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Gainsco 2021 auto insurance review: pros and cons

By on March 11, 2021 0

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Gainsco Insurance Valuations and Appraisals

  • Offers auto insurance for high risk drivers.
  • Had more than the expected number of complaints to state regulators relative to its size for auto insurance.
  • Available in 11 states.

Based in Dallas, Gainsco specializes in non-standard auto insurance for high risk drivers. Established in 1978, Gainsco auto insurance is sold through its subsidiary, MGA Insurance Co.

Gainsco sells fonts through comparison websites and independent agents in 11 states: Alabama, Arizona, Florida, Georgia, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Virginia.

State farm, the country’s largest insurer, acquired Gainsco in late 2020. Although Gainsco will continue to operate separately, State Farm will eventually offer combined products.

Advantages and disadvantages of Gainsco

Gainsco auto insurance

Gainsco auto insurance was awarded 3 out of 5 stars for overall performance. NerdWallet ratings are determined by our editorial team. The scoring formula takes into account prices and discounts, ease of filing a claim, website transparency, financial strength, complaint data from the National Association of Insurance Commissioners, etc.

Gainsco offers standard auto insurance options, including Liability coverage, and comprehensive and comprehensive collision insurance, and focuses on offering the minimum auto insurance required by the state.

In addition to these typical covers, other options may include:

Form SR-22: Many states require your insurer to file an SR-22 form to prove that you have the minimum amount of auto insurance after a DUI or other offenses. Likewise, Florida and Virginia require a Form FR-44 to prove that you have sufficient coverage. Gainsco can file these forms on behalf of its clients, unlike many companies.

Non-owner insurance provides liability insurance if you don’t own a car. A non-owner’s policy can prevent you from being labeled as a high-risk driver due to an interruption in coverage if you don’t have a car. Drivers who need an SR-22 form may also need this type of policy to get a driver’s license reinstated.

Gainsco’s auto insurance discounts can include:

  • Discount for signing up for automated payments or paying your premium in full in advance.
  • Discounts if you own a house, condo, townhouse or mobile home.
  • Advance signature delivery for the purchase of a policy at least three days before it begins
  • Discounts for several cars.
  • Loyalty discount.
  • Discount if you had auto insurance before Gainsco (six months proof, with a maximum period of 30 days).

” MORE: Compare auto insurance rates

Complaints about Gainsco

Gainsco has had more than the expected number of complaints to state regulators relative to its size for auto insurance, according to three years of data from the National Association of Insurance Commissioners.

Learn more about Gainsco

Website: Gainsco’s website provides an FAQ section and a glossary of insurance terms, but no details on coverage options. Existing customers can make payment, report and track complaints, and request an agent.

Mobile app: Like its website, Gainsco’s mobile app allows users to get a quote, report a complaint, request an agent, and make a payment. The app is available for Apple and Android devices.

Automobile insurance valuation methodology

NerdWallet auto insurance reviews reward businesses for their customer-centric functionality and practices. Ratings are based on weighted averages of scores in several categories including financial strength, consumer complaints, website transparency, and affordability. As part of our editorial discretion, we also consider customer satisfaction surveys. These ratings are a guide, but we encourage you to shop around and compare multiple insurance quotes to find the best rate for you. NerdWallet does not receive any compensation for reviews. Read our editorial guidelines.

Methodology of insurer complaints

NerdWallet reviewed complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers stack up against each other, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or its share of total premiums in the industry. . To assess a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by each subsidiary’s market share, over a three-year period. The ratios are determined separately for auto, home (including renters and condos) and life insurance.

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