Balboa Auto Insurance

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Company Details
Address:

3349 Michelson, Suite 200

City:
Irvine
State:
California
ZIP Code:
92612-8893
Phone Number:
1.800.854.6115
Website:
Year Founded
AM Best Rating:
Company Rating 0 (0 reviews)

Things to Remember...
  • Balboa Insurance Group offers insurance for lenders
  • Balboa is part of a Fortune 500 organization that has an A rating
  • If you are a lender looking for insurance, you will have to submit a request for a quote

You will find that this Balboa auto insurance review is interesting because the Balboa Insurance Group offers insurance for lenders. Many people don’t think about the fact that lenders need auto insurance coverage as well.

For more than 60 years, Balboa has been a lender specialized insurance company. Recently they began to sell consumer products as well, but this area of the company is limited to homeowners insurance and renters insurance.

Balboa is part of a Fortune 500 organization that has an A rating, which is an excellent rating.

However, Balboa is under review at the company’s request because, in February, AM Best changed Balboa’s long-term status from stable to negative.

What this means is that there is concern about the company’s ability to support its current clients, as well as its current rate of growth.

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About Balboa

Part of the problem may be that Bank of America, which quietly owns Balboa, is trying to sell the company to an Australian-based company.

This situation could have an overall negative impact on the auto insurance company, at least for the short term.

Balboa sells insurance for lenders to protect their investments, which is essentially the product that their clients have purchased when they borrow money, such as a house. In the case of auto insurance, Balboa sells auto risk mitigation insurance.

Auto risk mitigation insurance is insurance that lenders purchase when someone who buys a car with borrowed money drops their required insurance on their vehicle. The borrower is still billed for the services, but it is applied to their car loan via the lender.

Balboa’s Headquarters are located at:

3349 Michelson, Suite 200
Irvine, California 92612-8893
1.800.854.6115

Balboa Auto Insurance Agents

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Balboa uses specialty agents to sell the insurance from their company. They do have several subsidiaries that use both independent agents and direct agents.

These companies are:

Because Balbo sells specialty insurance, the average agent won’t understand how to sell their products.

Rather than putting them through special training, they have people on staff who provide lenders with portfolio analyses so that they can best determine what your company needs.

If you are interested in any of their consumer products, you are automatically directed to an agent on one of their affiliate sites.

Balboa Claims

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Balboa has an excellent reputation for handling auto insurance claims. Like any insurance company, there are those who claim that they are slow to pay claims, however, Balboa hasn’t had any formal complaints or lawsuits filed regarding this issue.

Balboa claims can be filed online, making it very convenient for someone who prefers to perform all of their tasks this way. Before you file a claim, if you have a question you can go the FAQ section of the Balboa website and have those questions answered so that you can fill out the claim properly.

If you aren’t comfortable with filing your claim online, then a claim can be filed by calling 1800-768-2096.

Once the claim has been filed, it is assigned to a claims adjuster, who, if necessary, will contact you for further information regarding the accident. You should know something about your claim within one business day.

If an investigation is necessary, then you will receive forms in the mail to fill out. Once the investigation is complete, you will be paid.

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Balboa Auto Insurance Careers

Unfortunately, due to the uncertainty of the company, they currently aren’t hiring. If you click on the careers link on the Balboa website, you will be redirected to the Bank of America website. There are no Balboa positions listed there.

This doesn’t mean that the company won’t have positions open again in the future.

However, their current health and retirement package may be far different for new employees considering the possibility that the company is going to be purchased by an Australian insurance company.

You may want to consider looking for work with one of the affiliate companies mentioned above if you have your heart set on working for Balboa as these companies are less impacted by what’s going on with the corporate division.

Balboa Auto Insurance Reviews

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There are a lot of mixed reviews about Balboa. Lenders seem to be thrilled with the services provided by Balboa. Yet, there are many complaints regarding how slow Balboa is to pay their claims and how bad their customer service is.

However, many of the complaints made about the company are the result of the problem not being covered by the policy purchased by the policyholder.

Of course, this is an issue with online reviews in general; more people complain than offer a compliment and often the issue was the result of not reading through the policy and so on.

If you are considering Balboa, make sure that you take the time to read all of the fine print on their policies. If you aren’t sure about something, ask your agent or someone in customer service so that you are fully aware of what you are getting!

Balboa Quotes

Balboa doesn’t provide quotes directly on their website. If you are looking for consumer insurance, you will be directed to an affiliate website that also has a quote too. However, if you are a lender looking for insurance, you will have to submit a request for a quote.

Because your needs are probably going to be much larger than the average consumer, you will receive an analysis of your current and projected needs so that you can determine what the best way to go is for your company.

An agent works with you the entire time to ensure that all your questions are answered.

As a consumer, you want to ensure that you get the lowest possible rate for your auto insurance. One of Balboa’s subsidiaries may be the perfect option for you.

However, before you make the decision for one of these companies, you need to get a car insurance quote and compare rates between multiple companies.

Our quote tool allows you to do just that! Enter your zip code to get your free auto insurance quotes today!

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