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GAINSCO: Minimum-Limits Personal Auto Insurance in the South and Southwest

AutoinsuranceEZ.com Rating: ★★★★★ 

Gainseco and its affiliate, MGA Insurance Company, Inc., specialize in “minimum-limits” (a.k.a. “non-standard” as it’s referred to more commonly in the insurance industry) personal auto insurance. Typically, this means that drivers who have been rejected by other companies but still need to drive legally end up purchasing their policy from a company like GAINSCO. In addition to offering non-standard coverage through a network of independent insurance agents, the company is also responsible for sponsoring the GAINSCO/Bob Stallings Racing Team.

GAINSCO Insurance Review

As far as ratings go, there is room for improvement when it comes to GAINSCO. Their financial strength rating isn’t bad necessarily, but is still below what you might expect from a major insurance company. Additionally, most of their customers seem displeased with their service. According to Yelp, Credit Karma, and the NAIC complaint index, customer service and claims processing seem to be particularly vulnerable areas for GAINSCO.

Ratings Agency Rating
AM Best Financial Strength Rating (2016) B++ (Good)
Better Business Bureau Rating (2016) A-
NAIC Complaint Index (2012) 2.15 (Worse than Average)
Yelp (2016) 1/5 Stars
Credit Karma (2016) 1/5 Stars

GAINSCO Insurance Discounts

It is uncertain how many discounts GAINSCO offers, if any, to customers who want a policy from them. But if you look at the context, it isn’t necessarily surprising. GAINSCO specializes in offering the absolute minimum legally required coverage to drivers who either can’t afford a comprehensive policy from a major provider, or who were rejected for coverage entirely. That sort of business model doesn’t leave room or motivation for GAINSCO to try and attract more business by offering discounts.

GAINSCO Auto Insurance Options

GAINSCO specializes in providing drivers with the minimum amount of coverage they need, according to state law, in order to be able to drive legally. This usually includes Liability Coverage (both Property Damage and Bodily Injury) at the very least. Some states may also require that you purchase UM/UIM coverage, PIP, and/or Medical Payments.

In truth, GAINSCO may also be able to provide comprehensive policies or additional coverage options to drivers who qualify and wish to purchase more coverage. But most of their clients are those who fall outside of the “preferred risk” driver pool and require less coverage for financial or personal reasons.

Comparing GAINSCO Insurance Quotes

If GAINSCO isn’t the only non-standard insurance provider in your area, then you should do yourself a favor and compare any quotes you receive from GAINSCO to similar non-standard providers near you. Also, understand that your personal circumstances (poor credit score, accidents on your driving record, and more) will likely mean that you will have to pay more than the national average for your coverage.

Auto Insurance Quote Comparison Legend: Allstate State Farm Mercury Average Rate Illinois Average California Average Texas Average Florida Average New York Average 50 100 150 200 250 300 350 $52 $34 $89 $34 $146 $139 $88 $64 $71 $89 $260 $105 $147 $230 $353 $126 $72 $93 $231 $93

 
In the chart above, you have estimated quotes for what preferred-risk drivers would be charged for their monthly premiums. For a high-risk driver, the same policy will cost significantly more – or their minimum-limits policy may cost about as much as a comprehensive policy offered by another company.

Pros and Cons of GAINSCO Insurance

Pro Con
Offers relatively affordable, non-standard coverage to drivers who otherwise cannot get insurance Alarmingly high rate of customer complaints
Recently incorporated online bill pay into their web design Website is still fairly technologically limited

When you’re searching for non-standard insurance coverage, you may not have very many options in your immediate area. If you manage to obtain coverage from a company like GAINSCO, make sure you try your best to improve upon the circumstances which put you in search for a non-standard policy in the first place. That way, once your record improves, you can evaluate whether staying with GAINSCO or obtaining standard coverage from a major provider is more financially beneficial.
 

Corporate Headquarters
P.O. Box 199023
Dallas, TX 75219
www.gainsco.com
Phone: 972-629-4301
Fax: 972-629-4401
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