Travelers Insurance Summary
Travelers Insurance, properly known as The Travelers Companies, Inc, is a major provider of commercial property and personal auto insurance. It’s the third largest company that sells personal insurance through independent agencies in the U.S., and it’s the second-largest commercial property and casualty insurer in the country. Aside from its operations in the United States, it also sells policies throughout the U.K., China, Singapore, Canada and Brazil.
Travelers was founded in Hartford, Connecticut in 1864, with a focus on travel insurance for railroad passengers. It stayed on the cutting edge of new travel technologies, being one of the first companies to offer policies for automobiles, airlines and finally space travel. Over the decades, it morphed from a travel insurance provider to more of a general property and casualty insurer, and by 1993 it stopped offering travel insurance altogether.
Since then, Travelers has gone through several mergers, including its most recent acquisition by MetLife. Today, Travelers employers around 30,000 people and brings in over $25 billion in revenue each year. It sells its policies through independent agencies around the country, and online quotes are available through the company’s website.
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Travelers Insurance provides private auto policies with liability-only and full coverage options. Drivers can also add additional coverages, like rental reimbursement or towing coverage, to any policy. Full-coverage policies include collision, comprehensive and liability coverage and are a necessity for vehicles that are being leased or financed. Newly financed vehicles can also be insured with gap insurance, which covers the difference between a vehicle’s value and the balance on a loan in the event that the vehicle is totaled in an accident.
Altogether, Travelers offers more than a dozen discounts, with most being focused on the safety features of the vehicle being insured. Other programs include safe-driving discounts, accident forgiveness, multi-policy discounts and a paid-in-full discount for drivers who purchase insurance one term at a time.
One fairly unique offer from Travelers is its IntelliDrive program, which is a pay-as-you-go auto policy that monitors your driving habits and charges accordingly. To participate, you’ll need to install a device to the OBD-II reader of your vehicle. Then, if you drive below 13,000 miles per year, you can save up to 30% on your premiums. This plan is only available in a handful of states at the moment.
Travelers sells several types of property insurance, including policies for homeowners, condo dwellers and renters. Homeowners policies cover the primary dwelling, other structures on the property, and personal belongings. Condo policies cover the parts of the structure actually owned by the policyholder, and renter’s policies primarily cover personal belongings and liability issues.
Specific coverages can be added to a policy to meet the needs of an insured. Basic homeowners policies insure against a handful of common perils, including fire and vandalism. Specialty insurance, including flood policies, is also offered by the company.
Additionally, homeowners can obtain personal umbrella policies. These are a form of personal liability insurance that kicks in when the total protection of other policies is exceeded. One example is when a person is injured on the insured’s property and the underlying homeowners policy has insufficient liability coverage. Umbrella policies are particularly important for people with substantial assets who might be particularly attractive targets for a lawsuit.
Aside from its personal property and auto policies, Travelers offers a variety of products for small, medium and large businesses. It’s also one of the largest providers of commercial property and casualty insurance, with protection for large commercial buildings and other structures. Travelers also offers some management and professional liability policies, including surety bonds.
Outside of its primary insurance products, Travelers offers a few special types of policies:
- Boat Insurance – Including first-person and liability coverage for boat owners and operators.
- Wedding and Private Event Insurance – Liability protection for large events that might not otherwise be covered by standard policies.
- Identity Theft and Fraud Prevention Insurance – Usually bundled with homeowners coverage for added protection.
Travelers Insurance Price (Rates)
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Claims can be reported over the phone or through the online form. The phone number for individual claims is 1-800-252-4633, and the department is available 24/7 year-round.
If you choose to file a claim online, you’ll need to select the appropriate form from the Claim Center tab on the Travelers website. From there, you’ll be asked a few questions, which will allow your claim to be assigned to the correct adjuster. This individual will then be in contact with you to discuss the process further.
Whether you file online or over the phone, you can check the status of your claim at any time through the Traveler’s website. You’ll need the claim number and date of loss to access this information. From there, you can check the liability determination, repair status, payment status and any other relevant information.
Consumer Research and Complaints
The 2013 U.S. insurance shopping study by J.D. Power & Associates rates insurance companies on several factors, including the policy offerings, price, agent quality, call center representatives, website design and overall purchase experience.
Travelers ranked with two stars in all categories except for call center employees, where it earned a three-star rank. Their overall rating put them last out of the 25 companies ranked.
Travelers Companies, Inc. is accredited with the Better Business Bureau and has an A rating on the company’s website. The site lists 439 complaints as having been closed in the last three years, with 166 closed in the previous 12 months. Of these, the majority of are problems with the product or service; the rest are billing and collections issues.
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Travelers is a very large insurance company that has been around for a long time. They ranked very poorly in our price test, as well as consumer reporting surveys, such as the one performed by JD Power (listed above). They have strong financials, and an above-average claims process. However, with very high prices and poor customer ratings, we do not recommend them.
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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.