Safeco
The Safeco Corporation began it’s life in 1923 as The General Insurance Company of America in Seattle, Washington. In 1968, the name was changed to reflect the Safeco name. Safeco ranks very high in financial strength based on all four of the insurance industries major rating services. When an independent agent looks for a company to write business with these rating’s are what they look at, with rating’s of A, A+, A-, and AA being the best for both their protection as well as their clients. Safeco has continued to perform well throughout all it’s years in business.
As with other major insurance companies, Safeco has a complete line of insurance products as well as financial products to offer.
PERSONAL LINES PRODUCTS:
Auto – Discounts are allowed for multi-car, defensive driving courses, driver’s education, good student, multi-policy, anti-theft, paying your premium in full, and also for having a student driver away at college.
Home – Discounts are allowed for multi-policy, installation of alarm systems, and distance from fire department.
Umbrella – No discounts, only peace of mind.
Condo – Discounts allowed for multi-policy and alarm systems.
Renters – Discounts allowed for multi-policy and alarm systems.
Boat/Watercraft – Discounts allowed for multi-policy and boating safety courses.
Motorcycles – Discounts allowed for multi-policy, safe rider courses, where the motorcycle is garaged, and for being a member of certain riding groups.
Classic Cars – Discounts not available.
RV’s – Discounts allowed for having an auto policy with Safeco and for certain safety features.
Landlord Coverage – Discounts not available.
Individual Surety Bonds – Discounts not available and this product is written through Liberty Mutual.
BUSINESS PRODUCTS:
Commercial Products are provided to small and mid-size business through eight regional companies that cover all states except for Hawaii.
Specialty products, including excess liability and program business is provided by Liberty Agency Underwriters.
Liberty Mutual Surety provides global bond products for small, medium and large capacity market needs for commercial surety as well as contract surety bonds.
Summit specializes in workers compensation insurance in a limited number of states catering to small and mid-sized business.
There’s no doubt that providing personal lines insurance coverage is Safeco’s strong suit. In 2007, Safeco introduced Teensurance. Teensurance provides a GPS system for the car driven by the household teenager. This product provides the parent with the ability to track and monitor things such as location, speed and distance, arrival and departure times, and it also provides roadside assistance. Parents get a 15% discount for using Teensurance. This new and innovative product has been well received and also goes to show why Safeco continues to be a leader among personal lines insurers.
