SafeCo Insurance Review – Auto, Home, Renters Insurance
SafeCo Insurance is a Liberty Mutual Company which offers car insurance policies, homeowner’s insurance policies, condominium insurance policies and renters’ insurance policies in many states. The way that SafeCo Insurance works is by acting as a network of independent insurance agents, which sets it apart from most of the nationally known insurance companies. What it also means is that you need to work through a licensed agent when interested in doing business with SafeCo, rather than doing business with a single business entity.
There are a number of benefits offered by this insurance company, though its limited availability is often perceived as a drawback. Another benefit of SafeCo insurance is the combined policy benefit, which means that customers can save some money when they buy multiple policies from the same provider.
SafeCo Insurance Reviews
Consensus: SafeCo Insurance Company offers many different insurance product lines, but with will these products, there seems to inflated rates on their insurance polices.
SafeCo Insurance BBB Reviews
The parent company of Safeco Insurance, Liberty Mutual, is BBB accredited, but most individual Safeco Insurance providers are not BBB accredited. The Better Business Bureau can provide information on each SafeCo Insurance company depending on its location, but companies are not obligated to seek BBB accreditation.
SafeCo Insurance Complaints
Reading online reviews about an insurance company is a good way to see what other members, past and present, feel about the service they receive. Because SafeCo Insurance is not a singular company but rather a network of agents, it is important to make sure you are honing in on reviews about the specific agent or broker that you are dealing with. SafeCo Insurance is available in several states, and your experience will vary from location to location.
According to Reviews.com, there are a few flaws in the products and services that SafeCo Insurance has to offer. Reviews.com sums them up in an article which derives information from a couple of different reviewers. Namely:
- The insurance is not available everywhere. Most insurance companies are available nationwide, but this is not the case with SafeCo.
- Few discounts are available. Although you can save up to 15% on your insurance by bundling, there is little else available in the way of discounts when you sign up with SafeCo. It is important to be aware of what discounts are and are not available through SafeCo prior to purchasing your insurance coverage.
- Filing claims can only be done over the phone. There is no way to file a claim in person or online, which can make it a little difficult for you to deal with an insurance claim. SafeCo does have a website which allows for applying for insurance, checking on your policy and learning more about other products offered, however filing a claim is not available through the website.
SafeCo’s reviews from Expertinsurancereviews.com give higher marks to financial strength, but overall they grade SafeCo Insurance only a 2 out of 5 stars. One of the bonuses of SafeCo Insurance, according to this review, is that they offer many different insurance products to choose from including auto insurance, home insurance, renters insurance, classic car insurance, boat and watercraft insurance, RV insurance, motorcycle insurance and umbrella policies. One of the biggest flaws in SafeCo’s policies, according to this review, is that any added benefits that come with the policies are baked into the prices. For example, SafeCo’s diminishing deductible is priced so that you end up paying for the cheaper deductible even if your deductible goes down through the months. The reviewer also had issues with the price, because SafeCo is typically 20% more expensive on average than other auto insurance rates, though you are getting nearly identical service.
Keep in mind that rate quotes can vary from person to person, and a plan may be more expensive for some customers and cheaper for others. The best way to compare rates is to contact SafeCo directly.
SafeCo Insurance Financial Health
SafeCo Insurance is not a singular company, but rather a network of insurance agents operating under a shared name, then overseen by Liberty Mutual Insurance Company. According to the SafeCo Insurance website, Liberty Mutual Insurance is a Fortune 100 company, with an A financial strength rating from the A.M. Best Company, which is an excellent rating, an A2 from Moody’s Investors Service, which is a good rating, and A- from Standard & Poor’s Index, which is a strong rating.
SafeCo Product Offers
Auto Insurance: SafeCo Insurance believes that your auto insurance should be loaded with as many options as your car, truck, wagon or SUV. Some of the perks that come with auto insurance from SafeCo Insurance include reimbursement for first aid, accident forgiveness, and diminishing deductible. SafeCo offers both comprehensive coverage and collision coverage, and a number of popular coverage options including the ability to build your own policy, adding on perks like rental car reimbursement and roadside assistance to suit your needs. There are both basic coverage plans and more comprehensive plans to choose from depending on how much coverage you need.
Home and Condo Insurance: SafeCo offers both homeowners insurance and condo insurance, depending on the type of domicile you are looking to insure. These options include identity recovery, jewelry, art and antiques coverage, equipment breakdown coverage and other unique coverage options. Condominium insurance offers similar benefits with a distinct twist to provide the specific coverage condo owners need for their homes and possessions.
Motorcycle Insurance: Just as riding a motorcycle is a unique experience; your motorcycle insurance should be unique as well. SafeCo’s motorcycle insurance plans are tailored to your needs, offering coverage to replace motorcycle gear destroyed in a collision, Harley replacement, roadside assistance, custom parts and equipment coverage, and many other options to suit your needs. Motorcycle driving is not the same as driving a car or truck, and your insurance should take this into account and provide you with the right types of protection as well.
