WATERLOO, ON, Feb. 15, 2022 /CNW/ – Economical Insurance and Turo – the world’s largest peer-to-peer automobile sharing market – are happy to announce a brand new partnership. Economical has been chosen because the insurer of selection to supply business auto protection for Turo’s host and visitor neighborhood in Ontario, Québec, Alberta, and Nova Scotia.
Economical Insurance has intensive expertise growing revolutionary insurance coverage merchandise to serve the sharing financial system which is able to assist help Turo’s ambition for continued progress.
“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,” stated 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 impact throughout Ontario, Québec, Alberta, and Nova Scotia
- Economical prospects with an present private insurance coverage auto coverage in Ontario, Alberta and Québec will have the ability to checklist their insured automobiles shortly and simply on Turo, after coordinating modifications with their dealer and topic to Turo’s eligibility necessities
- Hosts and visitors of Turo are supplied with as much as $2,000,000 in business auto legal responsibility insurance coverage issued by Economical in Ontario, Québec, Alberta, and Nova Scotia
- This partnership between Economical and Turo allows an environment friendly, streamlined buyer expertise for claims
The relationship is supported by the technical underwriting and claims experience that Economical has developed and continues to foster in the sharing financial system house. As the sharing financial system continues to evolve at a speedy tempo, Economical and Turo proudly collaborate to supply Canadians with digital-first insurance coverage options designed to fulfill their ever-changing wants.
Quick Facts
- Since launching in 2016, greater than 1.2 million Canadians have signed up for Turo and greater than 53,000 vehicles have been listed on the platform in greater than 350 cities in Canada
- Turo’s latest Car Ownership Index research revealed that whereas 83 per cent of grownup Canadians surveyed personal or lease a car, their vehicles sit idle 95 per cent of the 12 months
About Economical Insurance
Definity Insurance Company, identified by its model title Economical Insurance, is a number one property and casualty insurer providing insurance coverage via licensed insurance coverage brokers, with an extended historical past of serving Canadians since its first coverage was issued in 1871. Economical Insurance is a subsidiary of Definity Financial Corporation, which gives private and business insurance coverage via Economical Insurance, Sonnet Insurance Company, Petline Insurance Company, and Family Insurance Solutions Inc.
About Turo
Turo is the world’s largest automobile sharing market the place you may guide any automobile you need, wherever you need it, from a vibrant neighborhood of trusted hosts throughout the US, Canada, and the UK. Whether you are flying in from afar or searching for a automobile down the road, looking for a rugged truck or one thing easy and swanky, visitors can take the wheel of the proper automobile for any event, whereas hosts can take the wheel of their futures by constructing an accessible, versatile, and scalable automobile sharing enterprise from the bottom up. To study extra about the best way to turn into a bunch or guide a automobile, Canadians can obtain the Turo app or go to turo.com.
SOURCE Economical Insurance
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