WATERLOO, ON, February 15, 2022 — Economical Insurance and Turo This is an external link – the world’s largest peer-to-peer car sharing marketplace – are pleased to announce a new partnership. Economical has been selected as the insurer of choice to provide commercial auto coverage for Turo’s host and guest community in Ontario, Québec, Alberta, and Nova Scotia.
Economical Insurance has extensive experience developing innovative insurance products to serve the sharing economy which will help support Turo's ambition for continued growth.
“We’re excited to leverage Economical’s leading capabilities to support our expansion into new markets across Canada.” Cedric Mathieu, Vice President and Head of Turo in 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.”
“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," said Fabi Richenberger, EVP, Commercial Insurance, at Economical Insurance. “It’s clear the sharing economy has a strong future, and we are pleased to offer insurance for Turo hosts and guests in four provinces across Canada.”
- The partnership has launched and is now in effect across Ontario, Québec, Alberta, and Nova Scotia
- Economical customers with an existing personal insurance auto policy in Ontario, Alberta and Québec will be able to list their insured vehicles quickly and easily on Turo, after coordinating changes with their broker and subject to Turo’s eligibility requirements
- Hosts and guests of Turo are provided with up to $2,000,000 in commercial auto liability insurance issued by Economical in Ontario, Québec, Alberta, and Nova Scotia
- This partnership between Economical and Turo enables an efficient, streamlined customer experience for claims
The relationship is supported by the technical underwriting and claims expertise that Economical has developed and continues to foster in the sharing economy space. As the sharing economy continues to evolve at a rapid pace, Economical and Turo proudly collaborate to offer Canadians with digital-first insurance solutions designed to meet their ever-changing needs.
Quick Facts
- Since launching in 2016, more than 1.2 million Canadians have signed up for Turo and more than 53,000 cars have been listed on the platform in more than 350 cities in Canada
- Turo’s recent Car Ownership Index This is an external link study revealed that while 83 per cent of adult Canadians surveyed own or lease a vehicle, their cars sit idle 95 per cent of the year
About Economical Insurance
Definity Insurance Company, known by its brand name Economical Insurance, is a leading property and casualty insurer offering insurance through licensed insurance brokers, with a long history of serving Canadians since its first policy was issued in 1871. Economical Insurance is a subsidiary of Definity Financial Corporation, which offers personal and commercial insurance through Economical Insurance, Sonnet Insurance Company, Petline Insurance Company, and Family Insurance Solutions Inc.
About Turo
Turo is the world's largest car sharing marketplace where you can book any car you want, wherever you want it, from a vibrant community of trusted hosts across the US, Canada, and the UK. Whether you're flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky, guests can take the wheel of the perfect car for any occasion, while hosts can take the wheel of their futures by building an accessible, flexible, and scalable car sharing business from the ground up. To learn more about how to become a host or book a car, Canadians can download the Turo app or visit turo.com This is an external link.
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