Mercury General Insurance Overview and Review

Mercury General Insurance is a well-established company with a long history of providing insurance services to its customers. Founded in 1961, it has been in operation for over 60 years.

Mercury General Insurance offers a wide range of insurance products, including auto, home, and umbrella insurance.

Their auto insurance policies are designed to be flexible and customizable, allowing customers to choose from a variety of coverage options and deductibles.

With over 20,000 agents and brokers across the US, Mercury General Insurance has a strong network of professionals who can help customers with their insurance needs.

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Mercury General is the 16th-largest car insurance company in the U.S., according to the NAIC.

It's smaller than Kemper, but larger than The Hartford.

Mercury Insurance is owned by Mercury General Corporation.

The company is a publicly traded entity listed on the New York Stock Exchange, specifically under the ticker symbol MCY.

This means that the company's shares can be bought and sold by anyone on the open market.

Mercury is the 16th-largest car insurance company in the U.S., according to the NAIC.

As a comparison, it's smaller than Kemper but larger than The Hartford. This ranking gives us an idea of its size and position within the industry.

Mercury General has a strong financial foundation, with a market capitalization of over $5 billion. This significant valuation reflects the company's solid performance and growth prospects.

The company has consistently reported net income in the hundreds of millions of dollars, with a record high of $234 million in 2020.

Mercury General's revenue has grown steadily over the years, reaching $3.6 billion in 2020, up from $1.8 billion in 2015. This growth is a testament to the company's successful business strategies and expanding market share.

The company's cash and cash equivalents stood at $1.3 billion as of 2020, providing a healthy cushion against any potential financial downturns.

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Mercury General offers a range of products and services to meet various insurance needs. Mercury writes other lines of policies, including umbrella, business, business auto, commercial multi-peril, landlord, and mechanical protection insurance, although availability varies by state.

Mercury car insurance coverage includes normal car insurance coverages, along with a few extras that may be useful. Mercury's flexible home insurance options let you customize your coverage to match your specific needs.

Mercury's home insurance policies offer various coverages, including:

Mercury Insurance offers a range of products beyond just automobile and home insurance.

In addition to these basics, Mercury also writes umbrella insurance policies, which can provide extra protection for your assets.

Business owners can also get covered with Mercury's business insurance, which includes business auto and commercial multi-peril options.

Landlords can get specialized insurance through Mercury, which can help protect their investment properties.

Mechanical protection insurance is another product Mercury offers, which can provide peace of mind for car owners and enthusiasts.

Mercury Insurance sells its insurance products through a network of local, independent agents in various states.

You can find these agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia.

The company offers a range of insurance products, but the specific products available vary by state.

Mercury Insurance has a strong presence in the states where it operates, with a network of local agents who can provide personalized service to customers.

If you're looking to protect your property and belongings, property and casualty insurance can provide you with the necessary coverage. Mercury offers flexible home insurance options that let you customize your coverage to match your specific needs.

You can choose from various coverages, including replacement cost personal property coverage, which ensures that stolen or damaged items are replaced with comparable new ones. This coverage is a standard policy upgrade.

Mercury's water/sewer backup coverage protects against damage from a backup of your home's sewer or drainage system, excluding floods. Service line coverage, on the other hand, covers the costs of repairing or replacing an underground utility line on your property, including water and sewer lines, gas lines, and others.

If you only drive occasionally, Mercury's RealDrive program can help you save money by using your mileage to determine your rate. The less you drive, the less you pay.

Here are some common car insurance discounts offered by Mercury:

Additionally, Mercury offers discounts to drivers in certain occupations or organizations, such as AAA members, California Medical Association members, and government employees.

Mercury offers a range of car insurance coverages, including liability-only insurance, which is a cost-effective option for those who want to save money.

Their liability-only insurance for 18-year-olds costs an average of $1,301 a year, or $108 a month, which is 12% less than the average.

Mercury's full-coverage car insurance rate for 18-year-olds is 14% less than the average, making it a great option for those who want comprehensive protection.

Their full-coverage car insurance rate for 18-year-olds is $3,821 a year, which is $625 less than the average full-coverage rate.

Here's a breakdown of Mercury's car insurance rates for 18-year-olds:

Mercury's home insurance policies offer a range of coverages to protect your home and belongings.

You can customize your coverage to match your specific needs, and one option is replacement cost personal property coverage, which replaces stolen or damaged items with comparable new ones.

