Money ManagementReviews

Liberty Mutual Review: One Provider for All Your Insurance Needs?

Founded more than a century ago as a workers’ compensation insurance company, Liberty Mutual (also known as Liberty Mutual Insurance) offers a variety of insurance policies, including auto, homeowners, renters, life, and pets . It also offers several commercial insurance policies, including workers’ compensation insurance, plus annuities and employee benefits.

Liberty Mutual’s closest competitors include major home and auto insurance companies such as State Farm, Allstate, Geico, and Progressive. The company crosses the line between the low-cost direct selling model adopted by Geico and Progressive and the personalized, local agent-centric model that State Farm, Allstate and others follow.

It offers buyers the best of both worlds, providing a low-key, no-sales experience for individuals looking to purchase a basic auto policy in no time, while providing personalized support and care to business owners and families with insurance needs. more complex insurance.

For policyholders, Liberty Mutual balances easy access to expert agents with one of the best mobile apps in the insurance industry, a powerful tool for filing and managing claims on the go.

Liberty Mutual: products offered

Liberty Mutual offers various types of insurance coverage to clients throughout the United States. However, your available policies and coverage options may vary depending on where you live.

To find out what’s available in your home state and how much you can expect to pay for it, get an insurance quote online or call (844) 669-3663 to speak with a seller.

Car insurance

Liberty Mutual offers auto insurance policies that meet state minimum coverage requirements in all 50 states and the District of Columbia.

Policies include collision , comprehensive coverage , liability (bodily injury and property damage), uninsured or underinsured motorists, medical payments, and personal injury protection (PIP) coverages.

They also include optional coverage for unlimited vehicle rental after an accident, as well as sound systems and other vehicle accessories. Vehicles with working anti-theft devices and other safety features tend to qualify for lower insurance rates, as do drivers with good driving records and good students with average GPA B or better.

And Liberty Mutual auto policies provide a lifetime warranty on all repairs performed at a Liberty Mutual approved repair facility.

Other optional features and coverages of Liberty Mutual auto insurance worth mentioning include:

  • New car replacement . If you total a newer vehicle, Liberty Mutual’s New Car Replacement program pays the full tag price of the vehicle without accounting for depreciation. Most other insurers take depreciation into account.
  • Best car replacement . If you add an older vehicle, Liberty Mutual replaces it with a car that is a newer model year and has 15,000 fewer miles.
  • Liberty Mutual Deductible Fund® . This feature reduces your deductible by $ 100 each year that you remain a current customer with Liberty Mutual. You pay a part of the additional premium and Liberty Mutual pays the rest.
  • Accident forgiveness . This optional feature essentially ignores your first accident as a Liberty Mutual insured. That means your premiums won’t increase afterward, even if you (or another party involved) choose to file a claim.
  • RightTrack® from Liberty Mutual RightTrack®is an optional safe driver program that qualifies eligible policyholders for premium discounts of up to 30%. Participants temporarily install a monitoring device that measures acceleration, braking, night driving, miles traveled, and other variables to assess overall driving risk. 

Classic car insurance

Liberty Mutual offers separate policies for classic cars, defined as 25 years and older. Premiums and discounts vary based on how much you drive, where you keep the car, how insured it is, and if you take it to auto shows.

Motorcycle insurance

Liberty Mutual motorcycle insurance policies meet the state’s minimum coverage requirements. Like Liberty Mutual auto policies, motorcycle policies come with optional new (or better) motorcycle replacement coverage, which adheres to the same terms as the auto versions.

Boat, RV and RV Insurance

Liberty Mutual offers insurance policies for boats, personal watercraft, recreational vehicles, and ATVs such as ATVs, alligators, and snowmobiles.

Liberty Mutual may require that these policies be attached to an underlying policy. For example, boat insurance must be attached to a homeowners insurance policy, while ATV insurance must be attached to a car policy.

Homeowners and Condo Insurance

The insurance policies for owners of housing Liberty Mutual provide coverage for the main building of your home, offices or houses high schools on the property and the contents of your home, except for high – value items like jewelry and original works of art, which you can protect for an additional cost with optional policy riders.

