Economical Insurance clients residing in Ontario, Quebec, and Alberta who have a current personal auto insurance policy will be able to advertise their covered automobiles on Turo immediately, subject to qualifying conditions. As part of the insurance agreement, Economical will give up to $2,000,000 in commercial auto liability insurance to hosts lending their cars and guests borrowing automobiles through Turo.
Cedric Mathieu, vice president and Canada head of Turo, expressed delight over the partnership. He said, “We’re excited to leverage Economical’s leading capabilities to support our expansion into new markets across Canada. With their unique and extensive experience in Canada’s sharing economy, we’re confident Economical has the expertise needed to provide leading insurance solutions for our growing community of guests and hosts across Canada.”
Fabi Richenberger, Economical Insurance EVP of commercial insurance, expressed confidence in the company’s performance and partnerships. He said, “Our investment in talent and technology is allowing us to be adaptable to meet the changing needs of the marketplace through innovating our specialty insurance products”. Richenberger also stated that Economical understands the sharing economy’s bright future and is glad to provide Turo consumers with specialist insurance in four regions.
Economical Insurance marked its 150th year of operation in November 2021. To commemorate the anniversary, the insurance sponsored an art competition at the University of Waterloo, announcing that the winning entry will be prominently featured on commemorative memorabilia. Additionally, Economical teamed with a historian to create a book commemorating the company’s 150th anniversary.