RV Insurance: What makes RV insurance unique is that it relies on a “usage season,” meaning that you are only using it and its insurance for a set period. SafeCo’s insurance offers a generous five-month usage season, spanning 150 days annually. You can custom build your RV policy from the ground up to ensure you get the coverage that you need. When you’re away from home in your recreational vehicle, it is important to have an effective insurance plan keeping you and your belongings safe. SafeCo Insurance can help you find this peace of mind.
Classic Car Insurance: Classic Car insurance coverage is designed to provide you unique coverage for a vehicle that you do not typically drive, such as an antique vehicle. This type of insurance seeks to protect the investment you’ve made on a classic car. Your insurance protection will afford you all the other perks you need with the added bonus that it takes the collectible nature of your vehicle into account. If you are not currently driving your vehicle, meaning that it is “garaged,” then you may find that your rate quote is even more favorable. Generally SafeCo will provide you a discounted rates for vehicles that you own but are not actively driving.
Landlord Protection Insurance: One of the more unique forms of insurance that SafeCo offers is Landlord Protection Insurance. This type of insurance is aimed to protect non-commercial landlords who have tenant occupied residential properties for which they want to buy insurance protection. There are a number of features and coverage options that make this a smart choice for landlords that want to make sure their properties are safe. A lot of the protections afforded by this type of insurance are specific to the situation, such as protection against wrongful eviction, wrongful entry, libel and slander. There are also other types of coverage such as personal injury claims and non-bodily injury claims that may be made against you as a landlord.
Boat Insurance: SafeCo’s boat insurance covers more than just boats. Boat policies and personal watercraft policies are designed to protect against an agreed value on your property. What this means is that once you get the policy, you agree upon a value for your property with your insurance broker. If there is a total loss on that property, you are reimbursed in the agreed upon amount. Personal effects coverage will help you keep things like fishing poles, cushions, coolers and water skis safe in the event that the boat is lost as well. If you need help with on-water assistance, fuel spill cleanup or wreckage removal, SafeCo’s boat insurance will help here as well.
Umbrella Insurance: The purpose of umbrella insurance coverage is to provide you with an additional layer of coverage when you have an auto insurance policy with SafeCo already. This policy will provide you extra protection for things like bodily injury and property damage in a vehicle accident that extends beyond your car insurance liability limits, your homeowners liability limits and other situations that stretch beyond your financial capabilities such as legal costs or lawsuits that arise from libel or slander, invasion of privacy, defamation of character or other unforeseen situations. This extra protection can follow you wherever you go, anywhere in the world, and can give added peace of mind when you really want to make sure that your insurance is protecting your interests.
Renter’s Insurance: Just because you are renting rather than owning your home or apartment, that does not mean you should not protect it. Renter’s insurance is designed to provide similar protections to a rental property that a homeowner would want for their property, but with emphasis placed on the contents of the home since the building is likely already insured separately. Whether you are renting a house, a condominium or an apartment, having access to things like temporary housing, identity recovery and coverage for your most prized possessions is absolutely essential. SafeCo Insurance strives to provide a financial remedy that is in line with what your possessions are worth when they are lost in an insurance claim.
SafeCo Insurance Rates
Insurance quotes can vary significantly from person to person. The best way to find out what prices and rates you can expect to pay is to contact your local SafeCo Insurance broker directly. There are a number of factors that will go into your rate quote, and so the only way to get accurate information is to work directly with an agent. Some of the factors that go into pricing for an insurance quote through SafeCo include:
- The type of insurance coverage you are requesting,
- The level of coverage that you are requesting,
- Additional coverage perks that are “add ons,”
- Your age,
- Your driving record, in the case of auto, motorcycle or RV insurance,
- The property that you are having insured, in the case of home owner’s, renter’s and similar types of insurance,
- The deductible amount, which is the amount that you pay before your insurance coverage kicks in.
- There may be other factors that come into play depending on the specific type of coverage that you are looking to purchase.
Although you will find information online about average costs for SafeCo Insurance premiums, this information is misleading because it does not take into account who you are and what individual needs you have. Only your local SafeCo Insurance broker will be able to give you a truly accurate rate quote, which is why you should contact one directly either in person, by phone or online in order to get the information that you seek.
When you apply for a rate quote online, SafeCo Insurance will only ask for basic information such as your name and date of birth, address, residence type, phone number and e-mail address before asking to get to know what type of insurance you are looking for. You will be given the opportunity to choose the specific type of insurance that you are looking for, whether you seek car insurance or protection for other types of property. This will allow you to get a finely tuned rate quote to meet your needs alone. Keep in mind that many rate quotes are time sensitive, and you may need to act quickly to maintain your locked-in rate.