Is Mercury a good insurance company?

UPDATED: Nov 14, 2011

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UPDATED: Nov 14, 2011Fact Checked

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Asked November 14, 2011

1 Answer

Mercury Insurance was founded in 1961. The company sells auto and home insurance, primarily through independent agents and brokers. They are the leading independently distributed auto insurance underwriter in California, and the third largest overall auto insurer in in the state.

Financial Rating
Mercury is rated A+ (superior) by the A.M. Best financial ratings company. Their website reports assets of over $4 billion, but shows a net loss for 2011 that can be attributed to the current economic situation. They are a publicly held company, traded on the NYSE under the MCY ticker. Net losses were reported for the third quarter of 2011, but it should be noted that these losses were lower than those suffered during the first 2 quarters of the year.

Customer Satisfaction
Online surveys give Mercury insurance an overall approval rating of 45%. Customer reviews remark on the efficiency of the auto claims process and the largest online complaints are with claims processing in the home insurance division. When the biases of online respondents have been taken into consideration, Mercury can be considered to be a well-liked and responsive company.

Mercury Insurance Reviews

Company Availability
Including their home state of California, Mercury insurance is available in 13 states: Arizona, Florida, Georgia, Illinois, Michigan, Nevada, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia. They employ over 1200 people and are represented by independent agents and brokers at thousands of locations in their coverage areas. Their national reach is limited but the company has excellent coverage in their representative areas.

The Bottom Line
Mercury insurance has suffered some recent losses, but is still rated excellently in financial terms, even reporting a dividend increase for stockholders in the third quarter of 2010. For policyholders, this means that the company is a safe investment for long-term insurance policies like home insurance, as well as being capable of handling short term auto claims.

Answered November 14, 2011 by Anonymous

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