Water/sewer backup coverage is also available, but it doesn't apply to backups caused by a flood. Service line coverage, on the other hand, covers the costs of repairing or replacing an underground utility line on your property, and Mercury's service line protection provides up to $10,000 in coverage for less than $7 a month.

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An additional dwelling coverage endorsement provides more money if the costs of rebuilding your home exceed your dwelling limit.

Mercury also offers home systems protection, but it only covers home systems and appliances for mechanical or electrical breakdowns, not wear and tear. Identity management services are also available, but they don't include credit monitoring, a key component of identity theft protection.

Here are some key benefits of Mercury's home insurance policies:

Buying a car can be a daunting task, especially when it comes to pricing. The average price of a car in the US is around $40,000.

Car prices vary greatly depending on the make and model. For example, a Toyota Corolla can cost anywhere from $19,000 to $24,000.

Some cars are more expensive due to their advanced features and technologies. The Tesla Model S, for instance, can cost upwards of $100,000.

If you're looking to purchase a used car, you can expect to pay significantly less. A 3-year-old Toyota Camry can cost around $15,000.

Keep in mind that prices can fluctuate depending on the location and dealership. Be sure to research and compare prices before making a purchase.

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Mercury Insurance ranked highest in shopping satisfaction among 22 insurers reviewed by J.D. Power, scoring 821 out of 1,000 points.

The company's digital channels are key to its success, allowing it to attract and retain clients effectively.

Mercury General's auto insurance rates are competitive, with a full-coverage annual rate of $1,596, which is lower than many of its competitors. Geico's rate for the same coverage is $1,486, while Progressive's rate is $1,609.

Mercury's rates for drivers with a bad driving record are also cheaper than average. Their rates for drivers with a prior at-fault accident average $2,530 a year for full coverage, which is 33% less than the average.

Mercury's car insurance costs for teens are also relatively affordable. Their full-coverage car insurance rate for 18-year-olds is 14% less than the average, at $3,821 per year.

Their auto insurance rates for drivers with a DUI are 45% less than the average, at $2,828 per year for full coverage.

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Mercury Insurance offers affordable car insurance options for teens, with liability-only insurance costing an average of $1,301 per year, or $108 per month.

This is 12% less than the average rate for liability-only insurance. If you're looking for full-coverage insurance, Mercury's rate for 18-year-olds is 14% less than the average.

Here's a breakdown of Mercury's rates for teens:

Mercury's auto insurance rates for drivers with a bad driving record are actually cheaper than average.

Drivers with a prior at-fault accident pay an average of $2,530 a year for full coverage with Mercury, which is 33% less than the average.

Mercury's rate for drivers with a DUI is 45% less than the average, coming in at $2,828 a year for full coverage.

Here's a breakdown of Mercury's rates for different driving records:

When shopping around for homeowners insurance, it's essential to compare rates from different companies. Mercury homeowners insurance rate comparisons can give you a clear idea of what to expect.

If you're a Mercury homeowner, you might be interested to know that Travelers offers a lower annual rate of $901 compared to Mercury's rate of $1,149.

Allstate's annual rate of $933 is also slightly lower than Mercury's. Nationwide and State Farm have even higher rates of $1,194 and $1,304, respectively.

To give you a better idea, here's a quick comparison of some popular insurance companies' annual rates:

Mercury does offer some common home insurance discounts, but it's worth exploring other options to see if you can find a better deal.

Mercury General Corporation has several notable events lined up for 2025, including a Q1 2025 Earnings Release on May 5th.

Here are the upcoming events for Mercury General Corporation:

In the past, Mercury General Corporation has held several important events, including Annual General Meetings and Earnings Releases.

Upcoming events are exciting and can be a great way to stay connected with others. Mercury General Corporation has some notable events coming up.

In 2025, Mercury General Corporation has several key dates to keep in mind.

Their Q1 2025 Earnings Release is projected for May 5th, 2025. This is an important event for investors and those interested in the company's financial performance.

Another significant event is the Q2 2025 Earnings Release, which is projected for August 4th, 2025. This will give stakeholders a glimpse into the company's second-quarter performance.

Mercury General Corporation's Q3 2025 Earnings Release is projected for November 3rd, 2025. This event will provide insight into the company's third-quarter financials.

The Q4 2025 Earnings Release is projected for February 16th, 2026. This will be an important event for those interested in the company's year-end financial performance.

Here are the upcoming events:

Past events on Mercury General Corporation have been numerous and varied. One notable event was the Q4 2024 Earnings Call, which took place on February 12, 2025 at 12:00 pm.

