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Safeco Auto Insurance Review

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Safeco Insurance Company of America is a direct lender of property and casualty insurance policies, including auto and vehicle as well as umbrella, pet health insurance, and identity recovery coverage.

The company, which was founded in Seattle in 1923, also provides financial services and investment products.

In 2008 Safeco become a member of Liberty Mutual Group, which allowed the company to focus on personal insurance as opposed to organizations and companies.

Within the industry, this financial conglomerate holds an A rating from AM Best, an A2 from Moody’s, and an A- from Standard and Poor’s, which further evidence the company’s outstanding ability to meet its policyholder obligations.
 
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How is Safeco rated?

Breakdown

4.5/5
Coverage
3.5/5
Financial Strength
0.0/5
Supplemental Coverage
4.0/5
Pricing & Discounts
3.0/5
Claims Satisfaction & Customer Experience
4.5/5
Automation

Overall Rating: 3.7 / 5 (Very good)

Although Safeco's coverage options fall within industry standards, the company offers a broad range of discounts as well as additional coverages.

The company’s third-party ratings are fairly standard with regard to both customer experience and financial strength.

As there is very little that makes Safeco stand out from, potential customers are advised to compare quotes and coverages from several other insurance companies before making a final decision.

The company does, however, market itself as one of the few companies that provide reimbursement for first aid administered to others after an accident and offers accident forgiveness and well as a diminishing deductible.

Safeco Coverage

Basic Coverage

  • Bodily Injury Liability
  • Property Damage Liability
  • Collision
  • Comprehensive
  • Personal Injury
  • Medical Payments
  • Uninsured/Underinsured Motorist

Additional Coverage

  • Sound System
  • Vet Bills

Coverage - 4.5 / 5

Safeco’s coverage options are fairly standard within the car insurance industry.

The company offers liability, collision, uninsured or underinsured motorist coverage, and personal injury protection.

These policies are advertised as comprehensive and collision.

Other popular coverage options through Safeco include roadside assistance and rental car reimbursement.

Add-ons, on the other hand, are a bit more unique, with such options as CD and DVD replacement, audio-visual and custom equipment coverage, pet coverage, and electronic key and lock replacement, among others.

Unlike other auto insurance companies in the industry, Safeco allows policyholders to build their own coverage with the help of a local independent agent.

Although this feature could be of better value if customers were able to personalize coverage on their own in the company’s website, it remains an excellent feature for those wanting a policy tailored to their needs.

Customer Experience

National Association of Insurance Commissioners

NAIC Complaint Ratio
1.08
NAIC Total Complaints 2020
111

Customer Ratings

BBB Rating
A-
Number of BBB Positive Reviews
14
Number of BBB Neutral Reviews
3
Number of BBB Negative Reviews
220
Date Collected
2017-11-10
*The NAIC Car Insurance complaint ratio (in this case 1.08) compares a company’s performance to other companies in the market. The median complaint ratio across all car insurance companies is 1. A score below 1 means the company received fewer than the expected number of complaints. A score above 1 means the company received a more than the expected number of complaints.

Claims Satisfaction & Customer Experience - 3 / 5

According to our extensive search, one of the most important factors to consumers shopping around for auto insurance is the overall customer experience a company can offer them.

This encompasses such elements as the insurance company’s consumer rating with the Better Business Bureau and the complaints lodged against it with the National Association of Insurance Commissioners (NAIC).

According to the NAIC’s Consumer Information Source database, Safeco Insurance Company of America’s complaint ratio for their private passenger insurance in 2017 was 1.10, only slightly average than the national median of 1.00.

As part of the Liberty Mutual family, Safeco shares a Better Business Bureau rating of B+ with its parent company.

This rating reflects a Customer Review score of one out of five stars and 1,167 complaints as of the date of this review.

Although the NAIC complaint ratio and the BBB rating are fairly standard, especially for such a large insurance company, customers are advised to read consumer reviews to ensure they're opting for a company that will meet their service standards.

