Reliance Auto Insurance

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Company Details
Address:

3 Parkway

City:
Philadelphia
State:
PA
ZIP Code:
19102
Phone Number:
(800) 441-1652
Year Founded
1817
AM Best Rating:
In Liquidation
Company Rating 0 (0 reviews)

Things to Remember...
  • Reliance Auto Insurance is no longer in business
  • The company was once part of one of America’s oldest insurance companies, the Fire Association of Philadelphia
  • While Reliance is no longer around, there are plenty of car insurance companies that service the Philadelphia area to choose from

Note: Reliance Insurance Company has been liquidated and is no longer operational.

Reliance Insurance Company was one of America’s oldest insurance companies, tracing its roots back to the original Fire Association of Philadelphia in 1817.

The Association was officially incorporated in 1820 and began offering insurance policies not only to business clients interested in protecting their buildings against fire, but also individual volunteer fire companies who often saw their equipment destroyed by rival companies trying to put them out of business.

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Despite its rather strange beginnings, Reliance Insurance Company expanded over the next century to include automobile coverage, homeowners protection, and other types of insurance products across many Eastern and Midwestern states.

Ironically, after the great Philadelphia fire of 1850, the company ceased providing fire insurance and adopted a new charter and business model. Seeing that they had lost all of their assets as result of the claims from that fire, they decided fire insurance was too risky.

Reliance Auto Insurance and the Reliance Insurance Company’s Failure

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Despite being such an old and powerful company, Reliable Insurance fell on hard times after some bad decisions by its parent company, Reliable Holdings Inc., and its owners. The company was seized by the state of Philadelphia in 2001 and liquidation proceedings were initiated.

As of June 2011, the liquidation process was still ongoing according to the state insurance department. Interested parties may visit the company website where they’ll find links to all the appropriate state information.

The failure of Reliance Insurance Company can be traced back to a combination of heavy losses in the late 1990’s and poor manage by the Steinberg family after Saul Steinberg suffered a stroke in 1998.

His brother Robert, who took over Reliance Holdings Inc. after Saul’s stroke, tried unsuccessfully to return the company to its insurance roots. But poor investments made previously by the company proved to be too much to overcome.

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Reliance Auto Insurance and the Reliance Insurance Company Address

 

While an address is listed above for Reliance Insurance Company, it’s unlikely that you would be successful in corresponding with any individuals at that office.

Your best bet for contacting liquidation officials, or learning more about Reliance, is to follow the appropriate links listed on the company website. There you’ll be able to find information about who is now in charge of liquidation, where the process stands, and what the outlook is for the future.

In addition, we were unable to find any information about where interested consumers could file a potential insurance claim. That doesn’t necessarily mean it’s not possible to do though.

If you have a claim concern you should contact the Pennsylvania Insurance Department first. They can direct you in the appropriate course of action from there.

Reliance Auto Insurance and the Reliance Insurance Company Reviews

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The demise of Reliance Insurance Company is unfortunate when you consider they had a good reputation in the industry.

Reliance was well-known for a long time to offer solid coverage, reasonable pricing, and excellent claims service.

Even after the 1850 fire they paid out all the claims they could until their assets were completely gone. This type of dedication to their customers is one of the things that enabled them to stay in business for almost 200 years.

In the modern era, individual customer reviews are pretty much non-existent due to the fact that the company hasn’t written any policies for more than 10 years. But it’s probably fair to assume that those who had auto and home policies with the company were for the most part satisfied.

An insurance organization doesn’t stay in business for 200 years by providing a lousy product. They do so by giving customers great policies and service.

The failure of Reliance Insurance Company does serve to demonstrate the fragile nature of today’s insurance environment. Since many auto insurance companies make the bulk of their money by investing in other financial vehicles, they are always adversely affected when the economy begins to have trouble.

That’s why it’s a good idea to always check the financial stability of an insurance company before you decide to purchase their products.

Such information can be gleaned from the websites of financial rating services like A.M. Best, Moody’s, Standard & Poor’s, and Fitch.

Some of these sites require membership before you have access to ratings. In most cases though, it’s free or relatively inexpensive.

If you’re unhappy with your current auto insurance rates, search for something more affordable by entering your ZIP code below!

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