Safeco Insurance Company: A Key Review

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Company Overview

Safeco Insurance is a member of the Liberty Mutual Group and has been in business since 1923. Nathaniel Hawthorne K. Dent founded Safeco Insurance, originally named the "General Insurance Company of America." The company's headquarters are in Seattle, Washington.

Safeco services its products through a local agent network of over 9,000 agents across the country and prides itself on a comprehensive line of insurance products and responsive customer service. The company offers auto, property, and other insurance products to customers nationwide.

Note:

The Seattle Mariners' baseball stadium, owned by the Washington State Major League Baseball Stadium Public Facilities District, was formerly owned by Safeco and called "Safeco Field."

Safeco's Financial Stability

You do not have to worry about the financial solvency of Safeco. Safeco Insurance has the financial stability of the Liberty Mutual Group to back it up. Liberty Mutual Insurance has financial strength ratings of "A" or "Strong" from Standard & Poor's, an "A2" or "Good" from Moody's, and an "A" or "Excellent" rating with A.M. Best. Liberty Mutual Insurance has also been ranked in the top 100 largest U.S. Corporations by Fortune.

Product Offerings

Safeco Insurance offers the following insurance products:

Auto Insurance

Auto insurance options from Safeco include liability (bodily injury and property damage), comprehensive, collision, roadside assistance, rental reimbursement, uninsured or underinsured motorist, personal injury protection, medical payments, loan and lease coverage, electronic key replacement, CD and DVD replacement, custom equipment coverage, pet coverage, and personal property coverage. Safeco also offers reimbursement for first aid, accident forgiveness, and a diminishing deductible.

Safeco offers a number of attractive auto insurance discounts to its policyholders including a package policy discount, safe driving discounts, and teen driving discounts.  With the auto insurance policy, you can receive up to a 20% discount with the Safeco Low Mileage Discount if you don't drive your vehicle very often.

Homeowners

Homeowners insurance options include coverage for your home and other building on your property, liability protection, additional living expenses, identity recovery valuable articles, equipment breakdown, and personal property replacement. You have the option of combining your home and auto package for a single loss deductible. Discounts include a new home discount, home burglar alarm, multi-policy, paid in full or you can choose a higher deductible.

Renters

Renters insurance coverage is available for personal belongings as well as liability coverage, living expenses, identity recover, valuable articles, and personal property replacement cost. You can receive a multi-policy discount or a paid in full discount. You can also choose a higher deductible to save money.

Condo Insurance

Condo insurance covers repairs to the inside of your condo unit, personal property, liability, additional living expenses, identity recovery, valuable article, and personal property replacement cost. By combining your condo and auto policies, you can become eligible for a single loss deductible.

Boat/Watercraft

Boat/Watercraft insurance options include liability, med pay, physical damage, uninsured/underinsured motorist, agreed value coverage, personal effects coverage, fuel spill, new boat price protection, on-water/emergency assistance, and wreckage removal, with coverage to 75 miles at sea.

Classic Car

Class car insurance coverage options include bodily injury, property damage, personal injury protection, medical payments, uninsured/underinsured motorist, comprehensive, collision, roadside assistance, emergency assistance, and personal property protection. A diminishing deductible option is available. Discounts are available for anti-theft devices, accident prevention courses, winter storage, multi-vehicle and multi-policy.

Motorcycle

Motorcycle coverage options include bodily injury, guest passenger liability, property damage liability, uninsured/underinsured motorist, comprehensive, collision, medical payments, helmet, jacket, boots and glove replacement, custom parts and equipment, roadside assistance. Several discounts are available including motorcycle safety course, homeowners discount, riding club discount, and higher deductible options.

RV Coverage

RV insurance options include bodily injury, property damage liability, personal injury protection, medical payments, uninsured/underinsured motorist, comprehensive, collision, roadside assistance, emergency assistance, loan/lease protection, custom equipment, electronic key replacement, and pet coverage. Several discounts are available including accident prevention course, anti-theft devices, multi-policy and winter storage.