Financial Strength

Key Details

Underwriter
Liberty Mutual
Premiums Written 2020
$10,257,432,291
AM Best Financial Rating
A+
Moody's Financial Rating
A2
Standard & Poor's Financial Rating
A

Financial Strength - 3.5 / 5

When comparing insurance companies, it’s important to look beyond coverage options and rates to ensure the product being purchased will be worth the investment.

Consumers are advised to look at a company’s financial ratings to ascertain whether or not it will be able to uphold its obligations to its customers.

As a subsidiary of Liberty Mutual, one of the largest corporations in the United States, Safeco offers outstanding financial strength and stability, making its insurance products as reliable as they are diverse.

In this case, Liberty Mutual’s A, A2, and A+ ratings, from Standard & Poor, Moody, and AM Best, respectively, lend Safeco some additional legitimacy and offer the company’s customers the peace of mind that comes from knowing their covered claims will be paid out.
*The above information reflects the financial strength of the underwriter of the Safeco car insurance policies: Liberty Mutual.

Pricing & Discounts

Discounts

  • Multiple Vehicle
  • Safe Driver
  • Anti-Theft
  • Low Mileage
  • Vehicle Safety
  • Homeowner
  • Bundled Policy

Pricing & Discounts - 4 / 5

Compared to its competitors, Safeco offers a good variety of discounts, including those for vehicles, policies, and users.

One savings opportunity that sets the company apart from other leading insurance companies is the “Own Your Own Home” discount for policyholders who own a primary residence in either a single family home, a mobile home, condo or townhouse.

With Safeco, drivers can save up to 15% by combining their auto insurance policies with homeowners.

Other discounts include the Safety Rewards and Teen Safety Rewards for good driving habits, a three-year discount for taking a defensive driver course, and low mileage discount, a multi-car discount, a safety equipment discount, and an anti-lock brakes discount.

Safeco also states that one of the best ways to lower the cost of auto insurance is to increase the deductible amount under the policy.

By assuming some of the risks of insuring their vehicles outright, policyholders can see a substantial decrease in their monthly premium payment.

For more coverage options check out our review of the Top 10 Best Car Insurance Companies of 2019.

Contact & Additional Information

Homepage URL
https://www.safeco.com
Company Phone
(800) 332-3226
Headquarters Address
175 Berkeley Street, Boston, MA, 02116
Year Founded
1923

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Customer Comments & Reviews

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Paul K
7/29/2020
After being hit by an uninsured driver and now, two and half years later....still no resolution. Safeco is the worst in the business! Low balled me on the estimate, won't even pay on their own estimate to repair and I now have paid to have the truck repaired 2 years ago! Nothing but lairs, cheats and thieves!

L
lorif747
6/25/2019
I'd give them a zero star rating if I could. We received a quote for RV insurance April 10, 2019. We received a good rate and were happy to go with Safeco. There were no hidden points/tickets on either of our driver's licenses that they were not aware of. Over 2 months later we get a letter stating that due to new information our premium was going up almost $800 a year. The reason was a 2017 automobile claim on our insurance that paid out $1600 (for damage to a parked car in a parking lot). The extra premium is retroactive to April 10, 2019. Where usually tickets and such would come off your record after 3 years, we expected that in 2020 our premium would go down but Safeco uses... Read More

Amy H
1/29/2019
This is literally the worst Insurance I have ever had. It took them 90 days to complete a claim. The car was totaled and I got LATE FEES from my bank before they were able to pay it off. Not only that, but when I finally CANCELLED THE POLICY, I was told I would get a REFUND for the part of the policy time unused. Not only THAT, but I never got a refund, in fact I got a BILL FOR SERVICES unpaid??!!!??! WHAT??!!!! When I called they said "Oh sorry, please disregard" and WHERE IS MY REFUND? I would rather RISK no insurance then to deal with these sketchy guys again.

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