Founded in 1852, The Hanover Insurance Group, Known for its financial strength, with an A rating from AM Best, Hanover offers auto insurance, homeowners insurance, umbrella insurance, and watercraft coverage, among others.
This article provides a comprehensive review of their offerings, coverage options, customer service, and pricing to help you decide if Hanover Insurance is a good fit for your needs.
A brief introduction About Hanover Company
The company was founded in 1852 as a fire insurance company. The Hanover Insurance Group now offers auto insurance, homeowners insurance, umbrella insurance, watercraft coverage, and more in 27 states and D.C. Moreover, AM Best has given the Hanover Insurance Group an A rating for its financial strength.
You can expect all the insurance coverage options you would expect from The Hanover Insurance Group when it comes to their auto insurance coverage options. Add-ons include roadside assistance, new car replacement coverage, and original equipment replacement coverage, as well as liability coverage, comprehensive coverage, and collision coverage.
This provider also offers a premium auto insurance plan known as Hanover Prestige Auto. This premium coverage option includes additional perks such as premium rental car coverage, full replacement cost coverage, and more. Hanover Platinum plans include upgraded coverage options for high-value homes and cars, which customers can opt to bundle their homeowners and auto insurance coverage into one plan.
As a result, you should make sure you're not overpaying for auto insurance. Unfortunately, this provider has a high annual median premium. To determine how much you will pay for insurance with The Hanover, talk to an agent and ask for a quote.
Overview of the company
Founded over 100 years ago, The Hanover Insurance Group also offers homeowners insurance, renters insurance, umbrella insurance, and more.
In contrast to some other insurance companies that have moved most of their business online, The Hanover Insurance Group still sells policies directly to independent agents. Since you must work with an agent to get a free quote, this makes it harder to compare this provider based on pricing.
Coverage types
Hanover Insurance Group offers a variety of auto insurance coverage options, including:
- Bodily injury liability: It can protect you financially if you are involved in an accident that causes bodily injury or even death.
- Collision coverage: If you are at fault for an accident, He will take care of that.
- Comprehensive coverage: In addition to car accidents, comprehensive insurance can cover hail damage, vandalism, and other types of damage to your car.
- Medical payments coverage: The medical payments coverage can provide financial assistance to non-household members injured in an accident with the insured.
- Newer car replacement coverage: When your car is a total loss after an accident, this coverage pays the actual cash value of your same car a year newer, less your deductible.
- Original equipment manufacturer (OEM) parts: In the event of an accident or collision, OEM parts ensure that you get the original parts for your vehicle.
- Roadside assistance: Customers can also add roadside assistance to their policies, which includes 24-hour roadside assistance.
- Transportation expense coverage: In the event of a covered loss, transportation expense coverage can cover rental car expenses.
- Uninsured and underinsured motorist coverage: Having uninsured or underinsured motorist coverage can protect you financially in case of an accident involving a driver without insurance.
Prestige Hanover
Aside from the coverage options we discussed above, Hanover Prestige is an upgraded auto insurance plan offered by this company. Customers get upgraded rental car coverage, travel insurance benefit, original equipment manufacturer (OEM) parts during repairs, and new car extender coverage with this added value plan.
Note. Currently, Hanover Insurance Group does not offer rideshare insurance. If you drive for Uber or Lyft or plan to in the future and want extra protection, look for another car insurance company.
Offers of discounts
Hanover Insurance Group offers several ways to save money on your premium, and you may be able to stack discounts on your policy. Advertised savings and discounts include:
- Paid-in-full discount: You are eligible for a paid-in-full discount if you pay your policy in full up front instead of monthly.
- Anti-theft devices discounts: Install eligible anti-theft devices on your car to save money on car insurance.
- Multi-car discount: The Hanover Insurance Group offers a multi-car discount to customers who insure multiple vehicles.
- Accident prevention courses discount: You may qualify for lower premiums if you have taken an eligible defensive driving course.
- Good student discount: Students who demonstrate good grades or a high GPA may qualify for a discount.
- Discount for students away at school: If your child leaves their car at home while at college, you could receive a discount.
Tips: You may be eligible for accident forgiveness through the Hanover Insurance Group if you have been insured for three years without any accidents or violations.
Payment options
The paid-in-full discount allows you to pay for your policy upfront instead of monthly, resulting in lower premiums.
