myself stating that they wanted to do a full financial audit of myself to determine my eligibility for my claim. This company asked for employment verification, letters from my landlord and full credit, debit, and cell phone records to approve a $200 chiropractic treatment. I would not ever recommend this company.

Rating: 3 3 /5 stars


So far, we are happy to be with this insurance company

Rating: 5 5 /5 stars

Such a simple, seamless transaction!

Obtaining insurance for a rental income we recently purchased was by far the easiest step in the entire process!

Rating: 1 1 /5 stars

Find another insurance company! Don’t use Economical

After using Economical for my home and auto insurance for over 25 years, they decide to cancel collision on 2 of my high end vehicles without any notice or discussion. If this is how they treat loyal customers without any claims, I can’t imagine how they would treat a customer with claims or problems.

Rating: 1 1 /5 stars

they dont give you best rate rip offs

last year my rate went up by 10 i didnt say nothing when u talk to them they say that is the best but this year more increase up by 25 extra month wow what a difference again they didnt help me lower it there im canceling and going to another insurance provider

Rating: 2 2 /5 stars

Economical Insurance

Last year I was so happy when my broker Duliban found your company to save me money on premiums. What a laugh as this year it increased $368.56. This is totally unnecessary that I have to pay more for my car which is now one year older and over $100 for the same coverage in my condo. I have instructed my broker to work on a better company next year.

Rating: 0.5 0.5 /5 stars

Company should hvae its license revoked!! Buyer Beware!! Stay away!!

This company cancelled our home insurance over the Christmas holidays. The reason- after being a client who pays on time for over a year, we were away and missed a payment date by 3 business days. They cancelled our home insurance without notice. We only found out after the fact- 4 days afterwards via our broker. Good thing nothing happened to our house over that time. When we called them to rectify the situation, we were abruptly told that our insurance could not be re-activated.
For an industry predicated on customer service, it is unbelievable how little they care about customers. They are cheaper for a reason. Buyer beware, stay away! Don`t risk your house. 4 days without house insurance is stressful. Stay away!

Rating: 0.5 0.5 /5 stars

Worst insurers- customer service sucks

I had a horrible experience with Brokerlink Insurance. I had a not at fault claim with one of their vendors (Economical insurance) and was very disappointed to find out they were in Calgary and did not operate during regular business hours IN ADDITION to trying to settle a claim with me for LESS THAN HALF Of what their PREFERED shop quoted for the damage.

When I was in transition from moving from Oakville to Hamilton I got quotes for house insurance from them which came in 35% higher than TD Insurance. Their sales representative (Karen Butler) after finding out that I went to TD for the house insurance than told me that my in term annual insurance was going to go up 50-55% (900+ dollars more a year). for my address chance I was flabbergasted. Agitated. I immediately called TD who actually came in 100+ lower than I was originally paying with these p****s(with the address change factored). After basically begging them not to hit me with a cancellation fee given the attempted extortion they went ahead and processed it anyway. Very disappointed.

Rating: 1 1 /5 stars


3 months after I paid for the whole year they send an invoice for an additional $2000.

They dont explain what it’s for and I’m already paid in full.

No one has any idea what’s going on there and no one can give any answers because it’s always someone else’s job.

I’ve called the ombudsman twice and left messages and no return call.

They have sent me so many policies and invoices and they are different almost every time. They honestly dont know what is going on and cant give me a straight answer.

The claims process has been taking a long time and they do try to avoid paying anything they can. I am now going to be as rude and difficult to any employees of economical because their customer service is disgusting.

Rating: 5 5 /5 stars

good landlord rates

I have 2 rental properties. Much cheaper than my old company. Good rates and I did it all from my phone!

Rating: 5 5 /5 stars

Switched my parents home insurance to economical this year. They were previously with Statefarm and paying $1000 more for their insurance. They are so happy to be saving all that money and actually have more coverage than they did before.