Personal Finance

Economical / Waterloo Insurance

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  • Nov 6th, 2015 12:15 am
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Member
Jun 5, 2010
421 posts
15 upvotes
Toronto

Economical / Waterloo Insurance

Hi all - I just found out that my professional association offers insurance with Waterloo Insurance / Economical - and they seem to be offering better rates than TD MM from alumni association.

Anybody have experience with Waterloo Insurance / Economical ?
12 replies
Sr. Member
Nov 13, 2007
881 posts
135 upvotes
Toronto
Yes, I was with them. They are valid company. But I didn't file any claim. So I don't know how is their claim service.
Deal Addict
User avatar
Dec 31, 2005
1156 posts
886 upvotes
Waterloo
epiczz wrote: Hi all - I just found out that my professional association offers insurance with Waterloo Insurance / Economical - and they seem to be offering better rates than TD MM from alumni association.

Anybody have experience with Waterloo Insurance / Economical ?
It's been a while but Waterloo was deemed the group policy arm of Economical some years back.

I had a group policy with Waterloo. Their rates were quite good but a caution on auto. If you have any tickets on your record they hurt premiums, significantly and quickly.

With TD MM they don't seem to change premiums when you have a up to two or three minor. Whereas Waterloo would remove a ticket free discount after one, charge you a surcharge at two and drop you at three. As soon as you have one rates may start to match TD MM.

That was my experience a number of years ago. May have changed but I tried re-quoting a couple of year ago again and it wasn't worth the switch.
Member
Jun 5, 2010
421 posts
15 upvotes
Toronto
Stranger wrote: It's been a while but Waterloo was deemed the group policy arm of Economical some years back.

I had a group policy with Waterloo. Their rates were quite good but a caution on auto. If you have any tickets on your record they hurt premiums, significantly and quickly.

With TD MM they don't seem to change premiums when you have a up to two or three minor. Whereas Waterloo would remove a ticket free discount after one, charge you a surcharge at two and drop you at three. As soon as you have one rates may start to match TD MM.

That was my experience a number of years ago. May have changed but I tried re-quoting a couple of year ago again and it wasn't worth the switch.
Thanks, I am seeing $300 less for each auto and home insurance from Economical vs TD MM ... so it's tempting.
Newbie
User avatar
Oct 18, 2015
92 posts
34 upvotes
Hamilton, ON
epiczz wrote: Thanks, I am seeing $300 less for each auto and home insurance from Economical vs TD MM ... so it's tempting.
Our Brokerage deals with Economical / Waterloo and have had no issues with claims at all. Economical has been in business for more than 100 years and sells through licensed Brokers in Ontario. The group rates are very good as is the coverage you get. Any questions, ask your Broker.
INSURANCE BROKER(RIBO)
To receive advice about your specific situation, please speak directly to your insurance broker or company
Deal Expert
User avatar
Jul 22, 2006
22438 posts
3065 upvotes
DON'T TOUCH ECONOMICAL.

THE WORST INSURANCE COMPANY EVER.

I had to deal with their automobile claim service and it was awful horrid experience! After speaking with a few credited appraisers this was the norm for economical so be warned..
Newbie
Oct 17, 2002
66 posts
6 upvotes
Calgary
Sorry, I don't have anything useful to say since I don't have any first-hand experience (yet)... but I just recently switched from TDMM to Waterloo due to similar savings (more, actually). The information about the tickets is interesting and useful, but not too concerning to me since my record is pretty good.

I actually found the TDMM was among the highest when I checked this renewal. Sad that they weren't willing to do anything at all to retain my business after having my auto/home insurance with them for over 15 years. But that's business...
Deal Addict
Jul 6, 2005
4451 posts
2139 upvotes
Toronto
Losmir wrote: Sorry, I don't have anything useful to say since I don't have any first-hand experience (yet)... but I just recently switched from TDMM to Waterloo due to similar savings (more, actually). The information about the tickets is interesting and useful, but not too concerning to me since my record is pretty good.

I actually found the TDMM was among the highest when I checked this renewal. Sad that they weren't willing to do anything at all to retain my business after having my auto/home insurance with them for over 15 years. But that's business...
Interesting to see this thread pop up... I'm actually in the middle of switching from TD MM Alumni group rate to Waterloo as well though a broker. I recently bought a new house, and Waterloo is just over $300/year cheaper for home and auto combined.

Crappy thing is, I've gotta pay about that much to break my current policy with TD MM in penalty fees.. so the savings for the first year will be a bit of a wash. However, on a go-forward basis, I will have both my home and auto policies begin on the same date, so when it comes time for renewal, the power is definitely back in my hands to go shopping around for a better rate. Before, with TD MM, my auto policy renewed in October and my home policy renewed in July... so, trying to shop around would always mean that I would be giving up the multi-line discount and/or breaking the terms of at least one policy.

I called TD MM to see if they would price match, and was flat out told "no"... the only thing their retentions department would do is reduce my coverage so that my overall price is reduced to match the competitor... which makes absolutely NO sense from a consumer standpoint. That was the final straw for me, and will gladly pay the penalty to not give any more business to such a crappy company that doesn't want to keep their customer (of almost 10 years) happy. Plus, the annual increases (latest being 22%) in my premiums with no claims whatsoever made me absolutely furious.
Deal Fanatic
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Aug 11, 2008
9505 posts
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Ontario
I have dealt with them for over 30 years, they are a great company...
epiczz wrote: Hi all - I just found out that my professional association offers insurance with Waterloo Insurance / Economical - and they seem to be offering better rates than TD MM from alumni association.

Anybody have experience with Waterloo Insurance / Economical ?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Addict
Feb 24, 2008
2331 posts
826 upvotes
I switched to Economical/Waterloo two years ago as my wife gets group discounts with them. I saved a ton of money as a result of the switch.

No idea how their claims service is though.
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Jan 14, 2012
1457 posts
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Woodbridge
We had a claim for basement flooding, they paid out were professional and no issues however they did cap our insurance immediately after...

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