GAINSCO Auto Insurance Review (2022)
GAINSCO insurance provides auto insurance for high-risk drivers. The company has higher rates and minimal options for drivers with a clean record. However, you can find cheap GAINSCO Auto Insurance rates and the required coverage for high-risk individuals. Learning more about GAINSCO Auto Insurance will help you determine if the company is a good fit for your needs.
- GAINSCO provides competitive rates for high-risk drivers
- GAINSCO focuses on the minimally required auto insurance
- GAINSCO has been rated an A- by A.M. Best
GAINSCO provides cheap auto insurance for high-risk drivers. The company doesn’t have many coverage options but provides the minimum requirement in each state. The subsidiary of State Farm has been rated an A- by A.M. Best.
Discovering more about GAINSCO Insurance will help you decide if the company is the best option for you.
Before starting this GAINSCO Auto Insurance review, enter your ZIP code to find the best car insurance rates in your area.
Does GAINSCO insurance have competitive rates?
Many factors that affect auto insurance rates which determine the risk of insuring drivers. High-risk drivers will experience the highest rates and find it challenging to obtain affordable car insurance.
Some companies, like GAINSCO, specialize in high-risk drivers. While they don’t provide as many options, a GAINSCO insurance quote is easier to afford.
Companies specializing in high-risk individuals have higher rates for drivers with clean records but are more affordable for drivers with a checkered past. Comparing multiple companies will help you find the lowest rates.
The following chart compares the average annual GAINSCO Auto Insurance rates for drivers who have had two accidents with other companies covering high-risk drivers.
GAINSCO Auto Insurance Average Annual Rates vs. Other Companies For Drivers with Two Accidents
|Company||Average Annual Rates for Drivers with Two Accidents|
As you can see, you can find affordable GAINSCO Auto Insurance quotes if you have multiple accidents. While the company’s average rates are higher than Esurance, Progressive, and State Farm, the rates from GAINSCO Auto are cheaper than Allstate and GEICO.
What coverages are offered by GAINSCO insurance?
While the cost of coverage is a common concern, drivers should also look at available policies. Knowing which types of insurance are available ensures that you get the necessary protection.
GAINSCO offers the standard types of coverage but at lower levels than many competitors. The following table shows the different options provided by GAINSCO and the purpose of each plan.
GAINSCO Auto Insurance Coverages
|Auto Insurance Types||Purpose of Coverage|
|Bodily injury liability||Pays for medical bills if someone else suffers an injury in an accident caused by you.|
|Collision||Covers damage to your car after an accident.|
|Comprehensive||Covers damage to your car when you’re not driving.|
|Personal injury protection||Covers medical expenses for you and your passengers after an accident.|
|Property damage liability||Liability coverage that covers the cost of any property damage you’ve caused in an accident.|
|Uninsured/underinsured motorist||Covers the costs if you’re in an accident caused by a driver with little or no car insurance.|
GAINSCO provides only the state-minimum requirements of liability insurance. Additionally, the company offers deductibles between $250 and $1,000 for collision and comprehensive policies. These limits allow customers to experience lower rates.
In addition to the standard types of car insurance, GAINSCO car insurance also offers rental reimbursement and towing. Rental reimbursement provides between $20 and $40 per day if you require a rental car. Towing provides between $50 and $100 per incident.
High-risk drivers are expensive to insure, so many companies avoid them. In addition to providing coverage for high-risk drivers, GAINSCO will file an SR-22 or FR-44 on the customer’s behalf.
The company also offers non-owner car insurance. This type of liability insurance is helpful if you don’t own a car but plan on driving. Drivers can use it to avoid a penalty if their coverage lapses before getting their license reinstated.
What discounts are available from GAINSCO insurance?
As previously mentioned, high-risk drivers experience the highest rates. Fortunately, insurance companies provide discounts to reduce costs. These discounts are significant for companies such as GAINSCO that focus on high-risk drivers.