Liberty Mutual home insurance policies also cover liability costs in the event that a guest is accidentally injured on your property. And they cover the cost of alternative living arrangements for up to 12 months if your home becomes uninhabitable.

Condo insurance includes similar coverage, but not for damage to parts of your condo building that are not owned by you.

You can also get a homeowners policy on a mobile home.

Renters insurance

If you do not own your home, you probably qualify for the coverage renters insurance Liberty Mutual.

It insures the contents of your home, your personal property, except for items of great value, against events such as fire, theft, and certain types of water damage that are not due to weather events (which would be considered flooding and therefore would be covered by flood insurance). .

Like homeowners insurance, renters insurance also provides liability coverage for guests injured on your property.

Homeowner’s insurance

For rental property owners, Liberty Mutual homeowners insurance covers damage to the main structure and outbuildings, as well as any contents (such as kitchen appliances) owned by the owner.

It also includes liability protection for injured guests, even if your renters do not have renters insurance, and automatically adjusts coverage limits for inflation .

Umbrella insurance

Umbrella insurance provides a combined and shared layer of additional liability protection on all of your Liberty Mutual policies.

It only goes into effect if you exceed the liability limits on your underlying policies due to a serious event; for example, you are found at fault for a major accident that resulted in massive property damage, or your guest suffers a catastrophic injury whose value exceeds the liability limits of your homeowners insurance policy.

You need a Liberty Mutual auto policy to qualify for general insurance.

Flood insurance

Liberty Mutual offers direct access to flood insurance policies through the National Flood Insurance Program (NFIP), which underwrites all flood insurance policies in the US Flood insurance policies are always separate from homeowners insurance policies, which do not cover flood damage.

Life insurance

Liberty Mutual offers permanent, comprehensive and universal term life insurance . Term policies range from 10 to 30 years, depending on your age and term preference.

Pet health insurance

Liberty Mutual offers pet health insurance policies that cover certain costs associated with medical care for the insured’s pets.

Depending on the type of policy, covered expenses may include treating injuries, diagnosing and caring for acquired or chronic conditions, and certain types of preventive care.

Tuition insurance

Liberty Mutual’s tuition insurance product provides reimbursement for covered costs for tuition, housing, and other eligible post-secondary education expenses if the policy holder withdraws from school due to:

  • Unexpected accidents leading to serious injury or death
  • Certain covered illnesses, including mononucleosis and influenza
  • Mental health problems, including depression and anxiety.

Liberty Mutual Tuition Insurance provides up to 100% reimbursement for covered costs, regardless of time of pickup, up to the full amount of coverage. Premiums generally start at 1% of the coverage amount.

The policies are available for an entire school year, a single semester, or a study abroad period.

Accident insurance

Liberty Mutual accident insurance coverage provides a predetermined cash payment to policyholders injured in a covered accident. The policy holder has complete discretion on how to use the payment.

Basic accident insurance coverage includes individual coverage for accident and accidental death and dismemberment . Liberty Mutual offers three optional add-ons:

  • Hospital indemnity benefits that cover certain expenses related to hospital admission, tests, and overnight stays
  • Medical transport (air or ground ambulance)
  • Additional benefits that include a variety of expenses related to care and treatment, such as blood and plasma transfusions, skin grafts, and surgery.

Critical illness insurance

Although not a proper ACA compliant health insurance policy, Liberty Mutual critical illness coverage helps defray the costs associated with major medical expenses. Eligible diseases include:

  • Cancer
  • Myocardial infarction
  • Career
  • Organ transplant
  • Coronary artery bypass surgery

Covered costs include:

  • Out-of-pocket medical expenses (deductibles, copays) that standard health insurance doesn’t cover
  • Daily expenses that the insured continues to incur despite not being able to work, such as mortgage payments, car payments, and utility bills.
  • Certain recovery costs, such as child care, physical therapy, and rehabilitation.
  • Other types of financial support as needed, subject to coverage exclusions and limits.

