Safeco – An Overview

Safeco is a national insurance company and is part of the Liberty Mutual Group. Its list of products includes auto, home, landlord protection and business insurance. The company offers discount options for individuals who purchase multiple insurance policies. It also includes permissive user protection which ensures that car owners stay protected—even when they aren’t the one driving. Safeco employs over 3000 employees and sells its products through a vast national network.

Auto insurance comprises a majority of the coverages they write, followed by various home policies, with life and health making up only a small fraction of the total. Customer satisfaction ratings are a little better than 50%, with more than a quarter of their clients remaining through more than 3 renewal periods, which provides a good indication of the overall dependability of the company’s professed dedication to customer service.

Auto coverage is available for all types of personal, private, and commercial vehicles, including recreational vehicles and personal watercraft, as well as motorcycles and classic or antique vehicles. Unlike many auto insurers, Safeco provides coverage for nearly any type of vehicle on the roads, and will insure drivers who may fall into high risk categories, such as those who have had a few traffic violations, or other point-based infractions.

 

Safeco – History

Safeco was founded by Hawthorn K. Dent in 1923. At the time, the company was known as the General Insurance Company of American and offered only property and casualty insurance. The initial headquarters of the company was located in downtown Seattle. As the company grew, the headquarters was relocated to the University District.

In the fifties, General Insurance added life insurance to its list of products. It also founded the Selective Auto and Fire Ensurance Company of America (SAFECO). By the end of the late sixties, General Insurance changed its name to SAFECO. This was closely followed by the completion of the 22 story Safeco Plaza building which would become its new headquarters.

Safeco – Differentiating Factor

Safeco offers an extensive range of insurance products that are uniquely suited to families. An attractive option is The Safeco Package which conveniently combines the home and auto insurance coverage together. People who purchase this package get the chance to save hundreds of dollars in savings.

Safeco also offers a revolutionary insurance product known as Teensurance. This allowed parents who are insured to track the whereabouts of their teenage kids by installing GPS units in their cars. The GPS unit also monitors the driving speed, habits and distance driven. It gives parents the ability to lock the doors remotely. Their claim service team can be contacted 24 hrs. of the day.

Safeco – What their customers are saying

Like most insurance companies, there are mixed reviews about the performance of Safeco. Some customers have positive things to say about the company; extolling the company’s customer service and professionalism. Most customers are united on the fact that the company offers fairly affordable rates in comparison to other insurance companies. However, customers have complained about withheld claims payment and the rising rates after the initial first years. There are also complaints that people with negative credit may find it difficult securing loans. On ViewPoint.com, Safeco had a 63% approval rating based on 41 reviews.

Safeco Company Information

Parent Company:
Safeco Corporation

Subsidiaries:
Safeco Property & Casualty Insurance
Safeco Surety

Lines of Insurance
Vehicle Coverages: Automobile, Specialty/Classic, Motorcycles, RV, PWC, RV
Other Coverages: Life, Homeowners, Renters, Business, Farm/Ranch, Umbrella

Coverage options include:

  • Collision and physical damage
  • Uninsured and underinsured bodily injury
  • Liability for personal injury or property damage
  • Medical Payments

Licensed to sell insurance in:
AL, AK, AZ, AR, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

A.M. Best Company Rating: A
(Rating Explained)

Conclusion

Safeco is a suitable option for people who are searching for attractive discounts with their insurance policy. Its chief strengths are its friendly customer service and strong online presence. It offers a functional alternative for people who wish to find and negotiate for quotes online. On the negative side, its rates are not as low as some of the alternative options.

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