Economical Insurance strikes new partnership deal with Turo

Company selected as insurer of choice

Economical Insurance strikes new partnership deal with Turo

Motor & Fleet

By Lyle Adriano

Economical Insurance has announced its formation of a new partnership with the peer-to-peer car-sharing marketplace Turo.

The company has been selected to serve as the insurer of choice for Turo’s host and guest communities in Ontario, Québec, Alberta, and Nova Scotia. As part of the deal, Economical Insurance customers with an existing personal insurance auto policy living in Ontario, Québec, and Alberta will be able to list their insured vehicles immediately on Turo, subject to eligibility requirements.

With the insurance partnership, hosts lending their cars and guests borrowing vehicles through Turo will be provided up to $2,000,000 in commercial auto liability insurance issued by Economical.

"We're excited to leverage Economical's leading capabilities to support our expansion into new markets across Canada,” said Turo vice president and Canada head Cedric Mathieu. "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."

"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," commented Economical Insurance EVP of commercial insurance Fabi Richenberger.

Richenberger also noted that Economical recognizes that the sharing economy has “a strong future,” and that it is pleased to offer specialized insurance to Turo customers in four provinces.

Economical Insurance celebrated its 150th year in business last November. To mark the occasion, the insurer held an art contest at the University of Waterloo – with the winner’s piece to be prominently featured in commemorative paraphernalia. Economical also collaborated with a historian to produce a book that looks back at the company’s 150 years.

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