Business insurance

Liberty Mutual offers more than a dozen different types of business insurance coverage for businesses. The availability of particular policies and coverages may depend on your location and industry. The types of policies include:

  • Workers compensation insurance
  • Group life insurance
  • Group disability insurance
  • Licensing benefits
  • Assigned risk insurance (workers ‘compensation insurance for businesses deemed too risky for traditional workers’ compensation policies)
  • General and excess liability coverage
  • Multinational insurance (location-specific coverage in more than 150 countries)
  • Commercial property insurance
  • Reinsurance

Liberty Mutual has a large pool of agents that only focus on business clients. The company encourages business owners to check with them to ensure the best and most affordable coverage.

Additional characteristics

In addition to your insurance coverage, the outstanding features of Liberty Mutual include:

12 month policies

All Liberty Mutual policies come with 12-month terms, which means your rate remains in effect for 12 months from the effective date of your policy.

That can be a good or bad thing, depending on whether you file any claims (which could increase your rate after renewal) or qualify for new discounts (possibly lowering your rate after renewal) during that period.

Policy packages (discounts for multiple policies)

If you bundle multiple types of policies, such as auto, home, and boat, you may qualify for a substantial policy discount (premium discount) of between 5% and more than 50%.

Your exact package discount depends on the quantity and type of policies included.

Vehicle Service Plan (Lifetime Repair Warranty)

Liberty Mutual’s Lifetime Repair Warranty covers certain eligible vehicle repairs after the manufacturer’s warranty has expired.

In exchange for a fixed monthly payment that helps defray auto repair and maintenance costs, plan holders can choose from licensed repair facilities close to where they live and work.

Premium discounts

Liberty Mutual auto, homeowner and renter policies come with a number of possible discounts that could lower your annual premiums from a few dollars to more than 10% per discount.

These include discounts for paying your annual premium in full or choosing automatic debit (automatic payments), completing a safe driving or travel course, purchasing a hybrid vehicle, getting married or retiring, and using vehicle safety systems such as antilock brakes. and lane departure warnings.

Coverage calculator for home and rental policies

Liberty Mutual’s home and rental insurance coverage and premium calculators provide estimates of your monthly premium payments based on your answers to questions about the value of the contents of your home.

They are useful if you want to set a cost range for a potential policy without providing personal information during the quote search and policy application process. However, actual policy costs may differ from estimates, depending on where you live and whether you select additional coverage options or policy riders.

Online account management portal

Liberty Mutual has a password-protected online account management portal where you can access your premium information, make payments or change payment information, report claims, and view your policy identification cards.

You can also manage the progress of your claim here without picking up the phone. Features include photo and file uploads for damage photos and police reports, an internal messaging system that connects you with your claims representative, on-site appraisal information that quantifies the damage and potential payment, and claims status reports .

Text alerts for claims

In addition to the claim tracking tools on site, Liberty Mutual offers a text message alert system to monitor the status of your claim. Alerts include confirmation that your claim was received, cost estimates and reimbursements, and updates on approval and payments.

Mobile apps

Liberty Mutual offers free downloadable apps for Android and iOS users.

Both apps provide access to Liberty Mutual’s quote search tools, policy ID cards, account management portal (including the ability to make a premium payment from your phone), claim tracking and reporting, and on-site assistance. road.

Roadside assistance

Liberty Mutual offers 24/7 roadside assistance to all auto insurance policyholders. Assistance after a disabling accident is free as part of your collision or comprehensive coverage, depending on the policy.

If you have a towing and labor rider on your policy, it is also free in the event of a mechanical breakdown. If you don’t have this rider, you may have to pay towing charges after a breakdown.

Local agent network

Liberty Mutual has a national network of brand offices whose agents only serve Liberty Mutual clients, rather than independent agents and offices, which typically sell and service the policies of many different insurers.

The website has a search function that allows you to find offices within your desired radius of your home or search for agents by name.

Advantage

The main advantages of Liberty Mutual include its international reach, generous coverage for total cars, an excellent mobile application and no pressure to buy through a local agent.

