Mercury's Life Insurance: What's The Verdict?

Mercury Insurance is a well-known insurance company that offers a range of insurance products, including auto, home, and business insurance. It was founded by George Joseph with the aim of providing fair and affordable insurance options for all drivers. The company has been in operation since 1961/1962 and is currently available in 11 states. Mercury Insurance stands out for its competitive pricing, unique coverage options, and strong financial strength rating, indicating its ability to pay out claims. The company also offers various discounts and has a high policy retention rate, demonstrating customer satisfaction. However, it has received some criticism for its below-average score in auto insurance claims satisfaction in J.D. Power's rating and a higher-than-average number of complaints recorded by the National Association of Insurance Commissioners (NAIC). Overall, Mercury Insurance is a significant player in the insurance industry, particularly in California, where it is one of the largest providers.

Mercury Insurance's history and founder

Mercury Insurance was founded by George Joseph, an American billionaire businessman born in 1921 in Beckley, West Virginia, to Lebanese immigrant parents. Joseph served as a B-17 navigator in the United States Air Force during World War II, flying 50 missions. After the war, he attended Harvard University, graduating with a degree in Physics and Mathematics in 1949.

Joseph's career in insurance began at the Occidental Life Insurance Company in Los Angeles, California, where he worked as a systems analyst and sold life insurance door-to-door. He soon noticed that many customers inquired about other lines of insurance, such as auto and property. Recognizing an opportunity, Joseph proposed that Occidental expand its offerings. However, when his idea was rejected in 1954, he decided to strike out on his own.

In 1961, Joseph founded the Mercury General Corporation in Los Angeles. The company's primary focus was to offer affordable insurance products to consumers, combining quality insurance with top-notch customer service. Mercury Insurance was born a year later, in 1962, and became the first company to offer auto insurance policies with differing rates based on a driver's record and experience.

Over the following decades, Mercury Insurance expanded across California and into other states, diversifying its product offerings to include homeowners, renters, and business insurance. By 2013, Mercury Insurance employed 4,000 to 4,500 agents, served 11 states, and had assets of over $4 billion. The company has consistently been recognized for its trustworthiness and affordability, earning accolades from Forbes and J.D. Power.

Mercury Insurance's products and services

Mercury Insurance offers a range of insurance products and services to cater to the diverse needs of its customers. The company was founded by George Joseph with the aim of providing fair and affordable insurance options for all drivers. Over the years, Mercury has expanded its offerings beyond auto insurance and now provides a comprehensive suite of insurance solutions.

Auto Insurance

Mercury is well-known for its auto insurance products, which offer standard coverage options as well as additional benefits. Their auto insurance is currently available in 11 states: Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. They offer various discounts, including multi-policy discounts for bundling home and auto insurance, safe driver discounts, and hybrid/electric vehicle discounts. Mercury also provides rideshare insurance for drivers working for companies like Uber and Lyft, as well as roadside assistance and mechanical breakdown protection.

Home Insurance

Mercury's home insurance products provide standard coverage options and extended protection. Their home insurance is available in 10 states: Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. They offer valuable items coverage, identity theft protection, and extended dwelling replacement cost coverage. Mercury also provides renters insurance to protect renters' possessions and cover legal costs and medical expenses. Additionally, they offer umbrella coverage for extra protection and peace of mind.

Business Insurance

Mercury Insurance has strengthened its position in business insurance in recent years. They offer business owners insurance, providing quality and affordable protection for business owners. Their business auto insurance offers customized protection at competitive rates. Mercury also provides workers' compensation insurance and other specialized business insurance options.

Customer Service and Recognition

Mercury Insurance is committed to providing excellent customer service, as evidenced by their high policy retention rate and positive customer reviews. Their local agents work closely with customers to find the best rates and coverage options. Mercury has been recognized by Forbes as one of the world's best insurance companies and as one of America's most trustworthy financial companies. Their mobile app also receives high ratings, making it easy for customers to manage their policies on the go.

Overall, Mercury Insurance stands out for its dedication to offering fair, affordable, and comprehensive insurance solutions, along with a strong focus on customer satisfaction.

Mercury Insurance's financial strength and performance

Mercury Insurance has been recognised as one of the best insurance companies in America by Forbes, which partnered with Statista to survey customers of more than 3,300 US insurance companies to create the rankings. Mercury was one of only 78 insurance companies out of more than 3,300 to earn the highly coveted designation.

