Today, our searchlight beams on the COSECO Insurance Company. It is one of the renowned insurance companies in Canada. By this COSECO Insurance review article, I am looking to show you some of the products and policies of the company.
I will also offer my opinion about their credibility based on the experiences of persons who have patronized them. After all, that is the essence of reviews, and this COSECO Insurance review will not be any different.
Insurance is a big business today. While it is a great way for people to protect themselves from unforeseen risks, it presents an opportunity for insurers to milk people of their hard-earned money.
With the growth in insurance companies in Canada, it has become difficult to decipher the right company to purchase insurance from, but this is why we publish insurance reviews here on OgaBTC. COSECO insurance company is a subsidiary of The Co-operators Group Limited. However, a relationship that often gets many Canadians confused is the COSECO Insurance Company and the HB Group Insurance Management Ltd., (HB).
To be clear, both COSECO Insurance Company and HB are subsidiaries of The Co-operators Group Limited. COSECO is the insurance provider, while HB has a financial relationship and its role to COSECO. The role of HB in its relationship with COSECO is that of a sole Managing General Agent (MGA), which sees COSECO outsource its business functions to HB.
I hope this is clear enough. HB should not be confused with COSECO or with The Co-operators Group Limited. HB and COSECO are subsidiaries of The Co-operators Group Limited, with COSECO acting as the insurer and HB playing a managerial and financial role.
Away from who owns what or who is who, let’s talk about the insurance products of the COSECO Insurance Company. Be rest assured that you are dealing with a joint entity, whether you are dealing with COSECO, HB, or The Co-operators.
COSECO Insurance Review
COSECO Insurance provides four major insurance products. There are indications that they provide more than four insurance policies, but they seem to be reckoned for the provision of the following policies:
- Auto Insurance
- Travel Insurance
- Home Insurance and
- Life Insurance
Other insurance policies that COSECO is believed to offer are business insurance, farm insurance, and event insurance. In this COSECO Insurance review, I will be explaining the provisions under each insurance product offered by COSECO.
Let’s begin with the COSECO auto insurance policy.
COSECO Auto Insurance
Throughout Canada, there is no province where auto insurance is not mandatory. As a result, every car owner knows they ought to have auto insurance in place; otherwise, they would face penalties for violating government laws.
One good thing about COSECO auto insurance is that the company understands how every province in Canada differs in insurance covers. As a result, they have structured their auto insurance policy to suit the needs of Canadians in each province.
For instance, in Quebec, unlike other parts of Canada, you must purchase at least $50 000 of third-party liability coverage from a private insurance company plus the basic cover of comprehensive auto insurance. However, as iterated on The Co-operators website, Canadians in this province can have their auto insurance structured to meet this law.
If you would like to get the COSECO auto insurance policy, you can get a free auto insurance quote from The Co-operators by visiting the company’s website. Make sure you choose the right province to get a quote that meets the requirements for auto insurance in that province.
COSECO Travel Insurance
It is an unwise practice to overlook the place of travel insurance. For many, every other insurance cover is important, but travel insurance is a no-no. However, one will not always be prepared for the risks that may occur while preparing for a trip, on transit, or in a new location. This is where travel insurance comes in, and the COSECO travel insurance policy is open to Canadians and visitors alike.
Travel insurance typically covers risks associated with traveling, including but not limited to delay and cancelation of flights, stolen luggage, emergencies while on transit, repatriation of a corpse, etc. Every insurance company has its predefined offering, and COSECO is a bit different from others. Therefore, be sure to refer to the insurance booklet to know what the COSECO travel insurance protects you from.
COSECO Home Insurance
Home insurance protects against fire, lightning, and other potential incidents that may require repairs or replacements of your home and belongings.
The COSECO home insurance policy does not only cover a policyholder’s home and its content. It also offers condominium and tenant insurance packages. So while there is a side to insurance cover that is designed to cover your home and belongings, persons living in rented apartments and condominiums can enjoy the policy offerings.
An interesting part of the COSECO home insurance policy is that it offers cover for unauthorized debit or credit card use, identity fraud recovery expenses, and coverage of your personal property while you are moving. If you have bought home insurance before, you will agree that these provisions are not something you get from regular insurance companies.
The condominium coverage under the COSECO home insurance pays for damages to common areas and improvements to a condominium unit. It also includes the benefits of a standard home insurance policy. At the same time, the tenant insurance provision can be customized for any given situation.
It is important to note that your credit score significantly determines the cost of your home insurance. Therefore, a good credit score will make you get discounts on your COSECO home insurance policy. Moving on in this COSECO insurance review, let’s talk about the company’s life insurance policy.
COSECO Life Insurance
Buying life insurance may not look like a financial investment, but that’s a wrong thought, by the way. Life insurance is a good way to secure the future of loved ones after one is dead. The holder of a life insurance policy is necessarily not a beneficiary of the policy but rather the person(s) they choose to be beneficiaries of their policy.
COSECO life insurance is personalized by the company’s financial advisors, who help potential policyholders understand personal needs for life insurance.
They determine how much coverage is right, explain the different types of life & health insurance, and best suit their unique situation. In addition, they help recommend the right policy based on a prospect’s specific budget, goals, and how much coverage they need.
COSECO Group Insurance
The COSECO group insurance is a combination of COSECO auto insurance and the COSECO home insurance policies. It is a good way to save on insurance products when combining the COSECO auto insurance and home insurance policies.
You can combine both home and auto insurance or purchase auto insurance for many vehicles.
COSECO Insurance Claims
As a general rule of thumb, it is not necessarily a rule, though, but something you should always have at the back of your mind that a good insurance company has a good claims process. Conversely, no matter the discounts a company offers or the comprehensiveness of its policies, it is a bad company with a poor claims process.
Many of the COSECO Insurance reviews published online has placed the insurance company in a negative light. For example, the COSECO Insurance reviews all talk about how the company’s claims process has been a poorly organized service.
Although, the company promises that claims can be filed easily. Policyholders with a claim can file it by calling the number 1-877-682-5246. The COSECO Insurance claims process is open 24/7, but there are hundreds of lapses to fulfill claims.
The COSECO Insurance claims process may fail on the phone or via their website. Therefore, it is best to walk into any of the company’s addresses, including 1900 Albert Street Regina, SK S4P 4K8, and 130 Macdonell Street Guelph, ON N1H 6P8.
To begin the COSECO Insurance claims process, please visit www.cooperators.ca/en/Claims.aspx.
One thing that must be noted is that due to the outbreak of COVID-19, the insurance company has suspended physical interactions and inspections. This may slow down the claims process. Notwithstanding, there are not so many positive COSECO Insurance claims reviews by customers, and it puts the company in bad shape.
COSECO Insurance Quote
You can get a quote from COSECO online by visiting the company’s websites. Alternatively, the COSECO Insurance quote can be accessed by calling the number 1‑877‑545‑2667, and those in Quebec can call 1‑877‑630‑2667.
Verdict
From this COSECO Insurance review, you can see that the company has an excellent record. However, its claims process is its only Achilles heel until there is something new from the company and a change in the trend of reviews published by the company.
