Summary:
Hanover Insurance is one of the oldest continuous businesses that is still in business today. You can obtain a policy through a local or independent agent in 28 states. The company is accredited by the Better Business Bureau with an A+ rating. Hanover offers both standard and specialized insurance products for small and mid-sized businesses as well as homes, automobiles, and other personal insurance needs.
Pros:
- Accredited by the Better Business Bureau with an A+ rating
- It has an A.M. Best financial strength rating of A.
- In 2018, profits doubled from the previous year to $391 million. This means that the company is showing signs of significant growth.
- The company is average in claims satisfaction and customer service for an insurance company of its size.
- The company’s complaint ratio, according to the National Association of Insurance Commissioners, is better than average.
Cons:
- The company has had several reports of problems recording payments in a timely manner; therefore, customers need to get their payments in early.
- You cannot get a quote or purchase insurance through the company’s website.
Hanover’s auto insurance rates are competitive with large national auto insurance companies such as Geico. Furthermore, the company has an average claims satisfaction rating and a better than average complaint ratio. Thus, Hanover is a solid choice for auto insurance for consumers. This company may be an even better choice for small and mid-sized businesses to explore.
The Value Equation ($$$)
The cost of a car insurance premium is one of the primary determining factors for customers when they are shopping for automobile insurance. Hanover Insurance Group bases your rates on many of the same criteria as many other large insurance companies. These factors include, age, your address, the make, model and year of your vehicle, your marital status, your driving record, and your coverage options.
To get a quote from Hanover, you must contact an agent. You can get the name of a local agent through the website. You can also call the company’s customer service number or main phone number.
| Hanover Insurance | GEICO | Progressive | |
|---|---|---|---|
| Drivers in 20s | $2,875 | $1,413 | $2,447 |
| Drivers in 30s | $2,539 | $1,200 | $2,253 |
| Drivers in 40s | $2,189 | $1,174 | $1,623 |
| Drivers with an at-fault accident | $2,321 | $2,518 | $2,173 |
| Drivers with DUI/DWI | $2,890 | $2,216 | $2,432 |
| Drivers with speeding ticket | $2,432 | $1,829 | $2,679 |
Discounts
Hanover does not list the discounts that customers may receive to lower their premiums on their website. The company does offer a discount for setting up automatic payments. Talk to an agent to find out what the company’s discount options are.
Claims Satisfaction
An auto insurance company’s claims satisfaction rating is as important as price when shopping for qualified auto insurance. Hanover Insurance’s claims satisfaction and customer satisfaction rating are about average.
How easy is it to file a claim with Hanover Insurance?
The company offers claims services 24 hours a day seven days a week.
- File online at My Hanover Policy
- File a claim by calling – Claims phone number: 800-628-0250
- Platinum Experience Members file a claim by calling – Platinum claims phone number: 800-799-6977
What is the average customer experience and satisfaction with Hanover?
Each year, J.D. Power surveys an estimated 10,000 customers who have filed a car insurance claim in the past six months in order to gauge how satisfied consumers are with the way their claim was handled with their insurance company. J.D. Power then ranks the insurance providers on a 1000-point scale based on survey results. The last time that Hanover Insurance appeared in the survey was in 2013. It’s claims satisfaction rating was about average in the New England states and below average in the central northern states.
Furthermore, in 2012 the National Association of Insurance Commissioners found that Hanover Insurance Group had a better than average complaint ratio when compared to other car insurance companies of its size. This means that, if nothing has changed, Hanover’s policyholders are satisfied with the company’s claims handling and customer service.
Coverage Options
Here are some of Hanover Insurance’s auto insurance coverages options:
- Liability
- Comprehensive and collision options
- Original equipment manufacturer parts (OEM parts)
- Newer car replacement
- Deductible dividends
- Roadside assistance
- Transportation expense
- Medical payments coverage/ personal injury protection
The company also offers the Platinum Experience. With The Platinum experience all of your insurance needs are packaged into one account. The company’s Platinum Services include world class claims handling, 24/7 online self-service tools, flexible payment plans, and easy to read bills.
Other Insurance
Hanover Insurance insures more than just automobiles. In addition to watercrafts and recreational vehicles, Hanover Insurance insures Property with homeowners, condo, and renters insurance, Valuable Items, Identity Protection, and Umbrella Insurance. The company also offers Business Insurance for small and mid-sized businesses including specialty lines for business. Furthermore, the company offers a variety of solutions by industry to satisfy the needs of a wide variety of businesses.
Website Experience
The Hanover Insurance Group offers a decent website experience. The company does include educational videos about car insurance and other types of insurance. On the website you can find out about coverage options, discounts, and other types of insurance that the company sells. Furthermore, you can pay your bill and file a claim online. You cannot, however, get a quote or purchase insurance. The company offers a My Hanover Policy portal upon which you can view and manage your coverage as well.
The Bottom Line
- Hanover’s premium rates are competitive with insurance companies such as Geico.
- The company also has an average claims satisfaction rating and a better than average complaint ratio.
- There are signs that the company is experiencing significant growth, with profits doubling in the last year. The company already has a financial strength rating of A.
- There are some complaints, however, that the company’s payment system is flawed to the point that payments that are sent in on time by the customers are recorded as late.
- Hanover Insurance is a good option for small and mid-sized businesses to explore based on its large selection of business insurance offers including specialty lines and solutions by industry.