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The Economical: Providing Coverage To High-Risk Drivers

The Economical Insurance was founded in 1871 in Berlin with the company quickly moving to become a major Canadian insurer. The company currently underwrites policies for a million people across Canada, Economical’s bread and butter is insurance for high-risk drivers but they still service experienced and inexperienced drivers.

What Is A High-Risk Driver

A high-risk driver is a person who has a history of traffic convictions and insurance claims. These drivers have to pay higher insurance premiums with some insurers not offering them coverage at all. A high-risk driver may have a history of:

  • Filing Multiple Insurance Claims
  • Several Driving Convictions
  • Involved In Multiple Accidents
  • Had Their License Suspended

These drivers will look to reduce their premiums by reforming their driving record in the hope that they can eventually get a cheaper insurance rate.

What Are the Standard Insurance Features of a Economical Policy?

A standard auto insurance policy at Economical will cover you from personal harm, liability to the other party, and if the other driver does not have insurance. These three features will help you avoid major bills following a crash, you also have the option to purchase optional features that will bring you extra coverage which is covered further below.

Personal Harm Protection
Personal harm protection will pay for such things as your medical bills, lost income, and long term care following a crash. These bills can be a major expense, and you should review your policy to see how much personal harm protection you have.

Liability Coverage
Liability coverage will pay for damages done to the other party involved. It protects you from legal responsibility while allowing you to avoid major bills.

Uninsured Drivers
Uninsured driver coverage is designed to protect you if the other party does not have insurance and cannot pay for damage done to you.

Optional Coverage Offered By The Economical Insurance

Drivers can add value to their insurance coverage by opting for optional forms of insurance. These features can provide customers with protection from risks not covered by a standard policy, and they can provide drivers with such things as rental vehicles or accident forgiveness.

Medical Expense
Medical expense coverage allows you to receive compensation if you are injured. It will cover you if you are injured in a situation that does not involve another vehicle, or if you are found to be at-fault in a collision.

Legal Fees
Legal fees coverage will pay for your legal expenses associated with an accident. This is important as complicated situations can generate a large amount in legal fees with many customers settling a case in order to avoid fees. Legal fee coverage can help you avoid this even if you are ultimately found to be at fault.

Vandalism And Theft Protection
A standard insurance policy will not protect you from risks such as theft and vandalism.

Repairs Coverage
Repairs coverage will cover the cost of repairing your vehicle up to a certain limit with it allowing you to receive coverage from risks other than car crash such as a breakdown.

Rental Car
A rental car option will cover the cost of a rental car while your car is being repaired.

Loss Of Income
This feature will cover lost income if you are injured and unable to work. This can be a very desirable feature if you are injured in such a way that impairs your ability to work for an extremely long time.


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How To Submit A Claim With The Economical Insurance Company

You can submit a claim via three ways with Economical, through your insurance broker personally, through their customer helpline or via claims section of the Economical website.

The Economical Insurance FAQ’s

What Can I Do To Make The Claims Process Easier With Economical?
The best thing customers can do is to document the scene as best as they can. You should take pictures of the other driver, their license plate, and the surrounding area. You should take detailed pictures of all damage done to your vehicle.

Having good documentation can greatly shorten how long the claims process takes, and it will help to make sure that you get all the damage done to your vehicle repaired.

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