Hiscox Insurance Review & Complaints: Auto Insurance

Hiscox Insurance reviews indicate a strong reputation in the business insurance market, with great customer service and a company rating of A with A.M. Best and A+ with the Better Business Bureau.

Are you looking for free insurance quotes?

 Secured with SHA-256 Encryption

Eric Stauffer is a former insurance agent and banker turned consumer advocate. His 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.

Full Bio →

Written by

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...

Full Bio →

Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 2, 2020

Advertiser Disclosure

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.

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.

Hiscox Insurance

Premiums
Claims
Feedback
Financial Strength



Hiscox Auto Insurance Overview
Key InfoDetails
Year founded1901
Current executivesChief Executive Officer (CEO) – Bronek Masojada
Chief Underwriting Officer – Joanne Musselle
Chief Financial Officer – Aki Hussain
Number of employees3,000 employees in 14 countries
Total assetsTotal company assets are listed as $778,266,779.
Headquarters address520 Madison Avenue
32nd Floor
New York, NY 10022
Phone number1-855-805-6272
Company websitewww.hiscox.com
Premiums writtenDirect premiums written in 2018 – 17,673
Loss ratio20.96% as of 2018
Best forBusiness Insurance Coverage
Get Your Rates Quote Now

Compare RatesStart Now →

So, what is Hiscox Insurance?

Hiscox was founded in 1901, and now has its headquarters in Bermuda.

The company sells products in 11 different countries, including America and the UK. Is Hiscox a part of Lloyd’s? Yes, it is. Hiscox is an underwriter for the famed Lloyd’s of London and sells products through the company in the United States.

Although Hiscox doesn’t sell personal auto insurance, we can help with quotes. Start your search for the best auto insurance rates by entering your ZIP code above before jumping into our review.

Your one-stop online insurance guide. Get free quotes now!

 Secured with SHA-256 Encryption

Hiscox Car Insurance Rates

While the price isn’t always the deciding factor when it comes to choosing an auto insurance policy, it’s usually one of the most important.

Although Hiscox does not offer personal auto insurance policies, you can look at the table below to get an idea of what you might pay for auto insurance depending on how much coverage you decide to buy.

The table shows average annual rates based on coverage levels.

Average Annual Auto Insurance Rates by Coverage Type
Coverage TypesAverage Annual Rates
Comprehensive$150.36
Collision$299.73
Liability$516.39
Full$954.99
Get Your Rates Quote Now

Compare RatesStart Now →

These are just guidelines. Actual rates will depend on a variety of factors such as age, driving history, auto theft rates in your area, and ZIP code. If you’d like to check out the crime rates where you live, you can visit the online database for the Federal Bureau of Investigations (FBI).

Online quotes are example premiums only as more information about the business is needed to create an accurate quote. Because businesses differ in their needs and risk levels, rates can vary greatly.

So, what is the best insurance company for a small business? The answer really depends on a variety of factors, including who you ask.

Is Hiscox expensive? If you are asking yourself how much you should expect to pay for business insurance, then Hiscox Business Insurance can help. Hiscox does write commercial auto insurance as a part of its business coverage. Commercial insurance rates are very different from personal rates.

Hiscox offers online business quotes as well as quoting through the agents selling its policies. If you are interested in the best small business insurance you can find, Hiscox might be the company for you.

According to the company’s website, Professional Liability coverage starts at $22.50/month. General Liability premiums start at $19.17/mo, while Business Owner’s Policies start at $41.67/month for combined package coverage.

What is Hiscox availability by state?

An international company with a long history, Hiscox focuses on products for small businesses. Now writing insurance in every state, the company is well-established in the American market and handles complex risks.

The Hiscox Headquarters in the United States is based out of New York, NY, but has offices in several other cities including one of the company’s main offices in Chicago, IL.

What Hiscox Car Insurance Coverages are Offered?

One thing you’ll need to ask yourself before purchasing your car insurance policy is, “How much insurance coverage do I need?” If you’re financing your vehicle, your loan company may require you to carry full coverage insurance. Otherwise, you’ll need at least the minimum amount of liability insurance required by the auto insurance laws in your state of residence. If you decide that you need more than the minimum coverage required by the state, there are several different options available to you as additional coverage.

While Hiscox does not offer personal auto insurance policies at this time, you can take a look at the table below to get an idea of the different types of auto policies and coverage available to you, along with what the company does.

Types of Auto Insurance Coverage
Insurance Coverage TypesWhat It Covers
Bodily injury liabilityPart of your liability coverage that pays for medical bills if you've injured someone else in an automobile accident
CollisionCovers damage to your car after an automobile accident
ComprehensiveCovers damage to your car that happens when you're not driving
Personal injury protectionCovers medical expenses for you or your passengers after an automobile accident
Property damage liabilityThe other part of liability coverage that covers the cost of any property damage you've caused in an automobile accident
Uninsured/underinsured motoristCovers the costs if you're in an automobile accident caused by a driver with little or no car insurance
Get Your Rates Quote Now

Compare RatesStart Now →

What are Hiscox’s bundling options?

