With the cost of just about everything sky-high, it’s easy to see why many people are looking for a cheaper alternative to car insurance. However, many believe car insurance falls into the “you get what you pay for” category. After all, few things are more stressful than having a car accident and then finding that your auto insurance won’t cover the damage or medical expenses. Travel insurance is a budget option, but is it worth it?
The benefits of having travel insurance
According to CNET, Travelers Insurance has been around for over 165 years and has many positive features to offer. Price is first and foremost.
The average premium for a full year of Travelers insurance is $1,447. That’s about $325 less than the national average for full insurance. With the prices of fuel, cars and just about everything else reaching all time highs, substantial savings are a good thing!
Travelers insurance also offers a handful of coverages and options that some insurance companies typically don’t. For one, Travelers offers a GAP insurance plan to help pay off your car loan in the event of an accident. Additionally, the company has an accident forgiveness program that forgives one accident and one minor traffic violation for every three years of registration. So if you have an accident or something like a simple displacement violation, your insurance rate will not increase.
In addition, Travelers offers a multitude of discounts on its premiums in various circumstances. Bundling with homeowners insurance, being a safe driver, and driving a hybrid or electric car can all earn you discount rates with travelers. Additionally, discounts are available for good students, having a new car, insuring multiple cars, and taking out insurance all the time.
Finally, Travelers offers a somewhat unique option for rideshare insurance drivers. That means drivers for services like Uber and Lyft have special policies available through Travelers. However, these policies are only available in Colorado and Illinois.
Disadvantages of having traveler’s insurance
Unfortunately, Travelers does not insure drivers in all states. If you live in Alaska, Louisiana, Michigan, South Dakota, West Virginia, Wyoming, Hawaii or North Dakota, unfortunately the company cannot provide you with a font.
Additionally, while Travelers is an affordable option, many users of the company’s services report poor customer service experiences. JD Power conducted surveys to gain insight into customer satisfaction with various insurance companies. Overall, travelers received low ratings from guests in many categories. These include overall satisfaction, digital service, and the automotive claims process.
So, it seems that even though it’s a more affordable option, the customer service can be a bit questionable. This is especially unfortunate in terms of auto claims, because waiting for an insurance company to play ball after an accident and you have a broken car is never a fun experience.
On the contrary, however, the company ranks below average for all complaints according to data from the National Association of Insurance Commissioners. Additionally, AM Best gives the company an overall A++ rating. So hopefully the respondents who gave negative reviews are in the minority sector of problematic experiences with the company.
Travelers may be the answer for you!
Overall, as is usually the case, it’s best to shop around and get quotes from various insurance companies when looking to insure a vehicle. Travelers have a few negative remarks. However, it generally seems to be a fairly safe company to take out insurance.
Just make sure when you get a quote that you receive all applicable discounts! After all, you wouldn’t want to lose your savings by missing out on something simple!
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