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Safeco Insurance Company Review

Company Overview

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Safeco Insurance Company Review

1001 Fourth Avenue Plaza, Seattle, Washington, originally the Seafirst Building, now Safeco Plaza

Cumulus Clouds

Safeco Insurance is a member of the Liberty Mutual Group, the fifth largest property and casualty insurer in the U.S., and has been in business since 1923. Hawthorne K. Dent founded Safeco Insurance, originally named the "General Insurance Company of America." The company's headquarters in in Seattle, Washington with Michael Hughes serving as President. Safeco has the rights to the name of the Seattle Mariners' baseball stadium called "Safeco Field." The company has over 4 million customers nationwide and has assets of over $6 billion. Safeco services its products through a local agent network of over 9,000 agents across the country and prides itself with a comprehensive line of insurance products and responsive customer service.

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-" Strong from Standard & Poor's, "A2" Good from Moody's and an "A" 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

As a customer of Safeco Insurance, you will find a comprehensive line of insurance products including:

  • Auto

  • Homeowners

  • Renters

  • Condo

  • Boat/Watercraft

  • Classic car

  • Motorcycle

  • Recreational vehicle

  • Umbrella

  • Landlord protection

  • Business

Safeco offers a number of attractive auto insurance discounts to its policy holders including a package policy discount, safe driving discounts and teen driving discounts. 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 Safeco Insurance agent.

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, I 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.

The website is easy to navigate and offers a comprehensive explanation of the insurance products offered. In addition to being able to find a local agent or receive an insurance quote, you can also access helpful resources including consumer tips, insurance terms definitions, videos on insurance related topics and disaster preparedness information.

Pros and Cons

Pros

  • Excellent financial stability

  • 24/7 claims and customer service

  • Comprehensive line of insurance products

  • Competitive insurance rates.

  • User-friendly website

  • Customer service available 24/7.

Cons

  • No BBB accreditation

  • 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 with a local agent. Even though there have been a few complaints about the company under-paying claims, the rates are competitive and customers rank customer service and claims services better than average.

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