The Hanover Insurance Group Company Review

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Company Overview

The Hanover Insurance Group is one of the oldest insurance companies in the United States, tracing its history back to 1852. The company started out modestly but maintained a steady financial performance until the 1980s when it began a period of rapid growth and at the end of the decade had a value of over $550 million. Since 2005, The Hanover Insurance Group has been the parent company with subsidiaries of Hanover Insurance and Citizens Insurance.

Additional acquisitions include AIX Group in 2008 and Chaucer Holdings in 2011.

The Hanover Insurance Group, headquartered in Worcester, Massachusetts, is now one of the top 25 property & casualty insurance companies in the U.S. and offers its customers personal, commercial and specialized insurance products. The Hanover Insurance Group offers its products through a network of more than 5,000 independent insurance agents. The company is traded on the New York Stock Exchange under the symbol THG.

Financial Stability, Company Recognition, and Awards

The Hanover Insurance Company has very strong financial strength ratings including:

It is also accredited with the Better Business Bureau with an “A+” rating. To receive an “A+” rating with the BBB, a company must handle and resolve customer complaints in a satisfactory manner. In 2012, The Hanover Insurance Group was named one of America’s most trustworthy companies.

Insurance Products

Insurance customers can buy a policy through The Hanover Insurance Group for auto, business and homeowners insurance sold through a network of independent insurance agents throughout the U.S. Through its Chaucer division located in the London headquarters, U.K. motor and casualty insurance is available as well as aviation, energy, marine and property insurance.

A more specific list of The Hanover Insurance Group’s insurance products includes:

Commercial:

Specialty Insurance Products:

  • Marine

  • Professional Liability

  • Management Liability

  • Surety

  • Commercial Umbrella and Excess

  • Industrial Property Risk

  • Healthcare

Personal Lines Insurance:

Discounts

  • Multiple Policy Discount

  • Single Loss Deductible (Example: If you have damage to both a covered home and auto, there is only one deductible)

  • New Home Discount

  • No Claims Discount

  • Superior Construction Discount

  • Safety and Security Devices

  • Renewal Credits

Benefits

Hanover Insurance offers something to its policyholders called Total Household Rewards. With this program, if you insure multiple lines through the company you will receive these added benefits:

  • Single Loss Deductible

  • Guaranteed Insurance Renewal

  • Mortgage Extra Expense (Reimbursement for extra mortgage costs if you must refinance your mortgage. No deductible exists for the mortgage extra expense option.

  • Child Passenger Restraint: Replaces child restraint devices in the event of a loss with no deductible.

  • Fire Extinguisher Recharge or Replacement: Pays to recharge or replace a fire extinguisher when used in fighting a fire in your home. Also with no deductible.

Pros

  • Strong Financial Strength Ratings

  • Multiple Lines of Coverage Available

  • Generous Discounts and Policy Options Available

Cons

  • No online quotes available

  • Not all discounts and policy options are available in all states.

  • There are some complaints about slow claims service

Contact Information

To learn more about The Hanover Group’s insurance products, visit The Hanover Insurance Group website, or if you prefer to visit a local agent, you may use the agent locator. You can also call The Hanover Insurance Group at 1-800-853-0456.