Pure Insurance Summary
Privilege Underwriters Reciprocal Exchange (PURE) is an insurance cooperative that works primarily with high net-worth individuals and families. Their clients are referred to as members, and the company is structured in a manner similar to a mutual insurance firm. Premiums from their members are pooled, and claims are paid out of that pool. Any money that is left over after claims and operations (profit) is held in special accounts called subscriber savings accounts. Each member has their own account, and any profit it is distributed proportionately based on total premiums paid for that year. This money can be used by Pure to pay future claims, and is distributed to the individual (or estate) if the membership is ever canceled.
Pure Insurance currently has over 20,000 members and they operate in 44 states across the US. As a relatively new company (founded in 2006) their expansion has been boosted recently by a national ad campaign where they promote the slogan, “Love Your Insurance.”
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Pure’s Private Fleet Auto Insurance policies are designed for luxury car owners and families that have more cars than drivers. When the number of cars is more than the amount of drivers in the household, Pure claims their rates reflect the fact that not all the cars can be driven at the same time (assuming a discount). Cars are also insured based on Agreed Value, which means the total amount of coverage is determined at the start of the policy, and that amount is paid out in the event of a total loss, regardless of depreciation. It should be noted that the premium for the agreed value will also disregard depreciation. So if a car goes down in value, the premium will still be based off the agreed value.
All cars insured through Pure are guaranteed to be repaired with original equipment manufacturers (OEM) parts. The repairs for automobiles can be done wherever the member wishes, but Pure does offer a list of preferred providers referred to as their Auto Repair Network. All auto insurance policies come with rental car service, and the auto policy will follow the member worldwide. That means whenever borrowing or renting a car (anywhere in the world) their policy will cover them.
Pure’s High Value Homeowners Insurance coverage offers a number of features that are either not available on standard home insurance policies or cost extra. Many insurance companies offer “replacement cost” coverage, which means the policyholder is reimbursed for the entire cost of replacing a structure or its contents, rather than the fair market value at the time of loss. However, they usually provide the market value of the lost items first, and then reimburse the rest once the items have been repurchased and receipts are submitted. Pure will simply write a check and you are free to do whatever you wish with the money. So if you do not want to buy the same belongings over again, you do not have to. You will still receive the replacement cost amount as a settlement.
In most states that Pure sells home insurance, they offer guaranteed rebuilding cost coverage as part of the policy. This means if the cost of rebuilding a home (in like kind) after a covered loss runs higher than the policy limit, Pure will still pick up the tab. This is not available everywhere, so you should consult an agent for more details. Pure also offers a unique feature they call Neighborly Settlements. If you live in a condo, townhome or apartment and a covered accident causes damage to a neighbor’s residence, (broken water pipe, for example) they will provide up to $25,000 for payment to your neighbor in an effort to help smooth things over and prevent a possible lawsuit.
Personal Excess Liability
A popular product under a unique name is Pure’s Personal Excess Liability coverage. In short, it is the same as an umbrella insurance policy sold just about everywhere else, and it performs in basically the same manner. So long as a member has sufficient auto insurance liability and home insurance liability, Personal Excess Liability extends those coverage limits in multiples of $1 million up to a maximum of $25 million. They protect against personal injury and property damage liability claims, and will help pay for legal defense and/or settlements.
Pure also offers a few other insurance products for their members, including:
Pure Insurance Price (Rates)
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Pure insurance is not available to everyone, and there is no way to get an accurate auto quote to compare directly with other insurance companies. Anyone who qualifies as a high net-worth individual that is interested in signing up with Pure should contact a local agent to get a personalized quote.
Pure Insurance has a unique process for claims with their members, and they use a very white-glove approach. When a large claim is filed, a member is assigned a PURE Member Advocate® which acts sort of as a general contractor for the entire process. They work directly with the claims adjuster, the member, and any other people involved during the rebuild. The Member Advocate helps get contractors set up, can assist in finding suitable living arrangements during a home rebuild, and handles a lot of the day-to-day that goes into completing a claim.
Members are also given a $2,500 credit on any home insurance claim over $10,000 to use in helping prevent that same issue from happening again. For example, if a power outage and subsequent power restart wipes out thousands of dollars worth of electronics, the $2,500 credit could potentially be used to install a backup generator in an effort to help prevent future losses.
Consumer Research and Complaints
Pure Insurance is not currently accredited with the Better Business Bureau and maintains a B rating. At the time of this review, there has only been one complaint filed against them with the BBB in the past three years, and that same complaint coming in the previous 12 month time period. The complaint had to do with Problems with Product/Service according to the BBB’s website.
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Pure Insurance offers a high level of customer service and unique protection options for high net-worth individuals and families. Their claims process is rather distinct, and you are given what might be referred to as a claims concierge to help manage the process during large losses. Anyone that fits the high net-worth category should check them out and get a personalized quote. If you do not have sizable assets, do not waste your time because you will not be accepted as a member.
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About the Author
I am a former insurance agent turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.