Is Safeco a good insurance company?
UPDATED: Sep 6, 2011
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Asked September 6, 2011
Safeco was founded in 1923 and is the 13th largest supplier of private auto insurance in the United States. The company relies primarily on independent agents for distribution of their policies, and is featured by more than 9000 independent agents and brokers. The company claims more than 6.2 billion in revenues and over 4.5 million insurance customers nationwide.
Safeco is rated A by A.M. Best, which indicates the company is financially stable but may have suffered some losses relating to the economic changes of the past few years. Those losses are further indicated by the company's senior debt rating of BBB, which tells investors that the company has suffered losses of either assets or equity recently.
Safeco has a customer satisfaction rating of around 23 percent. Customer reviews report that claim settlement is the largest complaint. These reviews must be tempered, however, by the fact that all insurance lines are included in the reviews, and a majority of customer complaints are related to homeowners insurance rather than auto coverage.
SafeCo ReviewsCompany Availability
Safeco is available in 45 states, almost entirely through independent agents and brokers. The company offers both home and auto insurance, and is reportedly the nation's largest supplier of specialty coverage for property and autos. Whether you need high risk insurance or qualify for safe driver discounts, Safeco policies are designed to protect you wherever you live.
The Bottom Line
Safeco is a well-established company, providing specialty insurance coverage as well as traditional policies. Investors would be well-advised to research the company thoroughly before investing, but individuals have little to worry about when purchasing a policy. Before signing the contract, check with a company such as A.M. Best to find out how the company's outlook may have changed recently.
Answered September 6, 2011 by Anonymous