Travelers Insurance is known as one of the best property casualty insurers in the industry. When people hear the Traveler’s Insurance name, they think of a company that protects its customers’ homes and vehicles, and this assumption is correct. Here we discuss the products that Travelers Insurance Group offers to individuals. We also provide the facts to help you analyze whether or not it meets your individual insurance needs.
Travelers have over 165 years of experience protecting assets. They have worked hard to earn the trust of their customers over those years. With more than 30,000 employees across the country, it is the second-largest commercial insurance carrier in the United States. You can find it offered in all 50 states and Washington, DC.
In 1968 the company founded St. Paul Fire and Marine Insurance Company because of the recognition of an increased threat of fire in row houses within the city. Businessman James G. Batterson founded the company in 1864 in Hartford, CT. One day he told a local banker that he would insure him for 2￠for his 4-block walk home from work. The “2 cent premium” has since become a legacy for Travelers.
It wasn’t until 2004 that St. Paul Fire and Marine Insurance merged with Travelers and formed the company known today as Travelers Companies, Inc. The company is known for being the first in the industry for many things. For example, it was the first insurance company to introduce accident and auto insurance policies. Launch policies to protect individuals who use online banking, offer discounts to drivers of hybrid vehicles, and much more.
Over the years, the company has also received numerous awards and recognition. A few of the most notable awards include:
- America’s Most Responsible Companies by Newsweek
- Military Friendly Company award by VIQTORY
- Top Veteran-Friendly Company, U.S. Veterans Magazine
- Employer of the Year by Lifeworks
- World’s Most Admired Companies list by Fortune Magazine
Traveler’s Auto Insurance Overview
Travelers Insurance has a variety of product offerings available to protect your vehicles. These include the basic “liability” insurance required by most states and more comprehensive offerings that provide additional protection. You can quickly obtain an auto insurance quote from Travelers by entering a few details about yourself and your vehicles on travelers.com. There are also local insurance agents in many states who can help you decide on the best coverage.
Different Types of Auto Insurance Offered by Travelers
Liability: Required by most states. Provides compensation for injury to others and the damage your vehicle does to another person’s property if you cause the accident. It can also help provide legal defense if someone is suing you.
Uninsured/Underinsured Motorist: This policy pays for damages and medical costs resulting from an accident caused by someone else. The insurance policy will cover you if you have not purchased enough coverage.
Collision: Not required by any state but may be needed if your vehicle is financed or leased. It helps pay for damage to your car if it hits or gets hit by another vehicle or object or rolls over.
Comprehensive: Optional Coverage. It helps pay for damage to your vehicle not caused by a collision (i.e., theft, vandalism, storms, etc.)
Personal Injury Protection (PIP): Required in certain states, known as “no-fault” insurance. The company pays for medical expenses and, in some cases, lost wages no matter who was at fault in the accident.
Medical Payments: Coverage varies by state. Protects you and your passengers in the vehicle that have been injured in an accident. Pays regardless of who caused the accident. It also covers you as a pedestrian.
Overview of Rates Compared to Other Large Companies
Travelers’ Insurance coverage rates tend to be below the national average for many driver demographics. The average annual rate is about $1,251.00, about 5% less than other large companies. After discounts, some basic auto insurance policies through Travelers Insurance can average about $58 a month. It also tends to be the best choice for drivers with poor credit history. Its rates for this group of drivers are less than the national average.
It also doesn’t have as wide a disparity in the rates between good credit and poor credit drivers as many other companies. Customers often find it lower than the national average for policyholders looking to purchase the minimum required auto insurance for their vehicles.
To further illustrate, here’s a comparison of Travelers Insurance with national average rates.
|35-year old with a speeding ticket||$171/month||$182/month|
|35-year-old with poor credit||$246/month||$260/month|
Types of Auto Insurance Discounts Offered
Travelers Insurance offers a good selection of discounts for their auto insurance subscribers that allows for even more savings. Here’s an overview of these discounts.
- Multi-Policy: It saves up to 13% when you bundle your car insurance with Travelers’ other insurance policies (such as homeowner’s insurance).
- Multicar: Discount for insuring two or more of your cars on the same Travelers policy.
- Home Ownership: Discount for owning a home or condo even if not guaranteed through Travelers.
- Safe Driver: Discount if there are no accidents, claims, or Violations from your household for the past 3-5 years.
- Continuous Insurance: This is available for customers who have continuously held auto insurance policies with Travelers and had no gaps.
- Hybrid/Electric Car: The company has Discounts for owning or leasing a hybrid or electric vehicle.
- New Car Discount: Discounts for new car purchases or a less than a three-year-old vehicle.
- Pay In Full/ Good Payer: Discounts for paying in total, automatic payments, payroll deduction, or paying on time.
- Early Quote Discount: Discount for shopping for your Travelers Insurance policy before your current policy expires.
- Good Student Discount: Discounts are available to drivers who are fully enrolled in high school or college and maintain a “B” average.
- Away At School Discount: Students enrolled at schools 100 miles away from where their vehicle is kept at home.
- Driver Training Discount: This is available to young drivers who have completed a driver training course.
Travelers Insurance offers many discounts for their policyholders. In addition to these discount offerings, they offer two unique programs:
- Affinity Program: This provides savings for employees of participating businesses, associations, and credit unions.
- IntelliDrive Program: is a 90-day program that captures data through your smartphone and scores how safely you drive.
Travelers Home Insurance Overview
Travelers Insurance offers homeowner’s insurance to fit various needs and budgets. You can quickly get a quote by entering information on the website or speaking to a Travelers agent who can help you determine what coverage you need. The agent must know your home’s features to provide you with a quote. Also, how you use the house (i.e., primary, secondary, rental, etc.) and your current homeowner’s insurance information.
