PEMCO Insurance Company Review
PEMCO Insurance Company is a regional insurance provider to insurance customers in the Northwest United States. It is a mutual insurance company, meaning it is owned by the policy holders. The acronym PEMCO stands for “Public Employees Mutual Insurance Company.” The company founder, Robert J. handy, started PEMCO Insurance in 1942 as an insurance company for teachers who had a membership with the School Employees Credit Union of Washington.
The company still holds an affiliation with this credit union for teachers.
From its early beginnings as an auto insurance company for educators, PEMCO insurance grew to include home, umbrella, renters, condo and boat insurance. PEMCO Life insurance company sells low-cost life insurance policies to members of the teacher’s credit union.
PEMCO’s company headquarters is based in Seattle, Washington. Mr. Stanley William McNaughton is Chairman of the Board. There are approximately 650 employees providing insurance to customers of the Northwest in the states of Washington and Oregon. The company campaign that reflects the company philosophy of strong customer relationships is “We’re a lot like you. A little different.”
Financial Stability and Customer Service Ratings
PEMCO Insurance Company has an “A-“ Excellent rating with A.M. Best insurance rating organization. However, in February of 2013, the outlook was revised from stable to negative.
The negative implications reflect elevated losses and a weakening financial performance. Even so, the rating is overall positive because of historical operating gains and surplus growth.
In the customer service arena, PEMCO Insurance has received the J.D. Power and Associates award in customer satisfaction receiving the highest ranking for customer service among auto insurance companies in the Northwest region of the United States.
The J.D. Power and Associates study was based on a study which questioned consumers about 12 different providers of insurance in the Northwest region. This study received 45,521 responses which were used to score insurance companies and determine which ones were top in customer satisfaction.
PEMCO is not accredited with the Better Business Bureau. Although companies are under no obligation to obtain accreditation with the Better Business Bureau, it is a good way for insurance customers to determine how the company handles and resolves customer complaints.
With PEMCO Insurance, customers living in the states of Washington and Oregon can purchase a policy for auto, home, renters, condo, umbrella, motorcycle and boat insurance. Customers can receive a quote and purchase a policy online, by phone or through a local community agent.
Pros & Cons
If you live in the states of Washington or Oregon and have a clean driving record and good credit, you can qualify for the best insurance rates for home and auto insurance and receive an affordable insurance premium. PEMCO Insurance has an overall positive financial strength and customer service rating. Customers can receive a quote for insurance online through the company website.
PEMCO Insurance is a regional provider and only offers coverage in the states of Washington and Oregon.
To obtain an insurance quote on the PEMCO website, you must give your social security number. Your credit score is used as part of the criteria for determining your insurance premium.
Customers with tickets or accidents may not find the best rates with PEMCO Insurance since they have tiered levels of policies and the preferred rates go to insurance customers with clean driving records. Because the company caters to good drivers, those who have claims may experience an increase in their insurance premiums.
To receive a quote or learn more about PEMCO Insurance products, you can visit the PEMCO Insurance website or call 1-800-467-3626.