Many insurance providers offer different bundling options. Bundling your insurance refers to purchasing multiple policies from the same company.

For example, you can purchase your auto insurance policy as well as your life insurance from the same company if you choose. Most insurance companies offer a discount of anywhere from 5 percent to 25 percent if you choose to bundle.

Hiscox isn’t a personal insurance company so you won’t be able to bundle auto and home with this company. It may offer bundled packages for business insurance, however, which is a different type of bundle.

What are discounts offered by Hiscox?

Generally, your auto insurance discount options through the company depend on what each provider has to offer, but many discounts are standard throughout the industry.

The table below shows some of the most common auto insurance discounts available, an estimate of how much money each can save you, as well as the major auto insurance companies that offer the discount.

Common Auto Insurance Discounts Offered by Company
Discount TypesDiscount SavingsCompanies Offering Discount
Low mileage/Low usage discountUp to 20%State Farm, Allstate, Travelers, Nationwide, Progressive
Defensive driving discount10%–15%State Farm, Geico, Allstate, Travelers, Nationwide, Progressive, Farmers
Safe driver discount10%State Farm, Geico, Allstate, Travelers, Nationwide, Progressive, Liberty Mutual
Military and federal employee discount8%–15%Geico, Esurance, USAA
Good student discount5%–25%State Farm, Geico, Allstate, Travelers, Nationwide, Progressive, Liberty Mutual
Senior/Mature driver discount5%–10%Geico, Allstate, Liberty Mutual
Homeowner discount3%State Farm, Geico, Allstate, Travelers, Nationwide, Progressive, Farmers
Get Your Rates Quote Now

Compare RatesStart Now →

While Hiscox does not offer auto insurance policies, Hiscox offers a variety of discounts on their business insurance policies to reduce insurance rates, including multi-policy discounts and lower rates for businesses displaying risk management efforts.

As you can see, it is always best to check with your insurance provider to see what insurance discounts are available to you.

What programs are available from Hiscox?

What does Hiscox cover? The insurer sells small business insurance products including general and professional liability and business owner’s policies.

It is well known for serving the technology, consulting, and marketing industries, but write insurance policies for a wide range of businesses from health and beauty professionals to architects.

Policies are sold through independent agents, although the company does sell directly for businesses with less than 10 employees.

Hiscox offers a range of products for small businesses of many different types. The business types they write for fall into several categories:

  • Architects and Engineers
  • Bookkeepers
  • Business Consultants
  • Cleaning Services
  • Health, Beauty and Well-being
  • Insurance Agents
  • IT
  • Janitors
  • Landscapers
  • Marketing and PR
  • Photographers
  • Property Managers
  • Real Estate Agents
  • Retail
  • Web and Graphic Designers

Hiscox writes General Liability insurance policies for a wide variety of companies. This type of insurance protects businesses from the various risks that come with running a company and doing business.

Hiscox general liability insurance covers you for:

  • Bodily Injury – claims resulting from injuries occurring in your premises or as a result of doing business
  • Property Damage and Data Loss – claims against you for damage you or an employee cause to a customer’s property and for loss of data as a result of your activities
  • Personal Injury – claims for slander, libel, and other forms of injury to the reputation of a person or business as a result of your activities or an employee’s activities

Also referred to as professional liability errors & omissions insurance depending on the type of business, it is common to businesses such as real estate agents, insurance agents, bookkeepers, and consultants, among others.

Hiscox also offers combination policies that provide both business general liability insurance and coverage for business property.

Hiscox Business Owner’s Policies (BOP) do not include Professional Liability/Errors and Omissions coverage but these can be purchased from the company in conjunction with a package.

In addition to the main small business insurance products, Hiscox also sells Commercial Crime Policies, Non-Owned Auto Insurance, Electronic Data Insurance, and a range of other products designed to meet the specific needs of small businesses.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

 Secured with SHA-256 Encryption

How Do You Cancel Your Hiscox Car Insurance Policy?

What should you do if you need to cancel your policy?

Bear in mind that canceling a commercial auto policy may be different from canceling your personal insurance.

Is there a refund?

Whether you can get a refund on your policy depends on the type of policy and when you choose to cancel.

If you choose to cancel a refundable policy in the middle of the policy cycle, you’ll receive roughly half of what you paid, assuming that you only paid for that cycle. Since refund amounts may vary and depend on a variety of factors, you should always check with your insurance agent to see what factors apply to you.

How do you cancel?

