GAINSCO Insurance Review

GAINSCO Insurance
Financial Strength

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Selling insurance across several Southern states, GAINSCO Insurance focuses on basic coverage in the non-standard market. Their personal insurance policies are designed to get drivers legal at an affordable price even with a blemished record.

GAINSCO Insurance Summary

GAINSCO Insurance was founded in 1978 in Dallas, Texas. Their insurance subsidiary, MGA Insurance Company, Inc. is also based out of Texas. The 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

GAINSCO 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 agents across the states they serve. Full coverage is also available. GAINSCO is licensed in almost every state, although they don’t sell their products outside of the list above.

GAINSCO is well known for sponsoring a successful auto racing team, Bob Stallings racing.

GAINSCO Auto Insurance

Auto insurance is GAINSCO’s only product, and their emphasis is on basic insurance. Their policies aim to provide 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 liability only and full coverage policies. This type of insurance company usually steers clear of gimmicks and add-ons, and offers mainly the basics.

GAINSCO offers discounts, although they are not listed on the website. Their policies are designed to be flexible and fit the needs of drivers who have had difficulty getting coverage elsewhere.

They offer low down payments and flexible payment options to help keep insurance affordable for a market that struggles with high rates.

GAINSCO Insurance Rates

GAINSCO promises low prices, but it’s important to remember that low prices 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 doesn’t do business in our usual rate test areas, we are unable to provide a comparison quote. However, rates 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. 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 won’t find the rates to be competitive, as they are not the target market for these products.


GAINSCO has a toll-free number available for claims reporting, but the line is not open 24 hours. The business hours for claims reporting vary by state, with some open from 7:00 a.m. to 7:00 p.m. and some closing at 6:00 p.m.

For a company of this size, it is unusual to see a claims department that is not open 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 GAINSCO website, although it probably follows the standard procedure of reporting, investigating, repairs, and settlements.

There is also no information on whether or not GAINSCO 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.

Consumer Research and Complaints

At the time of this review, GAINSCO did not have a rating with the Better Business Bureau. The site states that the reason for this is that GAINSCO is in the process of responding to complaints that had previously been closed without response. Hopefully, this is an indication that the company is looking to deal with these complaints properly.

When we last reviewed this company, they had an A+ rating.

There are 23 complaints recorded against GAINSCO in the past three years, and only nine were closed in the past 12 months. That’s a really low number for such a large insurance company. It’s also particularly low for a nonstandard company, as they have a tendency to see more complaints.

GAINSCO does have some 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 complaints from drivers who were insured with other companies and involved in an accident with the nonstandard insured. These 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, GAINSCO really doesn’t have a large number of complaints considering the size of the company. As a relatively large regional insurer, they seem to have a fairly good reputation.

Financial Strength

Rating Company Grade Financial Outlook
AM Best B++ Stable
Fitch N/A N/A

Bottom Line

GAINSCO isn’t recommended for anyone who qualifies for standard insurance, but 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.

GAINSCO does need some improvement in one major area – claims. We’d like to see 24-hour service at the very least, if not online filing.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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  1. Janie Puentes says

    Hi yes trying to put in a complaint because my insurance went up from 106.00 to 125.00 and i also get direct deposit and only signed up for you all to only take the $106.00 out of my account never did i give you all permission to talk out more. I have in writing what should be taking out that is stealing from me so that is fraud u need to do something about that because what if i didn’t have the money in my account i would have received an over draft charge. I think before it goes up like that you should really give your clients a heads up. So because of that issue i’am no longer going to continue with your service.

  2. shantay bradley says

    I’ve had gainsco for over 8 years now and the 1 time my vehicle was involved in a accident they want to investigate and make me to be some kind of lieing criminal! Someone hit my vehicle and fled the scene but gainsco is refusing to fix my vehicle or pay my passengers medical bills! That’s why I pay insurance at least that’s what I thought! This is a horrible company and I will never deal with them I’m hiring a attorney.

  3. Thomas Owen says

    If you want to be able to hit people while driving and not be found at fault, this is the insurance company for you, all you have to do is lie to them, they’ll even ignore the police report of the accident so they don’t have to pay on a claim.

  4. Norman Gibson says

    Was a passenger in a car that was insured by this company. Its been 7 weeks and ive only heard from them once..Have left over 20 messages or more but they never return calls or are putting any effort into settling my claim… Worst insurance company ive ever had to deal with..Rate them on a scale from 0 to 10, I would rate them a minus 10 (-10). Wouldn’t recommend them to anyone…..

  5. willie Cunningham says

    Its been almost an entire month since my vehicle has been stolen and recovered. I havent heard an offers on my replacement check for the full coverage I’ve been paying each month. Only that Gainso has decided to further investigate the minor arson damage on my vehicle before they pay me back for my loss. They don’t even care that I’m a disabled veteran or a college student who really needs access to a vehicle at all time.

    • Norman Gibson says

      I know what u mean .I was in an accident with a policy holder of there’s. .It has been over 6 weeks since the accident and they are refusing to pay my hospital bills or compensate me for lost time at work and other damages…The policy holder has been without a car since the wreck and they dont care if he has transportation or not. He has exalted all his funds so he cannot continue to pay for rental..He has kids that have no transportation because the insurance company is holding up the claim some investigation crap also…Would not recommend this insurance company to anyone….scale from 1 to 10, they receive a MINUS 10 (-10) That Bad

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