Liberty Mutual Insurance Review: What You Need to Know
You probably have auto insurance, and you probably know that it’s a good idea to keep it. After all, what would happen if you got into an accident and couldn’t pay for repairs or medical bills? However, not everyone has the same auto insurance policy. Depending on your unique circumstances and needs, you might find that Liberty Mutual Insurance offers better value than another provider with whom you’ve previously been insured.
That being said, it can be difficult to determine whether or not Liberty Mutual is a good choice for you. Do you know who they are as an insurer? Are you aware of the different types of auto insurance policies available? Do you understand what their policies offer? If not, read on to learn more about Liberty Mutual Insurance and what they can do for you.
Who is Liberty Mutual?
Liberty Mutual is a large insurance company with a rich history dating back over 160 years. The company was founded in the mid-19th century by a group of seafaring Boston businessmen as the Union Indemnity Company. For many years, it primarily provided maritime insurance to ships and their crews.
In the 1930s, the company expanded its coverage to include automobiles, and it officially changed its name to Liberty Mutual. Today, the company is still based in Boston and generates billions of dollars in revenue each year. It offers insurance to individuals and businesses in all 50 states as well as in many international markets. In the auto insurance industry, it’s currently ranked sixth in market share.
Liberty Mutual is one of the largest and most established car insurance companies in the United States. It offers a wide range of auto insurance products and is one of the top choices for drivers throughout the country. Whether you have a clean driving record or have been in accidents before, Liberty Mutual has a plan that will work for you.
What is a typical Liberty Mutual auto insurance policy?
Liberty Mutual’s auto insurance policies typically come in two flavors:
- The first is bodily injury liability, which pays for any damages you cause to others in accidents in which you’re at fault.
- The second is property damage coverage, which pays for repairs to your car and other property in accidents in which you’re at fault.
Both of these are mandatory in most states, so if you don’t have them, you’re breaking the law. In addition to these two types of coverage, most auto policies also include uninsured/underinsured motorist coverage, medical payments coverage, and car rental reimbursement. Depending on your specific policy, these can vary in terms of the amount of coverage you receive as well as the premiums you pay for them.
Auto Insurance for Teen Drivers
If your child is newly licensed, you might be tempted to buy the bare minimum car insurance. However, this is a huge mistake. New drivers are especially at risk of causing accidents, and the damages from those accidents can add up to tens of thousands of dollars. If your child has an accident, you could be responsible for that cost. If you don’t have enough insurance to pay for it, you might be forced to go bankrupt.
Even worse, your child could lose his or her license. For these reasons, it’s important to buy a substantial amount of full coverage auto insurance for newly licensed teen drivers. You can usually add them as additional drivers on your current policy. This will increase the cost of your policy, but it’s a small price to pay for added peace of mind.
Auto Insurance for Good Drivers
If you’ve never been in an accident and have a clean driving record, you might be wondering if you even need auto insurance. As we mentioned earlier, auto insurance is mandatory in most states. If you don’t have it, you could face fines and have your license suspended.
However, that doesn’t mean you have to purchase the most expensive auto insurance policies. You can shop around and compare rates from different providers to find the best value. It’s especially important to do so if you have a clean driving record.
While you’ll likely be offered much lower premiums for your auto insurance policy, you might not be getting the best value for your money. Not all auto insurance companies offer the same coverage, so you should be sure to compare policies from a wide variety of providers.
Auto Insurance for Bad Drivers
If you have a poor driving record, you might be wondering if you can even get auto insurance. Insurance companies are in the business of making money. They don’t want to pay out large sums to cover the damages from your accidents, so they’re likely to deny your policy.
However, there are insurance companies that specialize in providing auto insurance for bad drivers. These companies are called “high-risk auto insurance providers”, and they’re less concerned with your financial well-being than the more mainstream car insurance providers.
If you’re having difficulty finding a provider that will provide you with coverage, you can try searching for these high-risk auto insurance providers.
Auto Insurance for Older Drivers
As you get older, your risk of being involved in an accident increases. This is due to both increased health issues and a decreased ability to react quickly behind the wheel. No matter how careful older drivers might be, they’re at a higher risk of being involved in an accident than younger drivers.
Unfortunately, insurance companies know this and charge older drivers higher premiums to compensate. If you’re an older driver, you should consider buying only the bare minimum regarding auto insurance.
Again, this is something that you should carefully research and decide based on your specific needs and circumstances. You should also be aware that some car insurance companies will refuse to cover older drivers completely.
Summing up
Regardless of your particular driving record and situation, it’s important to have adequate auto insurance coverage. Liberty Mutual offers a wide range of auto insurance policies that can be tailored to fit your needs.
Whether you’re a new driver, an older driver, an at-risk driver, or someone with a poor driving record, Liberty Mutual can provide you with insurance that protects you and your car.