Headquartered in Boston, Liberty Mutual is an insurance company with a remarkable history spanning over a century. Founded in 1912, when the Titanic sank, William Howard Taft was president, and the Ford Model T reigned supreme, Liberty Mutual has continuously evolved to become the best car insurer in the country.
TIME’S Take
In a market saturated with car insurance options, it can be challenging to find the right company. However, Liberty Mutual stands out with its comprehensive coverage options, customizable policies, and attractive discounts. Although it may not excel in every aspect, such as claims and customer service ratings, Liberty Mutual remains a solid choice due to its competitive pricing and overall value.
Liberty Mutual car insurance: Pros and cons
Here’s a quick overview of the pros and cons of Liberty Mutual car insurance:
- Wide selection of coverage options and discounts
- Better pricing than competitors in multiple categories
- Some states may not have local agents
- Middling claims and customer service ratings
- Potential 30% discount through the RightTrack UBI program
- A.M. Best A rating for financial strength
How Liberty Mutual’s car insurance rates compare to its competitors’
To assess Liberty Mutual’s price competitiveness, we compared its rates to those of three other leading car insurance providers in various pricing categories. Here’s how Liberty Mutual fares:
- Teens: Liberty Mutual offers the lowest annual premium of $2,604 for teenage drivers, making it significantly more affordable compared to its competitors.
- Age 35-45: For drivers aged 35-45, Liberty Mutual edges out its competitors with an annual premium of $1,092, saving you $142.
- Seniors: Liberty Mutual also provides cost-effective options for seniors, offering an annual premium of $1,080, $40 less than its closest competitor.
- DUI: Liberty Mutual’s annual premium for drivers with a DUI is $2,328, which is slightly higher than its competitors.
- Speeding ticket: With an annual premium of $1,656, Liberty Mutual offers affordable coverage for drivers with a speeding ticket.
More about Liberty Mutual
Apart from competitive pricing, Liberty Mutual offers a range of product features, expert rankings, and additional insurance offerings. Here are some highlights:
- Discounts: Liberty Mutual provides various discounts, including claim-free, good student, multi-car, and military discounts. Additionally, their RightTrack UBI program offers discounts of up to 30% for safe driving habits.
- Coverage offerings: Liberty Mutual offers essential coverages such as liability, personal injury protection, uninsured motorist, collision, and comprehensive coverage. They also provide additional options like accident forgiveness, roadside assistance, and rental reimbursement.
- Claims service ratings: In the J.D. Power 2022 Auto Insurance Claims Satisfaction Study, Liberty Mutual ranked 11th nationally, slightly below the average. However, their financial strength, reflected in their A rating from A.M. Best, assures customers that claims will be paid.
- Customer service ratings: Liberty Mutual has a Net Promoter Score (NPS) of 33%, indicating customer satisfaction. However, their consumer complaint index from the NAIC is relatively high compared to other leading insurance companies.
- Ease of use: Liberty Mutual offers online policy quotes and allows customers to complete purchases online. They also have a network of local agents available for personalized guidance during the insurance buying process.
- Financial strength: With an A rating from A.M. Best, Liberty Mutual ensures its ability to meet financial obligations and promptly pay claims.
- Availability: Liberty Mutual car insurance is available in all 50 states, offering online quotes and policies, as well as access to local agents.
- Other types of insurance: Liberty Mutual also offers a range of insurance products beyond car insurance, including home, powersports, and business insurance.
Bottom line
Liberty Mutual combines affordable pricing, extensive coverage options, and a strong financial foundation. While their claims and customer service ratings may not be top-tier, the company provides excellent value compared to other insurers in the market. When shopping for car insurance, it’s worth considering Liberty Mutual’s offerings. Visit Personal Finances Blog for more insights and tips on personal finance.
Disclaimer: Coverage pricing and availability are subject to change. Please consult Liberty Mutual directly for the most accurate and up-to-date information.