UPDATED: Sep 5, 2020
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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.
|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.