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Expertise, service, and exceptional value

We partner with independent insurance brokers who compare products and pricing across several insurance companies in Canada to get you the best coverage at the best price.

Brokers work for you but are paid a commission (which is fairly standard across the industry) by insurance companies for the services and value they provide. We want to be as transparent as possible with customers, and that’s why we make all of our commission rates available for you to see.

Standard commissions we pay:

Economical Mutual Insurance Company (and the Western General farm division)

A multi-line general insurer operating in most provinces

Private passenger vehicles 10 – 12.5%
Personal property
(e.g., homeowners, tenant)
20%
Commercial vehicle 7.5 – 12.5%
Commercial property 20%
Surety 25 – 35%

Waterloo Insurance Company
(branded as Economical Select)

An employee and professional association group insurer operating in most provinces

Private passenger vehicles 10%
Personal property
(e.g., homeowners, tenant)
17.5%

The Missisquoi Insurance Company (branded as Economical Insurance)

A multi-line general insurer operating in Quebec

Private passenger vehicles 12.5 – 15%
Personal property
(e.g., homeowners, tenant)
20%
Commercial vehicle 12.5 – 15%
Commercial property 20%
Surety 20%

Perth Insurance Company

A non-standard and high-risk property and automobile insurer operating in some provinces

Private passenger vehicles 5 – 12.5%
Personal property
(e.g., homeowners, tenant)
20%
 

Other types of broker compensation

  • Processing & underwriting

    Some brokers also process and underwrite policies for a higher commission (2 to 5%). This additional commission reflects the additional expenses incurred by the broker that are normally paid by Economical. This arrangement has no impact on the cost of your policy.

  • Profit sharing

    When we have a profitable year, our broker partners can share in that profit. This agreement is based on the broker's entire volume of business with Economical (not individual policies) and represents only about 3% of Economical's total earned premium.

  • Business loans & investment

    From time to time, Economical offers financial assistance in the form of debt or equity to support a broker partner’s operational needs, business development, or perpetuation plans. Our broker partners remain free to offer other insurance companies’ products and they should disclose any such relationships to their clients. We don’t expect these arrangements to impact the advice given to you.

  • Portfolio transfers

    Brokers regularly assess and review insurance providers to ensure they’re partnering with companies that meet their standards — and meet your needs. If a broker chooses to change to an insurance company they feel offers better value to customers, they can do so through what is known as a portfolio transfer. We support independent brokers who transfer clients to Economical Insurance through training, technology, and financial support.

  • Events & nominal gifts

    Your broker works hard to help you understand your choices and find the best coverage possible. On occasion, we invite our broker partners or their office staff to participate in events to thank them for their expertise and dedication. We may also send small gifts in recognition of a long-term business association with the company, stellar product awareness, sales and training initiatives, and participation in company focus groups. These prizes are small tokens of our appreciation and do not interfere with your broker’s commitment to putting your needs first.