Sonnet to discontinue auto insurance business in Alberta

Sonnet to discontinue auto insurance business in Alberta

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For Immediate Release

TORONTO, ON [June 13, 2024] – Sonnet Insurance Company (“Sonnet”) announced today that following a thorough review of its business in the province, it will phase out its auto insurance operations in Alberta. Sonnet has submitted a notice of intention to withdraw from auto insurance to the Alberta Superintendent of Insurance, indicating December 13, 2024 as the intended date of withdrawal. Limited opportunities for Sonnet to grow profitably in the current auto insurance operating environment in Alberta were a key consideration in making this decision.

Sonnet’s Alberta auto insurance customers will not be immediately impacted by the decision to withdraw. Following the date of withdrawal, Sonnet will no longer issue new or renewal auto insurance policies in Alberta. Sonnet will notify its Alberta auto insurance customers impacted by this withdrawal in a timely manner and provide them with relevant information.

Sonnet’s home insurance business in Alberta will not be impacted by this change.

“Sonnet remains committed to serving Albertans by offering home insurance and also making available pet insurance underwritten by its affiliate Petline Insurance Company. Sonnet will continue to focus its efforts to profitably grow its auto insurance business in other regions in Canada,” said Paul MacDonald, Executive Vice-President, Personal Insurance & Digital Channels.

About Sonnet Insurance
Launched in 2016, Sonnet Insurance Company is a federally regulated insurance company. Our mission is to provide Canadians with a fast, straightforward, and customized way to buy home and auto insurance online.

Media inquiries:
Mathieu Genest
Senior Manager, External Communication
Mathieu.genest@definity.com
647-224-8975

© Sonnet Insurance. Sonnet Insurance^® All trademarks used herein are owned by the respective entities. All rights reserved.

Policies underwritten by Sonnet Insurance Company except for Sonnet Pet Insurance. Sonnet Insurance Company is registered with Autorité des marches financiers as a property and casualty insurer (Reg #: 2000434353) and damage insurance agency (Reg #: 505190). Contact Sonnet in either capacity via chat, electronic note, or by logging into the customer portal at https://www.sonnet.ca/contact-us.

Bundling discount reflects the best possible savings a customer could receive by bundling their home and auto coverage. Depending on your quote details, you may not be eligible for a discount.

Possible savings of over $600 annually is based on survey responses of 10,586 customers who purchased an insurance policy with Sonnet Insurance Company between July 2020 and February 2021 in Ontario, Alberta and Quebec. 17% of survey respondents indicated that their monthly price with Sonnet was over $50 lower than what they were currently paying. Depending on your quote details, actual savings may vary.

*Complimentary one-year membership to TELUS Health Virtual Care is available to the primary named insured on a Sonnet property or auto policy. Offer is limited to one Sonnet account with at least one active home or auto insurance policy. The primary named insured’s partner, spouse and any dependents under the age of twenty-six may also use the TELUS Virtual Health Care membership. Offer does not extend to the purchase of a Sonnet Pet Insurance policy. Offer is not available to residents of New Brunswick. Note that controlled substances cannot be prescribed by TELUS Health Virtual Care.

Sonnet Insurance offers online home and auto insurance to residents of Ontario, Quebec, New Brunswick, Nova Scotia and P.E.I. In B.C. and Alberta we offer online home insurance. Alberta auto insurance quotes can be obtained by emailing us an application, and eligible customers can bind online. Unfortunately, we’re not able to service Saskatchewan, Manitoba, Newfoundland & Labrador and the territories, or B.C. auto insurance customers at this time.

Sonnet Pet is distributed under a distribution network agreement by Sonnet Insurance Company and is underwritten by Petline Insurance Company. Products are available to residents of B.C., Alberta, Ontario, Québec, New Brunswick, Nova Scotia and P.E.I. and provide coverage to eligible pets. All coverage described is subject to the terms, conditions, limitations and exclusions contained in our Policy Wordings. In the event of a discrepancy, your policy wording governs.

Always refer to your insurance policy for information about your coverage, including limits, deductibles, and exclusions. In case of discrepancy, the insurance contract prevails over general information available on this site. Any policy related changes made on this site will not be effective until you receive confirmation.

Bundling discount reflects the best possible savings a customer could receive by bundling their home and auto coverage. Depending on your quote details, you may not be eligible for a discount.

Sonnet Shift is a trademark of Definity Insurance Company and/or its affiliates. Sonnet Shift is only available to residents of Ontario, and Québec.