Umbrella

Umbrella insurance is extra coverage that can be added to an underlying policy in $1 million increments up to $5 million. Adding an umbrella policy to your homeowner's insurance may qualify you for a lower rate in most states.

Landlord Protection

Landlord insurance coverage includes premises liability, protection against libel and slander, wrongful eviction, and wrongful claims. Extended dwelling coverage is available to help pay for unexpected repairs and rebuilding costs that exceed the amount covered by your base policy. You can combine a landlord and homeowner's policy for a 5% savings. A multi-policy discount is also available.

Safeco Agents and Quotes

On the website, Safeco recommends that you visit one of their local agents to make sure you are getting the best value and price for your insurance policy, although you can get a quote while visiting the website.

To receive an insurance quote, you can visit the Safeco Insurance Website, call 1-800-4-Safeco or use the agent locator to visit a local agent.

Tip:

The Safeco website offers helpful resources including consumer tips, insurance terms definitions, videos on insurance-related topics and disaster preparedness information.

Customer Satisfaction

Safeco Insurance is not accredited by the Better Business Bureau. While businesses are under no obligation to seek BBB accreditation, it does gives customers a way to know how the company handles customer complaints. Even though Safeco Insurance itself is not BBB accredited, its parent company, Liberty Mutual Group, has been accredited since 1931 and has an "A" rating with the BBB.

In researching Safeco customer complaints, we found complaints of customers who claim that Safeco underpaid their claims. However, there are also many positive reviews of the company in the area of customer service. Safeco offers a 24/7 claims assistance hotline with access online for customers to check the status of a claim.

Pros

  • Excellent financial stability.
  • 24/7 claims and customer service.
  • A comprehensive line of insurance products.
  • Competitive insurance rates.
  • User-friendly website.
  • Customer service available 24/7.

Cons

  • Complaints of claims being underpaid.

The Bottom Line

Safeco Insurance is a financially sound insurance company that offers a wide variety of insurance products to its customers. You have the option of using the website to take care of your insurance needs or you can also visit with a local agent. This is kind of like having the best of both worlds; easy access to account information 24/7 as well as the ability to sit down and discuss your coverage.

Even though there have been a few complaints about the company underpaying claims, the rates are competitive and customers rank customer service and claims services better than average.

Article Sources

  1. Safeco Insurance | Safeco History. (2020). Retrieved 30 April 2020, from https://www.safeco.com/about/history

  2. Find an Independent Insurance Agent. (2020). Retrieved 30 April 2020, from https://insurance-agent.safeco.com/find-an-insurance-agency/app/

  3. Financial Ratings | LMG. (2020). Retrieved 30 April 2020, from https://www.libertymutualgroup.com/about-lm/investor-relations/financial-ratings

  4. Liberty Mutual Insurance Group | Fortune. (2020). Retrieved 30 April 2020, from https://fortune.com/fortune500/2019/liberty-mutual-insurance-group/

  5. Safeco Insurance |Car Insurance, Home Insurance, and More. (2020). Retrieved 30 April 2020, from https://www.safeco.com/safeco-insurance

  6. Auto Insurance Discounts - Save Today Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/auto-insurance/discounts

  7. Low Mileage Discount - Save Today | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/auto-insurance/discounts/low-mileage

  8. Homeowners Insurance Discounts | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/homeowners-insurance/discounts

  9. Renters Insurance | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/renters-insurance

  10. Condominium Insurance Quotes | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/condo-insurance

  11. Boat Insurance - Watercraft Coverage | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/boat-insurance

  12. Classic Car Insurance | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/classic-car-insurance

  13. Motorcycle Insurance | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/motorcycle-insurance

  14. Umbrella Insurance | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/umbrella-insurance

  15. Landlord Insurance | Safeco Insurance. (2020). Retrieved 30 April 2020, from https://www.safeco.com/products/landlord-insurance