- EFT (Electronic Funds Transfer)
- You can pay by check, debit card, or credit card over the phone
- Send a check or money order
This provider accepts American Express, MasterCard, Discover, and Visa credit cards for payment of car insurance premiums.
Ratio of loss
Among the auto insurance companies we profiled, Hanover Insurance Group has a loss ratio of 92.1%.
There is a high likelihood that the carrier will lose money with this number.
Features other than those listed above
Hanover Insurance Group offers a unique program called deductible dividends, which rewards its customers for maintaining safe driving habits. This program can reduce your insurance deductible by $100 each year if you avoid accidents and traffic violations.
Furthermore, the Hanover Insurance Group has an A rating from AM Best for its financial strength, which bodes well for its ability to pay claims.
Index of complaints
A database of complaints from insurance companies is maintained by the National Association of Insurance Commissioners (NAIC).
Based on its reporting, insurance companies are assigned a complaint ratio. Complaint ratios of 1.0 are considered average. Companies with scores above 1.0 received more complaints than average, while companies with scores below 1.0 received fewer complaints than average. Based on their market share, this provider had a complaint ratio of 0.24, or well below average.
Service to customers
If you prefer to work with an agent to build your insurance plan, Hanover Insurance Group sells its policies directly through a network of independent agents. The Hanover Insurance Group offers an online portal where you can manage your policies, initiate or monitor claims, pay your bills, and more in terms of customer service options. There is also a mobile app available from the company with similar capabilities and features.
It is unfortunate that The Hanover mobile app has very questionable ratings on app stores, indicating customer dissatisfaction.
Hanover Insurance Group doesn't list customer service hours online, but you can contact them at 800-922-8427 if you have questions about auto insurance.
Ratings of customer satisfaction
In J.D. Power's 2022 U.S. Auto Insurance Study, Hanover Insurance Group scored well on customer service.
By comparison, the region's average score was 838. The Hanover Insurance Group scored 843 out of 1,000 points in the North Central region.
It has also been given an A rating for its financial strength by AM Best, which bodes well for the company's ability to pay claims.
Management of accounts
Through their online platform or their mobile app, customers can keep track of their account information, claims, and insurance bills.
Customers can also get personalized assistance or ask questions about claims, billing, and more when they have access to an agent.
The Hanover Insurance Group vs. Other Auto Insurance Companies
It's important to buy auto insurance if you have assets to protect, and that's especially true if you have assets to protect. If you're involved in an accident that results in major injuries or even death, you can be exposed to financial losses if you don't have adequate insurance coverage.
Having said that, it's also essential to ensure you're paying a fair premium for the amount of coverage you have and that you're not overpaying. We analyzed the median annual premiums of top car insurance companies, including The Hanover Insurance Group, to help you compare your options.
A median annual premium of $5,457 was found for The Hanover Insurance Group, the highest of the companies we examined in our study. There were many competing auto insurance companies with median annual premiums that were less than half as much, including Allstate ($1,674), Nationwide ($1,511), Amica Mutual ($2,374), etc.
To find out where your premiums fall, though, you'll need a quote from The Hanover. If you don't speak with an agent, you may be asked to pay more or less for the coverage you want.
Hanover Insurance Pros and Cons
pluses
- The National Association of Insurance Commissioners (NAIC) compiles consumer insurance complaints in one place, and this company has fewer complaints than average based on its market share.
- Flexible coverage options: Hanover Insurance Group offers a wide range of insurance options so you can tailor your policy to suit your needs.
- Customers have generally left very positive reviews on third-party rating sites.
cons
- Hanover Insurance Group offers car insurance only in 27 states and Washington D.C., so if you live outside their coverage area, you'll need to consider other providers.
- Hanover Insurance Group does not offer free auto insurance quotes online: You have to speak with an agent to get one.
Evaluate without bias
There are several auto coverage options offered by Hanover Insurance Group, but it's only available in 27 states and Washington D.C.
The company's high annual premiums make it less attractive than other insurers. However, this company still uses insurance agents, which can be a major boon if you want the full agent experience to build out your policy.
Questions and Answers
Hanover Insurance Group Rating: What Is It?
AM Best gives Hanover Insurance Group an A rating.
Hanover Insurance Group: How Can You Reduce Insurance Costs?
Buying a vehicle with advanced safety features, bundling policies, installing anti-theft devices, and insuring more than one vehicle with Hanover all reduce costs.
Hanover Insurance is available in what states?
There are 27 states where Hanover Insurance is available, including New York, California, and Texas, as well as Washington, D.C.