GAINSCO Insurance Review & Complaints: Auto Insurance (2023)
GAINSCO Auto Insurance focuses on non-standard car insurance for high-risk drivers with blemished records or less experience than most drivers. You can get GAINSCO quote by contacting independent agents, but it is expected that rates will be higher than average since it is high-risk coverage.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...
Farmers CSR for 4 Years
UPDATED: May 16, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: May 16, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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What is GAINSCO Insurance?
GAINSCO Insurance was founded in 1978 in Dallas, Texas. Their insurance subsidiary, MGA Insurance Company, Inc. is also based out of Texas. The auto insurance company also has an office in Miami, Florida, where they provide coverage and writes insurance in several other states, including:
- Arizona
- Georgia
- New Mexico
- Oklahoma
- South Carolina
- Tennessee
- Texas
- Virginia
The company focuses on the non-standard auto insurance market, which means their customers are those who would be considered high risk at most insurance companies. This includes drivers who have blemished records, have an international driver’s license, or are simply inexperienced.
The company sells bare-bones liability insurance policies through independent insurance agents across the states they serve. Full coverage is also available. GAINSCO is licensed in almost every state.
GAINSCO is well known for sponsoring a successful auto racing team, Bob Stallings racing.
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Does GAINSCO sell auto insurance?
Auto insurance is the company’s only product, and its emphasis is on basic insurance policies. Their auto insurance policies aim to provide high-risk drivers with the legal minimum required to be on the road, which is often what those in the company’s target market want.
There is little detail available regarding the available coverage, beyond the fact that they offer minimum coverage liability only and full coverage policies. This type of insurance company usually steers clear of gimmicks and add-ons and offers mainly the minimum coverage basics.
The insurer offers auto insurance discounts, although they are not listed on the website. Their policies are designed to be flexible and fit the needs of a high-risk driver who has had difficulty getting coverage elsewhere.
They offer low down payments and flexible payment options to help keep insurance coverage affordable for a market that struggles with high rates.
Are the company’s insurance rates reasonable?
The company promises low prices, but it’s important to remember that low insurance costs in the non-standard market are not the same as what would be considered a low price for a standard or preferred-risk driver.
Since the company does not do business in our usual rate test areas, we are unable to provide a comparison quote. However, insurance costs can be expected to be higher across the board with this company versus a standard insurer because they have to spread the overall costs across a higher risk pool of drivers. A higher risk generally means more claims.
Non-standard auto insurance quotes should always be compared with other non-standard companies for a true apples-to-apples comparison. Most drivers who qualify for standard policies will not find the rates to be competitive, as they are not the target market for these products.
How are claims processed?
The company has a toll-free number available for claims reporting, available in English or Spanish, but the line is not open 24 hours. The business hours for claims reporting vary by state, with some open from 8:00 a.m. to 6:00 p.m.
For a company of this size, it is unusual to see a claims department that customers can not contact 24/7.
There is no option to report a claim online, again unusual for such a large company. Online claims reporting would make up for the lack of a 24-hour phone line and is something we generally expect to see from any insurance company of a decent size. Even smaller regional insurers are beginning to offer this service; the lack of it really stands out.
There is no information regarding the claims process on the website, although it probably follows the standard procedure of reporting, investigating, repairs, and settlements.
There is also no information on whether the company has a preferred repair shop network offering guaranteed repairs. This is very common and it would be unusual for a company of this size not to offer this option.
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Is Gainsco car insurance a standard company?
No, Gainsco focuses on minimal nonstandard personal auto insurance. They sell full insurance auto products but their main business is minimum-limits non-standard car insurance.
Can I get affordable SR-22 insurance with GAINSCO?
The company specializes in car insurance that meets state requirements in 15 states, and it helps with filing an SR-22 form to prove to your state that you have the insurance required.
Are there any consumer complaints?
Although the company is not accredited on the Better Business Bureau website, they do have a B rating. This rating isn’t ideal for a company on this site. The BBB states the reason for the rating is due to the company failing to respond to a few complaints. The site lists a total of 42 customer service complaints in the past three years, 12 of which have been closed in the last 12 months.
The insurer does have some customer service complaints out there. They seem to be focused on claims service, which is very common for both standard and nonstandard insurers.
Nonstandard insurance companies often see a lot of customer service complaints from drivers who were insured with other companies and involved in an accident with the nonstandard insured. These customer service complaints nearly always involve slow claims service, lack of responses, and even refusal to pay. The reason for this trend with nonstandard insurers is unclear, but it may be partially due to the low coverage limits often carried by nonstandard drivers.
That said, the company really doesn’t have many complaints considering the size of the company. As a relatively large regional insurer, they seem to have a fairly good reputation.
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What is the Company’s Financial Strength Rating?
Rating Company | Grade | Financial Outlook |
---|---|---|
AM Best | B+ | Stable |
Fitch | N/A | N/A |
S&P | N/A | N/A |
GAINSCO Insurance Review & Complaints: What’s the bottom line?
This insurer isn’t recommended for anyone who qualifies for standard insurance, however, for the nonstandard market in the company’s coverage states, they are well worth considering. Reviews indicate their rates are competitive, and while we never recommend taking out legal minimum policies, for those on a tight budget and facing nonstandard rates, GAINSCO is probably a good choice.
The company does need some improvement in one major area – claims. We’d like to see 24-hour customer service at the very least, if not online filing.
GAINSCO does not have good customer service for the auto insurance market as a whole, but it has good customer service for its specific market of high-risk drivers.
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Frequently Asked Questions
What is GAINSCO Insurance?
GAINSCO Insurance is an auto insurance company that specializes in providing coverage for high-risk drivers with blemished records or less driving experience. They offer basic insurance policies tailored to meet the legal requirements for drivers in their target market.
Does GAINSCO sell auto insurance?
Yes, auto insurance is the company’s main product. They focus on offering basic insurance coverage for high-risk drivers, including liability-only and full coverage policies.
Are the company’s insurance rates reasonable?
While GAINSCO Insurance promises low prices, it’s important to note that their rates in the non-standard market are higher compared to standard insurers. Since they cater to high-risk drivers, the overall costs are spread across a riskier pool of drivers, resulting in higher premiums.
Is GAINSCO car insurance a standard company?
No, GAINSCO Insurance focuses on providing minimal non-standard personal auto insurance. While they offer full coverage policies, their primary business revolves around minimum-limits non-standard car insurance.
Can I get affordable SR-22 insurance with GAINSCO?
Yes, GAINSCO Insurance specializes in car insurance that meets state requirements in 15 states and can assist with filing an SR-22 form to prove compliance with mandatory insurance coverage.
How can I obtain a quote from GAINSCO Insurance?
To obtain a quote from GAINSCO Insurance, you can contact independent insurance agents who work with the company. They will be able to provide you with the necessary information and help you determine the coverage options and rates available to you based on your specific situation.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.