Economical is now the insurer of choice to provide commercial auto coverage for peer-to-peer car-sharing marketplace Turo in Ontario, Québec, Alberta and Nova Scotia.
Turo is a host-and-guest car sharing service that allows owners to list their vehicles – including exotic automobiles – for rental use.
Under the partnership, existing Economical personal auto policy customers in the four provinces will be able to list vehicles quickly on Turo, following coordinating changes with their brokers. They’ll also be subject Turo’s eligibility requirements.
A press release noted the partnership is supported by technical underwriting and claims expertise that Economical has developed and continues to foster in the sharing-economy space.
Rowan Saunders, president and CEO of Economical’s parent company, Definity Financial Corporation, told a Feb. 14 fireside chat with BMO Capital Markets that the company is looking to “go forward with new capabilities and open up a much bigger marketplace.”
“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,” said Fabi Richenberger, Economical executive vice president, commercial insurance.
Turo hosts and guests in Ontario, Québec, Alberta and Nova Scotia will be provided with up to $2 million in commercial auto liability insurance issued by Economical. And the partners said the pairing will enable an “efficient, streamlined customer experience for claims.”
Launched in 2016, Turo has more than 1.2 million Canadians participants, with more than 53,000 cars listed in more than 350 cities across Canada.