Car insurance discounts depend on various factors, such as policy payment methods and your lifestyle. The following table shows the GAINSCO Auto Insurance company deals that can help lower your rates.
GAINSCO Auto Insurance Discounts
|Auto Discounts||Discount Eligibility|
|Autopay||Sign up for auto-pay.|
|Pay in full||Pay for policy in one payment.|
|Prior coverage||Carry auto insurance for at least six months.|
|Advance purchase||Purchase three or more days before policy starts.|
|Loyalty||Maintain your policy with GAINSCO over an extended period.|
|Homeowner||Own a single-family home.|
|Renewal||Renew a policy with GAINSCO.|
|Multi-car||Cover more than one vehicle with GAINSCO.|
While GAINSCO offers multiple discounts, they provide fewer than most competitors. Asking a representative about all discounts based on your specifics will ensure that you’re getting the best possible rates.
How is GAINSCO insurance rated?
Credit rating agencies regularly review the financial strength of insurance companies. Those with higher ratings are more likely to provide a payout when customers file a claim.
GAINSCO has been rated an A- by A.M. Best, the most reliable credit rating agency. This rating is excellent and determines that the company will usually provide a payout when you file a claim.
The Better Business Bureau (BBB) also rates insurance companies on business practices. GAINSCO has received an A- rating from the BBB, indicating the company is generally trustworthy. However, the BBB notes that the company didn’t respond to one company complaint to the organization.
Does GAINSCO insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. Both organizations have completed GAINSCO insurance reviews.
At the time of this review, the BBB has received 115 complaints about GAINSCO in the past three years. Of the 115 complaints made about GAINSCO, 93 were about the company’s products and services, and 17 were about billing.
According to the NAIC, GAINSCO has 36 complaints and a complaint index ratio of 5.55. These numbers indicate that the company has more than the average number of complaints compared to a company of a similar size.
How can you file claims with GAINSCO insurance?
GAINSCO allows customers to file claims through the website, the mobile app, and phone. The quickest way to file a claim is through the company website. Your GAINSCO insurance login provides access to the customer portal, which allows you to report a claim.
Filing a claim through the company’s mobile app is done the same way. Entering your login credentials will provide access to your policy information and the ability to file claims. You can also submit documentation or photos regarding the incident.
Those who prefer to speak with a representative can file a claim by calling the GAINSCO insurance claims number at 866-424-6726. While claims can be filed anytime online or through the mobile app, customers can only make claims by phone during the following business hours.
- Monday-Friday between 7:00 a.m. to 7:00 p.m. (CT)
Customers who call on weekends or after business hours can leave a voicemail message and receive a call back the next business day.
How can you make GAINSCO insurance payments?
Customers can make a GAINSCO insurance payment online, by phone, or by visiting your local agent’s office. Those paying online can do so by debit or credit card. Those calling the GAINSCO insurance phone number or visiting an office can pay by debit card, credit card, check, or money order.
Where can you buy GAINSCO insurance?
GAINSCO started with one location in Dallas, Texas but is now available in 17 states. The states where customers can buy GAINSCO auto insurance are:
- New Mexico
- South Carolina
Agent offices are in all GAINSCO insurance locations, ensuring that customers find an office near them.
What is the history of GAINSCO insurance?
GAINSCO Auto Insurance was founded in Dallas, Texas, in 1978 to provide high-risk drivers with affordable car insurance. State Farm agreed to purchase the company in September 2020 and completed the acquisition on Dec. 31, 2020.
GAINSCO Insurance: The Bottom Line
GAINSCO provides affordable auto insurance for high-risk drivers. The company offers the standard types of insurance and SR-22 coverage. Additionally, the company has been rated an A- by A.M. Best.
Knowing about GAINSCO Auto Insurance will help you determine if the company is right for you.
Now that you know about GAINSCO Auto Insurance, enter your ZIP code to get free car insurance quotes in your area.