Is Fred Loya a good insurance company?

UPDATED: Aug 4, 2016

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UPDATED: Aug 4, 2016Fact Checked

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Asked August 4, 2016

1 Answer

What is Fred Loya Insurance and Loya Insurance Group?

Fred Loya Insurance company specializes in auto insurance, and it is headquartered in El Paso, Texas. It is a subsidiary company whose parent company is The Loya Insurance Group. The company was started by Fred Loya Sr. in 1974, and it has grown to be one of the largest Hispanic-owned and operated businesses in the United States of America.

Fred Loya Insurance has over 500 agencies in the states in which they operate within the USA. The states include Texas, New Mexico, California, Nevada, Colorado, Missouri, Arizona, Alabama, and Georgia. They are expanding into other states and should be established there in the next few years.

How Much Will My Fred Loya Payment Be For My Policy?

Fred Loya Insurance offers people low-cost coverage. Like any other company, the exact rates vary depending on the insured. Based on reviews, they offer affordable auto coverage to any motorist regardless of their driving history along with liability coverage.

Fred Loya Insurance seeks to be the go-to company for low-cost auto insurance policies. They service low-income earners ensuring that the package, options, policy, and services that they offer a customer will fit right into their budget. The payment schedule the company offers provides a client with the flexibility they require.

Customer reviews indicate the rates are designed to offer full coverage options. You can get an insurance policy quote online from their website in as few as five minutes. The policy rates vary from driver to driver based on certain parameters such as credit history, age, and driving history.

How Does It Compare to Other Companies?

Fred Loya Insurance ranks well above average compared to other companies when it comes to annual premium payment in Texas. The ranking is high when compared to other insurance companies such as GEICO and Allstate. The lack of competitive rates may be a result of insuring riskier clients than other providers. It goes without saying that more risk warrants higher premiums.

On the contrary, the rank very low when it comes to policies paid in full. Fred Loya Insurance on average pays only 7% of their policies in full.

What is the main complaint from customers?

Customer reviews for Fred Loya Insurance are mixed. The most frequent customer complaint seems to be that though there are many agents in the states Fred Loya operates in, they are not always available. The friendly neighborhood office insureds look for are often backed up. However, the customer service is more often than not termed excellent by customers especially in the knowledge of agents.

When it comes to Fred Loya Insurance jobs, reviews by employees are the ones that paint an ugly picture. Most people making the complaint that the employees of the company are overworked, underpaid, and understaffed. Most employees, however, state that in their experience they have never worked at a company that was more committed to excellence than Fred Loya. Moreover, employees are paid based on performance which encourages hard work and career advancement. Whether they're in sales or the claims department, many workers understand the goal is different than the average insurance company.

Should You Get a Quote with Fred Loya Insurance?

The answer to the question as to whether Fred Loya is a good or a bad company is down to an individual's perspective. The company is well managed and has exemplary leadership. Some customers have a bitter taste in their mouths about the company while others are full of praise. The same goes for the employees. They are among insurance providers offering affordable rates even for high risk drivers with at-fault accidents, poor credit scores, etc. 

Any time you're shopping for an auto insurance policy, the most important step is to get multiple quotes. Our calculator makes it easy and starts with entering your zip code. You can stop by one of Fred Loya's office locations. But ultimately, you should compare like policies side by side.

Answered August 5, 2016 by InsuranceStar

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