You want to get the absolute best car insurance coverage at the best price, and because we care about your safety and peace of mind, we identified the key factors you should consider before choosing a car insurance company.
In this review, we are highlighting Liberty Mutual Insurance, one of our top choices for car insurance.
Liberty Mutual Auto Insurance
We looked at hundreds of insurers and thousands of policies to determine our top car insurance companies. Liberty Mutual is one of those companies.
This Liberty Mutal Review evaluates the company based on the following factors:
These are important attributes because you want a company that offers the best coverage at an affordable price. You also want a company that is financially stable and will pay your claims, correct?
Coverage & Benefits
Liberty Mutual lets you customize your car insurance coverage so you only pay for the level of protection you need.
The standard car insurance policy includes:
- Bodily Injury Liability: Covers medical expenses if you are responsible for an accident.
- Property Damage: Repairs or replaces other vehicle or property in accidents where you are at fault.
- Medical Payments: Covers your or your passengers’ initial medical treatment.
- Collision – Repairs or replaces your car when damaged in an accident by another vehicle or object.
- Comprehensive – Repairs or replaces your car if it’s damaged by a non-collision accident (a tree branch falls on your car).
- Liberty Mutual Deductible Fund ™ – As long as you are a policyholder, you can save up to $100 per year that will be applied to your collision deductible.
- Accident Forgiveness (except in CA) – An optional coverage you can add on to your policy that guarantees your premiums will not increase after your first accident. To qualify for this option you must be accident and violation-free for the last five years, regardless of carrier.
- Lifetime Repair Guarantee – If you use one of the 2,000 approved facilities, they guarantee to cover the repairs.
- New Car Replacement – You will be reimbursed for a brand-new car if your wrecked car is one year old or less and has less than 15,000 miles.
- Better Car Replacement – This option replaces your totaled automobile with a model that is one year newer with fewer than 15,000 miles.
- Rental Car Reimbursement – If you rent a car while yours is being repaired, they will reimburse you for the cost of the rental.
- 24/7 Roadside Assistance – Includes a free tow to the nearest qualified facility, unlocking your car, and more.
Not all add-on coverages are available in every state, and eligibility requirements may vary by state as well.
Exclusions & Limitations
As with most other insurers, exclusions and limitations with Liberty Mutual will depend on the specific policy and level of coverage selected.
What coverage is required in all 50 states?
- Liability: Each state sets its own coverage requirements.
- Property Damage: Each state sets its own minimum coverage requirements.
- Medical Payments: Coverage for your passengers, requirements vary by state.
Your auto loan lender may require additional coverage like:
- Medical Payments (for you)
According to its website, drivers saved an average of $509 in premiums by switching to Liberty Mutual Insurance.
The company’s premiums are a bit higher than the national average and currently range between $130 and $370; however, the long list of potential discounts can significantly reduce your premiums.
Liberty Mutual offers more discounts than most of its competitors! The discounts are divided into three categories:
#1 – Your Policy
- Multi-Policy Discount
- Preferred Payment Methods Discount
- New to Liberty Mutual Vehicle Discount
#2 – Your Car
- Vehicle Safety Features
- Hybrid Vehicle
#3 – Your Personal Information
- Teen Driver
- Good Student
- New Graduate
- Newly Married
- Newly Retired
- Safe Driver
It is an impressive list of discounts, right? This is one of the primary reasons we highly recommend Liberty Mutual Insurance.
Liberty Mutual ByMile
Liberty Mutual Insurance also offers a “pay-as-you-go” or ByMile program where you only pay for the miles you drive, tracked by the ByMile app. If you do not drive a lot of miles this might be a great program for you, if you qualify.
One Catch: This is currently only available in the state of Illinois.
As with any insurance company, you want to look at the underwriter’s financial ratings from at least three of the nation’s independent financial rating agencies: A.M. Best Co, Moody’s Investors Service, and Standard & Poor’s.
These ratings represent a company’s ability to pay the claims submitted by their policyholders.
Liberty Mutual holds an excellent A rating with all three agencies.
Customer Service Ratings
Liberty Mutual is a Better Business Bureau accredited business and holds a B+ rating with the bureau with 1.5 out of 5 stars based on 259 customer reviews.
These reviews are not exclusively on the company’s auto insurance coverage but on all its products and customer service.
For 2017, NAIC reports the company’s complaint ratio is well above the national median based on 226 complaints.
Please note, however, last year there were multiple hurricanes as well as wildfires in California and other western states.
Liberty Mutual does have a loyal customer base who report high satisfaction with its quick claims processing.
In addition, the company offers 24/7 customer support and offers a mobile app where you can manage your account, pay your bill, and file a claim.
Liberty Mutual Customer Advantage Program
The company also extends a rewards program called the Liberty Mutual Customer Advantage ™, which offers benefits for clients who remain with the company for a specified number of years.
Some of these benefits include:
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What You Should Know About Liberty Mutual
Headquartered in Boston, Massachusetts, Liberty Mutual Insurance Group has been in operation for 106 years.
What that means for you as a consumer is this company has demonstrated long-term stability.
Is Liberty Mutual a large company?
Liberty Mutual is now the third-largest property and casualty insurance company in the United States based on total premiums written in 2017, reported by the National Association of Insurance Commissioners (NAIC).
The company has also expanded its services to 30 other countries throughout Europe, South America, and Asia.
In 2016, Liberty Mutual Insurance was sixth on the list of top 10 insurers of private passenger car insurance based on direct premiums written ($10,774,426 or 5.0% of market share in the United States and its territories).
Every year, Fortune magazine publishes its annual list of the 100 largest US-based companies (public and privately held companies) that it ranks by gross revenue totals.
For 2018, Liberty Mutual ranks #68 on the Fortune 100 list, moving up from #75 in 2017.
What is a mutual insurance company?
Liberty Mutual is a mutual company which means it reports to its policyholders and not stockholders or Wall Street investors.
A mutual company’s policyholders may share in the profits of the company by owning dividends.
Liberty Mutual is proud of this tradition, choosing to continue to serve its policyholders and not Wall Street.
Is Liberty Mutual Car Insurance Right for You?
In a nutshell, Liberty Mutual is a solid, financially stable insurer with over 100 years of experience in the market.
Those who have worked with this provider find its claim processing and generous discounts to be superior to those of the competition.
Although insurance premiums with this company can be a little steep, their unique discounts—such as the:
- Hybrid Car Discount
- Customer Advantage Discount
- Teen Driver Discount
- Retiree Discounts
allow customers to save big on comprehensive coverages.
Again, we highly recommend Liberty Mutual Insurance and hope this review has helped you understand why.
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