When you’re looking at different car insurance companies, Mercury Insurance is worth considering, particularly if you need a number of coverage options and discounts that can be customized to your individual circumstances. However, the key question isn’t just whether Mercury Insurance is ‘cheap’; your rate will depend on where you live, your driving record, the type of vehicle you have, the coverage you choose, and other personal factors.
Mercury provides personal auto insurance in several states and also offers homeowners, renters, condo, commercial and other types of insurance in certain markets. The range of products it currently carries depends on the state.
Allow me explain how Mercury Insurance operates, what coverage is available, and what discounts could lower your premium. That’s the information you should know.
Table of Contents
What Is Mercury Insurance?
Mercury Insurance is an insurance company based in the United States and has been carrying on business since 1962; it is most famous for its auto insurance but additionally provides a number of other kinds of personal and commercial insurance.
As shown in Mercury’s present company records, the main types of personal insurance that it offers are for cars, homes and tenants, although the availability varies by state; Mercury also sells its products via independent agents.
The fact that availability varies from state to state is important because insurance regulations, the required coverage, the discounts available and even the products offered can differ a great deal according to where you live.
What Does the Mercury Auto Insurance Policy Include?
Mercury provides a number of standard types of car insurance coverage. Usually, you select the combination and limits that match your requirements and also meet the regulations of your state.
Liability Coverage
Liability insurance will pay for any injuries or damage to property that you cause to another person when you are legally at fault in an accident.
It normally includes:
- Bodily injury liability: This helps with the costs of injuries that you cause to other people.
- Property damage liability covers the cost of the damage that you cause to another person’s vehicle or property.
Normal liability coverage won’t pay for the repair of your own vehicle following an accident that you caused.
Collision Coverage
Collision coverage will pay for the repair or replacement of your vehicle following a covered collision, provided that the amount is subject to your policy’s deductible and limits.
For instance, if you accidentally collide with another vehicle or with a stationary object, the collision coverage could provide assistance with the damage to your car.
Comprehensive Coverage
The text on comprehensive coverage includes a wide variety of damages which result from situations other than a collision.
According to the policy, such cases may involve incidents like theft, vandalism, fire, hail, objects falling and certain types of losses caused by the weather.
A lender may require you to have both full and collision coverage if you finance or lease your vehicle.
Uninsured and Underinsured Motorist Coverage
This type of coverage will be of use when another driver causes an accident but has no insurance or is not insured for enough to pay for the loss.
The amount of protection available will differ from state to state; in certain cases there may be limits or particular requirements for uninsured motorist property-damage coverage, which is why it’s necessary to read the policy instead of assuming that every accident will be covered.
Medical Payments and Personal Injury Protection
Medical payments coverage can help to pay the medical bills of you and your passengers following an accident.
In states where personal injury protection or PIP is provided, it is more comprehensive and can pay for medical bills and some extra costs no matter who was at fault for the accident. The particular requirements and the fact that it is available are determined by state law.
Rental Car Coverage
Mercury states that if you add rental car coverage to your policy it will be able to pay for a rental vehicle while your automobile is being repaired following a covered accident, although this coverage is not included in all policies.
Mercury Homeowners and Renters Insurance
Mercury is not only concerned with car insurance.
The homeowners’ policies may provide coverage for the house itself, for other buildings, for personal possessions, for additional living expenses and for personal liability, according to the particular policy and the relevant endorsements.
For instance, the personal property coverage can provide protection for items like furniture, clothing and electronics in the event of certain types of covered loss. In the case of valuable possessions such as jewellery or art work, there may be special limits, so homeowners should carefully check their policy.
Renters insurance is also available from Mercury, and it can offer coverage for your personal possessions following a covered loss as well as give you liability protection if someone is injured on the rental property. It may also include additional living expense coverage in the event of a covered loss that makes the rental property temporarily uninhabitable.
What is the cost of mercury insurance?
There is no single Mercury Insurance rate that applies to all people.
Your premium can depend on factors such as:
- Your state and ZIP code
- Driving history
- Age and other driver characteristics
- Vehicle type and value
- Annual mileage
- Coverage limits
- Deductibles
- Number of vehicles insured
- Claims history and other rating factors
- Applicable discounts
Mercury points out that the rates can differ depending on elements like location, driving record and the number of miles driven each year.
That is the reason why it can be misleading to compare an advertised price with your own quote, since two people who have the same car can be charged very different premiums.
Your deductible also matters. It is the amount you pay toward a covered claim before the insurer pays the rest. Increasing a deductible can reduce your premium but means greater out-of-pocket expense if you file a claim.
What kind of discounts does Mercury Insurance provide?
Mercury offers a number of discounts for automobile insurance, but whether or not a discount is available depends on the state.
Some of the discounts Mercury currently advertises include:
Multi-Car Discount
If you arrange to have more than one car insured with Mercury, you could be eligible for a multi-car discount since this will depend on your particular situation and state.
Multi-Policy Discount
If customers take out qualifying policies, for example auto and home owners, condo or renters insurance, they could receive a multi-policy discount.
