Liberty Mutual Insurance Company Car Insurance Review

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Liberty Mutual Insurance Company Overview

company overview

If you want an extremely large insurance company, you might want to consider getting insurance through Liberty Mutual. The company has been around since 1912 and has its headquarters in Boston, Massachusetts, United States. The company is the fourth-largest property and casualty insurer in the United States, but it also does quite well in Canada. In fact, the company was among the top 20 insurance companies in Canada in terms of profits in 2015 ranking 17th overall. Liberty Mutual actually ended up with an impressive total profit of $38,927,000. With this large of a profit, you don’t have to worry too much about the company being unable to pay out claims that you make, which is always good for your peace of mind.

Products Offered by Liberty Mutual Insurance

Since this is such a massive company, they offer a huge range of insurance policies to meet the needs of their clients. The company is by no means set on offering insurance for just one group of people. It offers insurance for society as a whole and has the policies to prove it. You can get insurance through Liberty Mutual for almost anything that you can possibly think of, which is ideal in terms of convenience and reliability. Here is a list of some of the many different insurance policies that this company offers:

Auto:

  • cars
  • motorcycles
  • boats
  • antiques
  • ATV’s
  • vehicle service

Property:

  • primary home
  • rental home
  • condo’s
  • landlord
  • mobile home
  • environmental damage
  • umbrella

Other:

  • life
  • illness
  • identity theft
  • pets
  • tuition
  • businesses

Liberty Mutual Insurance Company Car Insurance Review

Generally, if a company is not getting a lot of business, they don’t have very good insurance policies. A company this large certainly has benefits to you as it is highly unlikely that the company will not be able to afford to pay out any claims that you make on your insurance. To give you an idea of just how big of a company this is, in 2015, the company had a total written auto premium of $23,978,000. This number stands for the total amount of money the company collected before it had to pay out any claims. Definitely a substantial number and considering the amount of business that Liberty Mutual does in the U.S., you shouldn’t feel too worried getting insurance through this company.

Liberty Mutual Insurance Company Car Insurance Products:

products

New Car Replacement:

If you are buying or thinking about buying a new vehicle, you might want to make sure that you are covered for its full value. Some insurance companies like to reduce the value of your coverage sharply after the first year you own a new vehicle. The problem with this, is that when you get into an accident and cannot afford to replace the new vehicle that you just purchased, your insurance company is not going to help. If you decide to get insurance through Liberty Mutual Insurance Company, you can get a plan that gives you the money for a new vehicle as long as your car is under a year old and has less than 15,000 miles on it.

Rental Car Coverage:

One thing you might not have thought about if you are thinking about getting insurance is the amount of time that it might take to fix your car after an accident. It is important to make sure that you fulfill your daily obligations wherever possible, which is something that Liberty Mutual realizes. The company offers a package that will pay for the cost of a rental car for the entire period of time that yours is getting fixed.

Accident Forgiveness:

If you have been driving accident free for a period of five years and want to be covered in the event an accident occurs, you might want to consider adding this policy to your insurance. This essentially allows you to be able to get into an at-fault accident without having your insurance premiums rise on you as a result. Definitely a good peace of mind insurance policy that you might want to consider adding,

Medical Payments Coverage:

One thing that you might not realize about medical payment coverage plans is that they actually aren’t meant for long-term coverage. This is a small package you can add onto your insurance that will cover you for things like ambulance costs, emergency room care, funeral expenses and initial hospital stays. Hotels can cost a fair bit of money out of pocket and if therapy or anything else is needed, it is nice to not have to deal with a whole bunch of medical bills as soon as an accident occurs.

Deductible Fund:

One of the main things that sucks soon after getting into an accident is the insurance deductible that you have to pay on your insurance premium. If you want to get rid of your insurance deductible, you should consider going with Liberty Mutual. They have a deductible that lowers over time as a result of good driving. Eventually, you will have $0 deductible remaining, which means that you aren’t going to have to pay money out of pocket when an accident occurs.

Liberty Mutual Insurance Company Total Sales/ ranking by province

total sales

One of the best ways of being able to decide whether or not you want to get insurance with a particular company is a look to see how much money they make in your area. Different areas of Canada tend to have different insurance needs. Some areas are based on things like agriculture and business, while others are mostly based around automotive insurance. If you’re thinking about getting car insurance through Liberty Mutual, you might be interested to see how popular they are in your province before deciding if you want to go with them. To help show you this, we have created a table displaying the direct written premiums that the company made in 2015 and their rank among the top 30 insurance companies in each province. Below are the results that we came up with:

Province:Direct Written Premiums 2015Ranking on Top 30
Newfoundland150,00018
Prince Edward Island40,00020
Nova Scotia183,00027
New Brunswick484,00025
Quebec1,601,00028
Ontario10,923,000N/A
Manitoba30,00020
Saskatchewan115,00019
Alberta9,309,00024
British Columbia1,074,00012
Yukon Territory10,00026
Northwest Territories49,00020
Nunavut10,00023

Resources:

https://www.libertymutual.com/auto

https://en.wikipedia.org/wiki/Liberty_Mutual