The Safeco Insurance Company
Safeco Insurance was founded in downtown Seattle, Washington in 1923 by Hawthorne Dent. Unlike some of the other older U.S. insurance companies, this one was a property and casualty insurer from the very beginning. Its original name was General Insurance Company of America; this name is actually still used by the company on some of its insurance products. The current name is actually an acronym for the Selective Auto and Fire Ensurance (that is not a typo) Company of America, which became the name in the late 1960’s.
Under the name of the General, the company began selling life insurance policies in 1957. It began offering commercial credit and mutual funds in the late 1960’s. The life insurance division has been sold off as part of a corporate refocusing the company went through in the early part of this century.
Safeco Insurance is now a part of the Liberty Mutual Group. It continues to sell personal lines insurance products, including automobile, business, condominium, homeowners, motorcycle, boat/watercraft, RV and others. This insurer sells its policies through a national network of independent agents.
Safeco offers the usual policy discounts: ones for good driving history, driving what the industry deems a safer vehicle, anti-theft devices, the completion of a safe driving course, multiple-vehicle discounts and multiple-policy discounts as well as others. They also offer a discount to policy holders who pay their entire premium in full at the beginning of a policy period.
The company has extended 24/7 (round the clock) claims handling capability. Their official website (www.safeco.com) makes the ambitious promise that everyone involved in a claim will be contacted within one business day. In 2011, J.D. Power and Associates recognized Safeco’s Insurance Service, Claims and Sales call centers for providing “An Outstanding Customer Service Experience”. Usually, claims handling is a subject of frustration for an insurance company's customers.
A few years ago, Safeco introduced a rather nice program geared towards some of their youngest customers (or rather, their parents). “Teensurance” is a product package that can place GPS units in the vehicles driving by the teen children of policy holders, allowing their parents to monitor their driving habits, remotely unlock (or lock) doors, and provide round-the-clock roadside assistance.
This insurance company may be known to sports fans as holding the naming rights to the Seattle Mariners baseball stadium, namely Safeco Field. The ballpark is generally considered one of the best stadiums in the sport. The company also sponsors their hometown of Seattle’s Seafair summer festival.
Whether you are an investor, or shopping around for an automobile insurance policy, this seems to be a company to keep your eye on. Before you make a final decision about which company to purchase a policy from, make sure to get a quote from this one also. You might be pleasantly surprised. (And obtaining a quote is free.)
If you have even worked for this insurance company 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 the take the place of competent local legal counsel. The writer is not associated with this insurance company or its affiliates in any way.
Read our other insurance company reviews.
Other articles that may be of interest to you:
Why Bother With Buying Automobile Insurance?
An Explanation of the Insurance Claims Handling Process
An Explanation of First Party Insurance Coverages vs. Third Party Coverages
What to do When You Have Been in an Accident
The Insurance Company's Preferred Body Shop Repair Program
GAP Coverage Explained
An Explanation of the Personal Umbrella Policy (PUP)
Uninsured Motorist and Under-insured Motorist Coverages Explained
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