1. Policies available in many international markets

Liberty Mutual sells business and personal policies in nearly 20 countries in addition to the United States, and its multinational insurance policies can protect business locations in an additional 130 countries.

If you have dual citizenship, own property in another country, or own a business with international operations, you may have a use for these policies. Many other large American insurers, including State Farm, Allstate, and Progressive, do not carry the same range of international policies, if any.

2. Best deal on totalized vehicle replacements and refunds

When an insured adds a vehicle, most insurers pay its market value. That figure takes depreciation into account, even for cars that just got off the lot. Depending on the make, model, and mileage of the car, taking depreciation into account can significantly lower your final payment.

In contrast, Liberty Mutual’s new car replacement policy pays the sticker price, which does not include depreciation, of any vehicle totaled within the year of purchase, as long as it has less than 15,000 miles.

For all other totaled vehicles, Liberty Mutual’s optional Best Auto Replacement coverage pays the market value of the vehicle of the same make and model that is a newer model year and has 15,000 fewer miles.

3. Powerful applications for mobile users

Although the Liberty Mutual website is not particularly mobile friendly, its Android and iOS mobile apps are useful for people who do most of their insurance business on their smartphones.

The apps have large buttons, large print text, and an intuitive claim submission and tracking portal that allows you to report and track claims from the side of the road, where you may be after an accident, theft, or other. unfortunate event.

4. There is no pressure to buy personal insurance through an agent.

Liberty Mutual makes it easy to purchase most personal insurance policies online or through its national sales center.

In many cases, you can provide certain information, get an accurate quote, and purchase your policy in 30 minutes or less, without even speaking to a human or dealing with the potential pressure to purchase additional coverage or policy riders.

Rather, Allstate and State Farm strongly recommend that you complete your purchase through an agent, prompting you to “call and speak to your local agent” after getting a quote instead of asking for your payment information online. . It lengthens the buying process and exposes you to additional sales pressure.

5. Access to flood insurance

Liberty Mutual is one of the few insurers in the US that offers direct access to flood insurance policies underwritten by the National Flood Insurance Program, which handles all flood insurance policies in the US.

In contrast, companies like Geico and Allstate direct policyholders to NFIP without offering a way to purchase flood insurance through them. USAA also offers direct access to flood insurance, but it is limited to members of the military and their families.

Disadvantages

The main disadvantages of Liberty Mutual include the absence of a claim satisfaction guarantee, the absence of an on-site quote comparison tool, and the absence of primary health insurance.

1. No satisfaction guarantee on claims

Liberty Mutual does not offer any solid guarantees of satisfaction with the claims process. If the business decides not to pay a seemingly legitimate claim, it has no financial recourse.

In contrast, Allstate’s Claims Satisfaction Guarantee waives your auto insurance premium for six months if you find the claims process unacceptable for any reason, no questions asked. Depending on your premium, that could save you hundreds of dollars.

2. No quote comparison tool on site

You cannot use the Liberty Mutual website to compare your policy premiums with those offered by other major insurance companies. This is a major oversight that could add to your insurance shopping experience and make it difficult to compare apples to apples at different insurers.

In contrast, Progressive’s website features direct premium comparisons between similar or identical policies from other companies. If you’re short on time, that’s a huge bonus, not to mention a reassuring indicator of transparency.

3. There is no primary health insurance for individuals

Although Liberty Mutual is a full service insurance provider with a wide range of policies available, it is missing some essential policy types that prevent it from being a true one-stop shop. The biggest omission is individual health insurance coverage that complies with the Affordable Care Act.

Final word

Buying insurance can be a complicated and frustrating process, especially if you are looking for various types of policies on the market. With so many different products and features, it is difficult for any insurance company to quickly and easily convey why it is a better deal than the competition.

Unfortunately, that means that it is your responsibility as a buyer to obtain quotes and compare coverage from several different companies before making a final determination.

However, the good news is that with so many insurers offering a similar range of policies, the insurance business is quite competitive. If you’re willing to put in the time, chances are you’ll find policies that fit your needs and budget.

Back to top button