Mercury Insurance has been dedicated to protecting its customers, their families, and their property by providing the best service and protection at the lowest possible rate for the past 60 years. It is predominantly a multiple-line insurance carrier, offering personal auto, homeowners, renters, and commercial insurance.

Mercury Insurance has an AM Best rating of A (Excellent). The highest rating that AM Best issues is A++ (Superior). AM Best rates the financial strength of an insurance company to determine the financial health of an institution and to identify any potential solvency issues. In essence, AM Best determined that Mercury Insurance has a strong balance sheet performance and strong operating performance.

Mercury Insurance was founded by George Joseph to offer insurance products that were fair for all drivers, so he started an insurance company that would provide affordable insurance for everyone. Mercury has been publicly traded (MRCY) since 1985 and is currently trading at over $50 per share. It has an exceptionally high 96% policy retention rate.

Mercury Insurance has done an excellent job of positioning itself as an affordable personal insurance option in the California insurance market. It is now offered in 11 states. Mercury is considered a super-regional insurance carrier, and it doesn’t have the same brand recognition as some of the national advertisers. However, its network of local independent insurance agents loyally represents its products, as well as provides personalized service and attention.

Mercury Insurance has expanded its offerings in several states, including New Jersey, adding three innovative coverages and four new discounts designed to support environmentally conscious policyholders. This initiative follows similar updates in other states. The new options include green home coverage, which offers additional funds for eco-friendly replacements and matching of undamaged siding and roofing to maintain the aesthetic and functional consistency of homes after damage.

Mercury Insurance has an extensive list of discounts, including:

• Multi-Policy Discount
• Hybrid/Electric Vehicle Discount
• Safe Driver Discount
• Continuous Insurance Discount
• EFT, Paid in Full and Good Payer Discounts
• Early Quote Discount
• Student Away at School Discount
• Good Student Discount

Mercury Insurance's customer satisfaction and ratings

Mercury Insurance has received recognition from Forbes and Insure.com, and has been named one of the best insurance companies in the industry. It has also been recognised for its customer satisfaction, ranking 16th overall in this category. Mercury Insurance has an exceptionally high 96% policy retention rate, indicating a high level of customer satisfaction.

On Clearsurance, an independent review site, 75% of customers said they would renew their policy, and 74% would recommend Mercury to friends and family. Customers have praised the company's customer service, with some reviews stating that staff are responsive, knowledgeable, and provide a positive experience.

However, Mercury Insurance has also received mixed reviews. On WalletHub, the company has a rating of 3.7/5 from editors and 2.1/5 from users. While some customers praise the company's customer service, others have complained about issues with the claims process, unresponsive staff, and unexpected rate increases.

MarketWatch ranks Mercury Insurance 64th out of 134 car insurance companies, giving it a score of 7.9 out of 10. The company is praised for its good customer service, unique coverage options, and affordable rates for high-risk drivers. However, it is noted that Mercury Insurance is not widely available or affordable for most drivers, and some customers have reported issues with the claims process.

Overall, Mercury Insurance appears to have a positive reputation for customer satisfaction, with many customers expressing satisfaction with the company's service, rates, and coverage options. However, there are also a notable number of negative reviews, particularly regarding the claims process and unexpected rate increases.

Mercury Insurance's digital tools and resources

Mercury Insurance has a range of digital tools and resources to help customers manage their policies and access support.

The Mercury Insurance website provides a portal for customers to log in to their online accounts, make payments, file a claim, and access roadside assistance. The website also allows users to retrieve a quote and find an agent near them.

Mercury also has a mobile app that offers similar services, including the ability to request roadside assistance, access digital insurance ID cards, make policy changes, track claims, and update payment methods. The app allows customers to stay connected and manage their policies wherever they are.

In addition to the main Mercury Insurance app, there is a separate app for MercuryGO, a usage-based driving program that measures and scores driving habits, offering discounts of up to 40% for good driving. The MercuryGO app provides updates on the current discount amount, safe driver scores, telematics information, and driving trends.

Mercury Insurance also offers informative articles and FAQs on its website, enabling customers to learn more about maximizing their insurance plans and taking advantage of various discounts.

Frequently asked questions