Bundling can be useful but don’t assume it produces the lowest overall cost. Compare the total price and coverage with separate policies from different insurers.
Anti-Theft Discount
If you have a qualifying anti-theft device fitted in your vehicle, you might be eligible for an anti-theft discount.
Auto Pay Discount
Mercury offers a discount for customers who arrange to have their payments made automatically from an eligible checking or savings account.
Pay-in-Full Discount
Customers may be entitled to a pay-in-full discount if they pay the whole amount of their auto insurance for the term, provided that the relevant requirements are met.
Good Payer Discount
Mercury also offers a Good Payer Discount; at the moment the discount information states that drivers who have stayed free from late payments or non-sufficient-funds charges for 35 months may be eligible.
E-Signature Discount
Mercury offers a discount on e-signatures to customers who sign their policy files electronically.
MercuryGO
MercuryGO is also available in certain states as a telematics scheme. This scheme makes it possible to assess eligibility for some savings based on driving data. The availability of the scheme and the amount of possible savings will vary according to the state and the program’s requirements.
The main thing to remember is that you can’t suppose that all the discounts are available in every place; Mercury makes it clear that its car discounts differ from state to state.
Is Mercury Insurance a good option?
Mercury is a suitable choice for people who want competitive prices for their individual situation and who care about the insurance options and the discounts on offer in their state.
But there is no universal answer.
A driver with a clean record may receive a very different insurance quote from someone who has had recent accidents or violations. In the same way, a car that is cheap to insure in one ZIP code can be considerably more expensive to insure in another. can cost considerably more to insure in another.
The best way to evaluate Mercury is to compare the same coverage limits and deductibles against several insurers.
For example, suppose one insurer quotes $150 per month and Mercury quotes $135. That doesn’t mean Mercury is the better deal. If the $135 policy has lower liability limits or a higher deductible, the comparison isn’t equal.
Look at the coverage first and the price second.
Pros and Cons of Mercury Insurance
Possible benefits
- Provides a variety of options for auto insurance coverage.
- Provides several possible discounts.
- Provides home insurance, renter’s insurance and other types of insurance in certain states.
- There are options for bundling qualifying policies.
- It makes use of independent agents as part of its insurance distribution network.
Likely drawbacks
- The availability of coverage and the amount of any discount differ from state to state.
- It is not the case that Mercury insurance products are available everywhere.
- Your rate alone could be much different from that of another customer’s.
- It does not follow that a discount means the final policy will be cheaper than a similar policy from a competitor.
How to Get a Better Mercury Insurance Quote
When you’re looking into Mercury Insurance, it’s not enough to concentrate just on the headline premium.
Start by deciding how much protection you need. Then request quotes using the same liability limits, collision and comprehensive deductibles, and optional coverages from several insurers.
It is also worth considering all the discounts to which you might be entitled. Currently Mercury offers a range of discounts such as the multi-car discount, the multi-policy discount, the anti-theft discount, the auto-pay discount, the pay-in-full discount, the good-payer discount and the e-signature discount, among others.
If you already have Mercury insurance, check your policy when something changes. Moving, buying another vehicle, changing your annual mileage, or adding a driver can affect your insurance requirements and premium.
FAQs About Mercury Insurance
Is Mercury Insurance limited to car insurance?
Mercury provides a number of insurance products, these including auto, homeowners’ and renters’ insurance, as well as other types of insurance in certain states. The range of products available depends on the location.
Does Mercury provide car insurance discounts?
Yes, Mercury offers a number of automatic discounts, such as those for multiple cars, multiple policies, anti-theft devices, auto-pay, paying in full, being a good payer, and e-signatures. Eligibility and availability will differ from state to state.
Is Mercury Insurance expensive?
There is no one-size-fits-all answer since Mercury’s quote will vary according to things like where you live, your driving record, the type of vehicle you have, the number of miles you drive, the coverage you select, and the discounts that apply. The only meaningful comparison is one that is based on your particular circumstances and the kind of coverage you really need.
Does Mercury provide comprehensive car insurance?
Mercury provides liability, collision and comprehensive coverages, together with other options. Although “full coverage” is not a formal type of policy but rather an informal term, it is commonly understood to mean liability coupled with collision and comprehensive coverage.
May I combine my Mercury auto and home insurance?
Mercury does provide multi-policy discounts for qualifying combinations, but the availability of these discounts varies according to the state and the types of policies involved. The company has also widened its bundling options in some markets.
The Bottom Line
You should consider Mercury Insurance if it is operating in your state and the coverage it provides meets your requirements, since its motor insurance policies include the key protections that most drivers want, and its discount scheme can also give you further ways of lowering your premiums.
The wrong thing to do is to choose a particular company just because it is advertising low rates. You should obtain quotations with the same level of coverage, check the discounts to which you actually are entitled, and make note of the deductibles and coverage limits.
It is up to your particular location and personal situation to decide whether Mercury Insurance is a good value for you.
