Liberty Mutual Insurance – An Overview

Liberty Mutual Group is the third largest property and casualty insurance company in the United States. It’s also one of America’s largest companies overall, currently sitting in the top 70 on the Fortune 100 list. The Boston-based company has provided car insurance and home insurance to American policyholders for over 100 years. Today, the company operates worldwide and earns approximately $4 billion in revenue every year. They also employ over 50,000 people both in the United States and around the world.

Liberty Mutual History

liberty mutual insurance overviewLiberty Mutual was founded on July 1, 1912 as the Massachusetts Employees Insurance Association (MEIA). The company was founded after the government of Massachusetts passed a law requiring employers to protect their employees with workers’ compensation insurance. Liberty Mutual opened its first branch in 1914 and wrote its first car insurance policy that same year. In 1917, the company changed its name to the Liberty Mutual Insurance Company.

In 1964, Liberty Mutual expanded to offer life insurance. The company has also made a number of high-profile acquisitions over the years, including the $6 billion acquisition of Safeco Corporation in 2008. Because of these strategic acquisitions, Liberty Mutual has grown to become the third largest property and casualty insurance company in the United States.

Today, approximately 1 in 20 drivers in the United States are insured through Liberty Mutual, making Liberty Mutual the sixth largest insurance company in the country. Liberty Mutual also has a presence worldwide in Argentina, Brazil, Chile, China, Hong Kong, Colombia, Ecuador, India, Ireland, Malaysia, Poland, Portugal, Russia, Singapore, Spain, Thailand, Turkey, the United Kingdom, Venezuela, and Vietnam. Liberty Mutual employs 50,000 people worldwide.

Liberty Mutual Insurance Rankings

Liberty Mutual is ranked similar to other major insurance companies in the United States. In most rankings and reviews, Liberty Mutual is average or lower in terms of customer service. The company receives close to the median number of complaints for auto insurance companies, although it receives fewer complaints than average for home and life insurance companies.

Here’s how Liberty Mutual performed in the latest J.D. Power rankings:

Insurance Shopping (Auto): About average

Auto Insurance Claims Satisfaction: About average

Home Insurance: About average

Property Claims: About average

Additionally, Liberty Mutual Insurance earned an “Excellent” financial strength rating from A.M. Best. An “Excellent” financial strength rating means that Liberty Mutual should have no issues paying off its liabilities.

What Makes Liberty Mutual Insurance Unique?

Liberty Mutual functions like most other car insurance companies in the United States. Some of the differentiating factors include:

Mobile App: Like most other major car insurance companies, Liberty Mutual has invested significantly in its mobile app. Today, the Liberty Mutual mobile app lets you track insurance claims, pay bills, and view insurance policies. You can also use the accident and roadside support feature within the app to capture information and photos at the scene of an accident or call for emergency roadside services.

Life Insurance: Some car insurance companies offer life insurance. Liberty Mutual is one of them. The company offers life insurance through its Liberty Life Assurance Co. of Boston, a subsidiary of Liberty Mutual. Policies are available in 10, 15, 20, or 30-year terms, including whole and universal life insurance.

Certain Unique Insurance Options: As America’s third largest property and casualty insurance company, Liberty Mutual offers policies you may not find through other insurance companies. They offer critical illness insurance, tuition insurance, landlord insurance, business insurance, umbrella insurance, and antique or classic car insurance, among other policies.

Varied Home Insurance Options: If you need home insurance and auto insurance, then Liberty Mutual may be the right choice for you. Liberty Mutual offers a range of home insurance coverage options, including identity fraud expense coverage, coverage for valuables, and inflation protection, among other optional policies.

Get Insurance Quotes from Alexa: You can get a Liberty Mutual quote using your Amazon Alexa device.

Is Liberty Mutual a Good Insurance Company? Our Review

Liberty Mutual is one of America’s largest insurance companies. The company scores about average in terms of every customer satisfaction ranking and review: it’s not among the best of America’s insurance companies, although it’s certainly not the worst, either.

Customers generally appreciate tying all their insurance policies with Liberty Mutual and its subsidiaries. The company is one of the few insurers in America to offer home, auto, and life insurance (although Liberty Mutual offers life insurance through a subsidiary company). If you’re interested in buying multiple insurance policies or taking advantage of bundling discounts, then Liberty Mutual may be the right choice for you.

In terms of pricing, Liberty Mutual’s prices vary widely across the United States and among demographics. Reviews indicate that Liberty Mutual is the cheapest car insurance company for those buying minimum coverage policies. However, the company also charges relatively expensive rates to teenage drivers. In some states, Liberty Mutual is among the cheapest options, while in other states it’s more expensive.

Liberty Mutual also offers a telematics car-tracking program that allows you to save money. Liberty Mutual’s RightTrack requires you to install a small device on your car that monitors your driving habits. The device measures how often you drive, the times of day you drive, and any rapid acceleration and breaking. After using the tracking device for 90 days, you’ll get a discount on your car insurance policy.

Liberty Mutual Auto Insurance Policies and Products

Liberty Mutual offers a number of unique policies and products to its auto insurance customers, including all of the following:

Accident Forgiveness: You can add accident forgiveness to your car insurance policy, in which case your premiums won’t rise after a single accident. This coverage varies between states and is not available in California.

New Car Replacement: If you total your car within the first 15,000 miles, then Liberty Mutual will reimburse you for the cost of a new car – not the depreciated value of your old car.

Deductible Fund: Liberty Mutual lets you create a deductible fund and add it to your policy as an option. This will lower your collision deductible in the event of an accident. Every year you go without making a claim, Liberty Mutual will contribute $70 while you contribute $30.

Additional Vehicle Insurance: If you’re already an auto insurance customer with Liberty Mutual, then the company lets you add antique and classic car insurance, ATV and off-road vehicle insurance, RV and trailer insurance, and umbrella insurance.

Final Word

Liberty Mutual is America’s third largest property and casualty insurance company and one of the country’s largest companies overall. For over 100 years, Liberty Mutual has provided car insurance to customers across the United States.

Today, the company has grown to offer life insurance, home insurance, and other property insurance policies. In terms of rankings, Liberty Mutual is about average in every category: they’re not the best for customer service or claims satisfaction, but they’re certainly not the worst either.

Liberty Mutual Insurance Company Information

Parent Company:
Liberty Mutual Group

Subsidiaries:
Liberty Mutual Insurance Company
Liberty Mutual Fire Insurance Company
Employees Insurance Company of Wausau
Liberty Mutual Life Assurance Company of Boston
Regional Representation:
America First Insurance (Gulf Region);
Colorado Casualty (Mountain Region);
Golden Eagle Insurance (Pacific Region);
Indiana Insurance (Midwest Region);
Liberty Northwest (Pacific Northwest Region);
Montgomery Insurance (Southeast Region);
Ohio Casualty (Mid-Atlantic Region);
Peerless Insurance (Northeast Region);
Wausau Insurance Companies (National)

Lines of Insurance:
Vehicle Coverage: Auto, Motorcycle
Other Coverages: Homeowners, Renters, Life

Coverage Options:

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

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

Be the first to write a comment.

Your feedback