Types of Homeowner’s Insurance Offered By Travelers Insurance
Travelers Insurance offers the following options for covering your home and assets.
- Dwelling Coverage: It helps pay to repair/rebuild your home if damaged.
- Other Structures Coverage: Helps pay for damages to detached structures on your property (i.e., garages, sheds, fences, etc.)
- Personal Property Coverage: Helps pay for personal items inside the home that are damaged or destroyed (i.e., clothing, electronics, furniture, etc.)
- Loss of Use Coverage: It helps pay additional living expenses if you must move out of your home while it is fixed.
- Personal Liability Coverage: It helps cover costs if a legal suit is brought against you or your household for property damage or bodily injury.
In addition to these main types of coverage, Travelers Insurance also offers the following supplemental options that you can add to your homeowner’s insurance policy:
- Jewelry and Valuable Items
- Water Backup and Sump Pump Discharge/Overflow
- Identify Fraud
- Green Home Coverage
- Special Personal Property Coverage
- Contents Replacement Cost
- Additional Replacement Cost Protection Coverage
- Additional Personal Articles Coverage
As you can see from many offerings, there are numerous ways that homeowners can put together the right policy with Travelers Insurance Group.
What Types of Homeowner’s Insurance Discounts are Available?
Travelers Insurance does offer discounts on their homeowner’s policies, and many consider their deals to be some of the best. It would be good to enquire with your agent about the most applicable ones to your situation. One thing to note is that Travelers does not offer mobile home coverage or farm/ranch coverage. You will have to get this insurance policy from another insurance company.
Here’s a quick overview of the types of homeowner insurance discounts offered:
- Multi-Policy Allows you to save up to 12% on home insurance when you have an auto policy and three other policies with Travelers.
- Home Buyer For customers that purchased a home within the 12 months before their policy started.
- Loss-Free For customers who have gone a specified period without filing a claim for a loss.
- Protective Device Allows customers to save money by having specific safety devices installed in their home (i.e., smoke detectors, alarm systems, innovative home technology, etc.)
- Green Home For customers whose homes are certified “green homes” by the LEED organization (up to a 5% discount).
What Else Does Travelers Insurance Offer?
In addition to their primary home and auto insurance offerings, you can choose from the following additional options.
- Renters Insurance: Provides protection and coverage for loss of possessions and additional living expenses if you need to leave your rented home because of an event.
- Condo Insurance: Covers the individual unit within a condo building, including personal property. It also includes personal liability coverage, protecting you if someone gets hurt while visiting.
- Boat & Yacht: Covers loss or damage to your boat and financial protection for injuries or damages caused by accidents or mishaps.
- Motorcycle: Offers collision, comprehensive, bodily injury, and other coverage for motorcycle drivers and their bikes. Insurance coverage is offered through Dairyland Insurance.
- Travel: Protects from losses and unexpected events when you travel, such as trip cancellation, lost luggage, medical expenses, and other unforeseen circumstances.
- Pet Insurance: Helps with unexpected pet care needs, such as veterinarian visits (both preventative and emergency).
- Weddings & Events: If you’re planning a significant event, this insurance can protect you against unforeseen circumstances (i.e., extreme weather, a last-minute vendor cancellation, postponement). Some venues require this type of proof of insurance for some events.
- Umbrella Insurance: This type of insurance makes an excellent add-on to your home or auto policy. It covers the costs of claims when those costs exceed the limits set by your policy. This policy can also help cover your defense costs if you are sued for property or other accident-related damages.
- Landlord Insurance: This insurance protects rental property owners and their investments. Travelers provide coverage for bodily injury or property damage that occurs from the use of your rental property.
Final Review Of Travelers Insurance
Travelers Insurance is an excellent option for you if you’re looking for an insurance company to protect your physical assets, like your home or car. Their specialty is protecting the important moments in your life throughout the years, and they are very competitive with their rates.
Travelers insurance does not offer medical insurance policies or investment options such as retirement plans or annuities. It might not be a practical choice if you are searching for one company for all your financial and insurance needs.
Customers have noted that their insurance policy is easy to manage online through the Travelers website and app (both iOS and Android devices). It is easy to live chat with an agent during regular business hours. The iOS app has a 4.7 out of 5.0 rating, and the Andriod App has a 3.2 out of 5.0 rating. Travelers Insurance is worth checking out if you’re specifically looking for home or auto insurance policies and want affordable options customizable to your individual needs.
Travelers Insurance has consistently scored high ratings by the major insurance rating associations and high ratings for financial stability. The National Association of Insurance Commissioners (NAIC) rating indicates fewer complaints than other insurers of its size.
The table below shows all of the significant ratings for Travelers Insurance.
|S & P||AA|
In addition to these ratings, here are some other pros and cons of Travelers Insurance based on research and customer feedback:
- Travelers offer easy online quotes for auto insurance.
- They offer a variety of discounts, including multipolicy discounts.
- Allows customers to customize their coverage options for home and auto, finding the solution that best meets their individual needs.
- The company is Well-known with a strong history of customer satisfaction.
- They offer umbrella-coverage options for additional coverage and protection.
- Local agents offer a personal touch when dealing with the company.
- They have fewer complaints than average for a company of its size.
- Discounts can vary by state and might not be consistent.
- Some people say that the homeowner’s policy application can be lengthy and time-consuming.
- Some customers say the claims process can be frustrating.
- Some Andriod users say that they have problems using the app.
- Some customers say that they experience a rate increase without an apparent cause.
The bottom line is that Travelers is an excellent option to consider for customers looking for quality homeowner’s or auto insurance and a reasonable price with a variety of available discounts.