You can cancel your policy at any time simply by contacting your insurance agent and letting them know that you’d like to cancel your policy. Your agent will let you know when the changes will take effect and whether you’re entitled to a refund of any policy premiums you’ve paid in.

When can I cancel?

You can cancel your policy at any time simply by contacting your insurance agent and letting them know that you’d like to cancel your policy. Once you’ve canceled your policy, any excess premiums will be refunded to you promptly.

Your one-stop online insurance guide. Get free quotes now!

 Secured with SHA-256 Encryption

How Do I Make a Hiscox Car Insurance Claim?

Hiscox does not provide auto insurance policies, but it does make it easy to file a claim on the business policies that the company does offer. Hiscox offers 24/7 claims reporting online through their website using your Hiscox login. The company outlines a very specific timeline for claims processing.

Within one day of submitting a claim, customers can expect to receive an email with a claim number and contact information for emergencies. Within two days, a claims representative is assigned and contacts the insured directly to go over the details of the loss.

At the five- to the 10-day point, the claims representative will have gathered all necessary information and remain in contact with the insured to verify information, and within 10–20 days will notify the insured of the validation of coverage and what the next step will be.

Because of the variety of different claims, the length of time that the insured can expect to work with the insurer can vary greatly. Hiscox pays out property damage claims within five days of confirming the value of the loss and benefit available under the policy.

Liability claims differ in length due to the possibility of court proceedings. Hiscox promises transparency in the claims process. Hiscox claims decisions can be appealed by sending an email to the appeals department at [email protected]

Keep reading to learn more about Hiscox Insurance.

Does the Company Have Positive Car Insurance Ratings?

Is Hiscox a good insurer? Hiscox, Inc. has been Better Business Bureau accredited since 2012. The company currently holds an A+ rating based on the Better Business Bureau (BBB) multi-factor system.

As you can see from the table below, the company also has an A rating with A.M. Best. The Hiscox Standard & Poors rating is an A and the rating with Fitch is an A+.

Financial Ratings for Hiscox Insurance
Rating CompaniesHiscox Insurance GradesHiscox Insurance Financial Outlook
A.M. BestAStable
FitchA+Stable
Standard & PoorsA N/A
Get Your Rates Quote Now

Compare RatesStart Now →

The BBB shows only two Hiscox complaints in the past three years, one of which has been closed in the last 12 months. This is a very low number for an international company of this size.

Hiscox Reviews from Glassdoor are available online. You may be able to find other Hiscox Insurance reviews online, as well through sites such as Next Insurance Reviews.

Because the BBB shows a record of the New York office of Hiscox, there may be more complaints directed at other offices, but this remains a strong record for the company.

What’s the Bottom Line?

So, is Hiscox a good insurer? Hiscox has a very strong history and financial background and is backed by an international reputation and an affiliation with one of the world’s best-known insurance companies, Lloyd’s of London.

It is a good choice for small businesses that seek very focused insurance and a company with a specific understanding of business insurance needs.

Hiscox is known for assisting companies with complex or unusual insurance needs, making it a good choice for any business needing something beyond the basics.

Now that you know everything you need to know about Hiscox, we hope that you’ll feel more confident in purchasing your policy.

Which part of this guide was the most helpful for you? Now that you’ve finished this review, enter your ZIP code below and start comparing FREE auto insurance quotes now.

Your one-stop online insurance guide. Get free quotes now!

 Secured with SHA-256 Encryption

Frequently Asked Questions:

In this section, we answer some of the most commonly asked questions about Hiscox. Some of the answers may have been covered in part or in full in the guide above.

#1 – Does Hiscox Insurance offer SR-22 insurance?

Since Hiscox does not offer auto insurance policies, they also do not offer SR-22 policies.

If you’ve had more than your fair share of traffic citations, automobile accidents, and/or auto insurance claims, you may be considered a high-risk driver. Normally, high-risk drivers are required to purchase SR-22 insurance, which isn’t available through all companies, so it may take some looking around to find coverage.

The filing fee to get SR-22 insurance is only $15–$35, but the increase in rates for SR-22 insurance when compared to rates for drivers without any driving violations on their records is steep. Rate increases for driving violations that result in a driver being forced to carry SR-22 insurance can be as much as $541/month.

#2 – How is commercial auto insurance different from personal insurance?

Commercial auto insurance is designed to cover vehicles used by a business, which carries different risks. It can cover employees driving cars as well as the business owner.

 

References:

  1. https://www.fbi.gov/news/pressrel/press-releases/fbi-releases-2018-crime-statistics
  2. https://www.standardandpoors.com/en_US/web/guest/ratings/search/-/search/searchType/E/searchTerm/hiscox%20insurance
  3. https://www.fitchratings.com/entity/hiscox-insurance-company-bermuda-limited-85665281

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

 Secured with SHA-256 Encryption