The Q4 2024 Earnings Release was announced on February 11, 2025 at 4:05 pm. This was a significant event for investors and stakeholders.

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Detachement de was also a notable event, occurring on December 11, 2024. The exact nature of this event is unclear, but it's likely related to corporate restructuring or financial matters.

Mercury General Corporation has a history of releasing earnings reports on a quarterly basis. The Q3 2024 Earnings Release was announced on October 29, 2024 at 4:05 pm.

Another notable event was the Q2 2024 Earnings Release, which took place on July 30, 2024 at 4:05 pm. This event provided valuable insights into the company's financial performance.

Here is a list of some of the notable past events on Mercury General Corporation:

Hurricane Helene was a significant event that affected many people. Mercury Insurance offered claims assistance to policyholders.

If you were one of the policyholders affected by the hurricane, you can report your claims through the Mercury Insurance platform or hotline. This service is designed to help you get back on your feet as quickly as possible.

Mercury General's quality ratings are a mixed bag. The company's overall satisfaction score for auto insurance is 794, which is worse than the industry average of 813.

Mercury's complaint ratings are particularly concerning, with a 1.64 rating for auto insurance complaints and a 3.22 rating for home insurance complaints. This means the company had three times as many confirmed home insurance complaints as average for its size in 2023.

Here are some key statistics on Mercury's complaint ratings:

Mercury's financial strength is a bright spot, with a rating of A from AM Best. This is the third-highest rating possible, indicating a strong financial position for the company.

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Let's take a look at how Mercury stacks up against its competitors. One of the first things to consider is the company's size and scope. Mercury General Corp has 4,100 employees, which is significantly smaller than some of its competitors like W. R. Berkley Corp, which has 8,329 employees.

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The companies are all headquartered in the United States, with Mercury General Corp located in Los Angeles, California. This could be an important factor for customers who value proximity to their insurance provider.

Here's a breakdown of the key parameters for each company:

These are just a few of the key factors to consider when evaluating Mercury's competitors.

Mercury's complaint ratings are a major concern, with a 3.2 rating for home insurance and a 1.6 rating for auto insurance, both of which are worse than the industry average.

These numbers indicate that Mercury receives a higher volume of complaints compared to other companies of similar size.

A confirmed complaint is a complaint that leads to a finding of fault, and Mercury's high complaint ratings suggest that it may have issues with handling claims and resolving customer issues.

Here's a comparison of Mercury's complaint ratings with the industry average:

Mercury's financial strength is a positive aspect, with an A rating from AM Best, which is the third-highest rating available.

This suggests that Mercury has a solid financial foundation and can pay out claims to its customers.

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Bundling your auto and home insurance with Mercury can save you about 15% on your car insurance premium.

Mercury also offers discounts for bundling with a renters or condo insurance policy.

You can save even more by bundling your homeowners policy with your car insurance, as this will likely give you the biggest discount.

Mercury offers a variety of car insurance discounts, including an anti-theft discount for cars with theft-prevention devices or equipment, a payment discount for setting up auto pay, and a good driver discount for having no recent claims or accidents.

Some drivers may also be eligible for discounts based on their occupation or organization membership, such as AAA members, California Medical Association members, or government employees.

Here are some examples of occupations and organizations that may qualify for discounts:

Mercury Insurance offers home insurance discounts to residents of Paradise, which is a big deal after the 2018 Camp Fire incident.

This is the first major insurer to reenter the town, so it's a positive step for the community.

Having protective devices in your home can save you money on your insurance premiums. Deadbolt locks and smoke detectors are a good place to start.

You'll get an even bigger discount for monitored home security. It's worth investing in for peace of mind and a lower insurance bill.

Fire resistant construction materials and newer homes can also qualify you for discounts. And if you live in a gated community, you might be eligible for a discount as well.

Here's a quick rundown of the discounts you might be eligible for:

If you're a busy driver, you'll love Mercury's RealDrive program in California, which saves you money based on your mileage.

Bundling your auto and home insurance with Mercury can save you about 15%, and you can even bundle with a renters or condo insurance policy for the same discount.

Mercury offers a range of discounts for different occupations and organizations, including AAA members, California Medical Association members, and government employees.

If you're a student or a young driver, you might qualify for a good student discount with Mercury, which rewards drivers who maintain a B average in school.

Some other common discounts include an anti-theft discount for cars with theft-prevention devices, payment discounts for setting up auto pay or paying in full, and a good driver discount for those with no recent claims or accidents.

Here are some specific discounts available to drivers with certain occupations or organizations: