FREE Car Insurance Comparison
Secured with SHA-256 Encryption
Compare quotes from the top car insurance companies and save!
When considering auto insurance, a few big names come up repeatedly. There are many more insurance companies than the top five, though, and buying insurance from a smaller company can often get you a better deal. One company that’s worth considering for auto insurance is Liberty Mutual, a company founded in 1912 that offers auto, home and life insurance. Holding 4.5% of the market share for auto policies, Liberty Mutual is the sixth largest insurance company in the country. It also employs an impressive 45,000 people to man the many agencies throughout the country.
Liberty Mutual operates primarily under an agency model, with most policies being sold through agent’s offices nationwide. You can get a quote online, however, and utilize the website and phone number for customer service. In this respect, Liberty Mutual is more like the massive State Farm than it is smaller direct sales companies like Esurance. Some people prefer having an insurance agent to act as a go-between for all of their claims and policy questions, and those individuals may find Liberty Mutual to be particularly appealing.
As a mutual company, Liberty Mutual is financially owned by its policyholders. Rather than needing high profits to meet the demands of share holders, mutual companies can afford to operate with slim profit margins. This means that these companies can offer deeper discounts than other companies of the same size. It also means that the more policyholders a mutual company has, the better the discounts can afford to be. This is why State Farm can afford to give cheaper policies than similar-sized corporate insurers, but it may work to the detriment of the smaller Liberty Mutual.
Liberty Mutual Costs and Discounts
In terms of premiums, Liberty Mutual ranges in cost from one state to the next. Average insurance costs can range from just under $1,000 per year in Texas to as high as $3,000 in Arizona. Interestingly, rates in California are lower for Liberty Mutual than for many of its largest competitors, including State Farm. Depending on where you live, Liberty Mutual may be very affordable, or it could be unreasonably expensive; it depends entirely on what other companies you compare and your unique risk profile.
Liberty Mutual’s rates are comparatively higher than most companies, but discounts are available that may reduce the cost of coverage. Liberty Mutual offers several discount programs:
- Multi-policy discounts for people who insure bot their homes and cars with the company
- Good student discounts for college and high school students with a B average or higher
- Multi-car discounts for people with more than one vehicle on a policy
- Low mileage discounts for people who drive below 7,500 miles per year
- Safety feature discounts for anti-lock brakes, air bags and other devices
- Anti-theft discounts for vehicles with alarms and other anti-theft devices
In addition to these standard discounts, one thing that makes Liberty Mutual stand out is its exclusive group savings program. If a member belongs to one of the affiliate groups, Liberty Mutual will offer a discount. There are many qualifying groups including colleges, employers and professional organizations. Altogether, Liberty Mutual offers discounts to over 13,000 different groups through its affiliate program.
Based on the company’s website, Liberty Mutual does not offer any special programs like vanishing deductibles or accident forgiveness. They may, however, offer discounts that are not listed on their site; when requesting a quote from an insurer, be sure to ask if there are any additional discounts you might qualify for.
Is Liberty Mutual Worth Getting?
Ultimately, cost should be just one factor that influences your decision to choose any particular insurance company. When you get a quote, you should also consider the quality of customer service, type of coverages offered, financial health of the company and any other individual factors that are important to you like political or charitable affiliation.
When it comes to Liberty Mutual, the company is consistently average in most regards. According to customer satisfaction surveys, Liberty mutual ranks between three and four stars out of five in nearly all categories. Coupled with good discounts, this could make it a good choice for you. For many people, however, the offerings from Liberty mutual are just not substantial enough to make the company stand out from its competitors.
The only way to know whether Liberty Mutual will be a good fit for your needs is to get a quote. By checking their rates against other companies in your area, you can decide if they’re worth considering or if you’d rather go with one of the bigger insurers.