Mercury Insurance Review: Advantages & Disadvantages
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Searching for cheap car insurance quotes and then wading through multiple auto insurance companies and auto insurance policies can be quite overwhelming.
There are various types of insurance coverage options to compare as well as making sure the auto insurer you choose has strong financial strength. In other words, it can be quite nightmarish if you don’t know much about how car insurance works.
That’s where we come in. We break down the mystery behind insurance rates, making sure you are fully equipped to find the best auto insurance company to fit your budget. Today, we’re going to do a deep dive into Mercury Insurance Group.
Mercury Insurance, based in Los Angeles, combines some of the best and worst things about insurance companies. (For more information, read our “Cheap Car Insurance in Los Angeles“).
Unfortunately, there are some horror stories…BUT I’ve also heard great reviews from insurance customers and have personal experience with them as a very competent insurer.
Want a word of sincere advice? Whatever you do, don’t base your insurance decision on the reviews you read on other websites from dissatisfied and disgruntled ex-policyholders of Mercury Insurance.
About Mercury Insurance
I’m gonna give you the good, the bad, and the ugly when it comes to Mercury Insurance, a subsidiary of Mercury General Corporation, so you know the real deal.
It’s never easy to research a company because there are typically a LOT of conflicting stories.
Mercury insurance is primarily known for their Auto Insurance and Home Insurance – but that’s not all.
Mercury Insurance Products
- Car Insurance
- which includes add ons like mechanical protection also knowns as mechanical breakdown protection and business auto insurance)
- Homeowners Insurance
- which includes condo insurance and renters insurance) that also provides add ons like construction materials discounts and additional living expenses coverage.
- Umbrella Insurance
- Business Insurance
Mercury Coverage Options
- Liability Protection-covering just bodily injury and property damage of the other driver
- Collision Coverage
- Comprehensive Coverage
- Medical Coverage/PIP Personal Injury Protection
- Both Uninsured Motorists and Underinsured Motorist Coverage
- Rental Car
- Roadside Assistance
- Ride-Hailing Insurance
Discounts
- Anti-theft devices
- Good Driver
- Good Student Discount
- Multi-car Discount
- Bundling or Multi-policy Discount
- Annual Mileage Discount
Stability
Mercury Insurance is a relatively new company. They have been around for about 60 years, which in the insurance world is a newcomer.
Availability
NOTE: Their products aren’t available to everyone in the United States – they’re only in these 11 states:
- Arizona
- Nevada
- Oklahoma
- Virginia
- Illinois
- New Jersey
- Georgia
- Texas
- Florida
- California
- New York
So you need to check to see if you live in an area they cover.
Mercury Insurance set out to be a cheaper alternative to the large insurance companies – which means if you are looking for more affordable rates, they are a company you should consider.
This is a very successful insurer that values its clients. They have over $4 billion in assets and pride themselves on running a tight ship when it comes to underwriting and honoring claims.
Not to mention the fact that AM Best, one of the big guns in the rating industry, gives them a glowing review of “A+”.
Unfortunately, JD Power gives their customer satisfaction a rating of 3 out of 5 stars…
…but keep in mind people dealing with an insurance company are more likely to share their negative experiences rather than their positive experiences.
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Mercury Auto Insurance
Mercury Insurance has a lot of positives and I’m happy to say my personal experience with them was great.
Here are a few highlights:
Mercury Insurance Covers Teen Drivers
Like many insurance companies, Mercury Insurance loves families; it’s their niche.
Unlike other insurance companies, they don’t try to make a buck by increasing rates as soon as your son or daughter gets their license.
Mercury is my “go-to” when a client calls looking for a reasonable quote and has a child of driving age.
IF this is you, you may want to give Mercury Insurance a shot.
As an aside, my mom and dad had Mercury Insurance for years. They’re the company that insured them when I first started driving.
I even remember going down to the local agent’s office and to get added to their policy, ‘back in the day’.
Mercury Insurance Uses Local Agents
Mercury Insurance continues to use local independent agents as their method of handling sales and customer service.
Even if you call directly for a quote, you’ll get handed off to a local agent once the policy is in place. In my opinion, this is great.
The local insurance agent is usually knowledgeable and will be able to give you real advice should things get sticky during an insurance claim, or if you have questions about coverage.
As you probably already know, I love local independent agents, they are the best way to buy insurance.
Another perk? Mercury Insurance premiums are priced like a call center carrier (read: Esurance or Geico); couple that with all the benefits of a local agent, who you’ll develop a relationship with!
A word to the wise! Speak to your independent agent about OTHER options…
…EVEN if the quote you receive from Mercury seems to be a great buy.
Comparison shopping is ALWAYS the best possible way to find the right company for you and your family.
Insurance is never a one size fits all.
Learn More: Read our full Mercury Auto Insurance review.
Mercury Homeowner’s Insurance
Mercury Insurance got into the homeowner’s insurance market a few years ago and they are currently trying to snag some market share. Because they are new to the game, Mercury Insurance offers a great policy with a lot of coverage for a very reasonable price.
To top it off – you can couple home and auto, to get a very healthy multi-policy discount for bundling the two.
If you go with Mercury Insurance, I recommend getting the extended replacement cost coverage. It will increase your home structure’s insured limit to 150% of the value stated in the policy.
This is a cost-effective way to give yourself some added peace of mind.
Disadvantages of Mercury Insurance
…which inevitably brings me to things you should be on the lookout for.
No insurance review is complete without a few words about what could be improved.
You have to be very proactive when you’re with Mercury Insurance.
They aren’t forgiving if you don’t take care of business. That’s what you get with a low-cost insurer.
Let’s take a look now…
“We all need people who will give us feedback. That’s how we improve,” Gates told the audience. He continued:
“When Melinda and I learned how little useful feedback most teachers get, we were blown away. Until recently, over 98 percent of teachers just got one word of feedback: satisfactory. If all my bridge coach ever told me was that I was ‘satisfactory,’ I would have no hope of ever getting better. How would I know who was the best? How would I know what I was doing differently?” Bill Gates: Good Feedback Is the Key to Improvement, Inc.com
Make sure to update your vehicles if they’ve been changed and add drivers added ASAP. Other companies might be full of grace, but Mercury, not so much.
You have to tell them about anyone living in your home who is of driving age. They charge for all adults that have regular access to the car. Some folks with roommates or a girlfriend might not like this little detail.
Mercury Insurance won’t give you manufacturers parts when your car is damaged. This is a “thing” with insurance companies. Only the most expensive insurers will give you OEM parts. It’s a cost-saving technique.
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Is Mercury Insurance Right for You?
In a nutshell, Mercury Insurance is a great company for families with children that are of driving age – who are looking to save some money on their auto insurance premiums.
They are also pretty cost-effective when it comes to homeowners insurance. Mercury Insurance offers a cool discount for bundling auto and homeowners policies.
It’s also great that this A+ rated insurer offers call centers with a local independent agent presence. So in case you run into a snag – someone is there to help.
All insurance car insurance companies have negative reviews. Customer reviews shouldn’t NECESSARILY rule them out…
Researchers note that humans spend a lot more energy analyzing and picking apart bad experiences from an evolutionary/survival standpoint. In order to survive, our ancestors had to constantly be on the lookout for threats to their existence.
Finding that great berry bush was awesome, but dang if there wasn’t a saber-toothed tiger lurking around the tree a few yards away! Why are Angry Customers More Likely to Post a Bad Review? ReputationBuilder.us