Gainsco Insurance or Gainsco Auto Insurance (AMEX: GAN) is a specialty insurer operating in Arizona, Florida, Georgia, New Mexico, South Carolina and Texas. The company was established in Texas in 1978 and is currently headquartered in Dallas. It almost exclusively sells minimum-limits specialty and nonstandard personal auto policies. In other words, they sell high risk policies that standard insurance companies may be reluctant to take on. These policy holders could be high risk because of their driving records or because of the types of vehicles they own or drive, such as high performance or exotic vehicles. Insurance operations are conducted through MGA Insurance Company.
Policies are sold through independent agents. It sells both first and third party insurance coverages: collision, comprehensive (other than collision), and liability coverages. Almost all of the automobile insurance policies sold by Gainsco are for the applicable state-required minimum limits. This is a no-frills carrier that sells what is required by the state where the policy is sold. There are no policy discount incentives, fancy coverages or policy packages offered to customers.
In the event of a claim or loss, policy holders may call the company during extended work hours. There is no 24/7 claims service, nor is there the ability to report a claim online. The official company website is straight-forward.
The parent company, MGA Insurance, has an A.M. Best Rating of B+ (Good). This is most likely indicative of its high-risk client base. However, it does have a captured market; policy holders in need of state mandated insurance but no other company they are able to buy from.
Gainsco sponsors the bright red number 99 Gainsco/Bob Stallings Racing Daytona Prototype race cars in the Grand-Am Rolex Sports Car Series. Its slogan is “Are You Driven?” The Motor sports sponsorship has been invaluable in perpetuating Gainsco’s brand image, particularly as the race circuit is prominent in Florida where they do a lot of business. Fortunately for business, their race team is rather successful.
Whether you are an investor, or shopping around for an automobile insurance policy, this seems to be a company to keep your eye on. If you live within Gainsco's market area, make sure to get a policy quote before you make a final decision about which company to purchase a policy from. Quotes are always free to obtain, and you might be pleasantly surprised.
If you have even worked for Gainsco Insurance or had a policy with them, our readers would love to hear from you. What did you think about the company? What did you like or dislike about it. How was the customer service. Please share your insights or personal story with the rest of our insurance community. Just fill out the web-form below to get started. Thank you.
This article is written for informational purposes and is not intended to take the place of competent local legal counsel. The writer is not affiliated with the Gainsco Insurance Company or its affiliates in any way.
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