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|Key Info||Provider Specifics|
|Current Executives||Alan D. Schnitzer
(Chairman and CEO)
Jay S. Benet
|Number of Employees||30,000 employees
13,000 independent agents
|Net Income (2018)|
|Headquarters Address||485 Lexington Ave.
New York, NY
|Phone Number||1 (800) 842-5075|
|Premiums Written (2017)||$4,396,705,000|
|Loss Ratio (2017)||66.60%|
Personal relationship with agent
Insurance. If you drive, you have to have it. And really, that’s a good thing.
Ideally, you’ll never have to use your insurance, but realistically, at some point, you probably will. Since most of us aren’t independently wealthy, a major accident could devastate our financial situation.
Paying a little for insurance every month will provide you the financial protection you need if you face significant vehicle damage or injury.
You don’t want to overpay for insurance coverage, though. At the same time, you don’t want a low-cost, low-budget company who can’t pay its customers claims. What you want is a company that balances premiums and customer service and provides fair settlements.
We’ll examine how Travelers stands up to the competition.
Travelers’ red umbrella has symbolized the company’s commitment to protecting its customers when they need it. By the time you finish this review, you’ll have a pretty good idea if Travelers’ protection is worth your consideration.
Travelers Consumer & Financial Ratings
Ratings can tell you a lot about a company so it’s important you investigated the major rating sites for company financial ratings and consumer ratings to find out what works best for you.
– AM Best Rating – A++
AM Best offers the gold standard of financial ratings. An A++ rating indicates a superior financial standing.
What does that mean for you, as a consumer? It means that Travelers has shown consistent wise use of assets and will have the ability to pay your claim, even if you make a claim with thousands of other customers following a natural disaster.
– Better Business Bureau – A+
The Better Business Bureau (BBB) has ratings on many different local Travelers offices. If you want to find out how the office you would work with is rated, simply search the BBB website for the Travelers office in your city.
For this rating, we looked at the largest office, located in Hartford, CT. They received the BBB’s highest rating of A+. The BBB determines a company’s grade based heavily on customer complaints and how the company handles them.
– Moody’s – A2
Moody’s assigns scores based on financial stability, similarly to the ratings AM Best assigns. An A2 rating indicates the Travelers has solid financial footing with a stable outlook.
Travelers has been around for a long time and their finances are in good shape to continue a long time.
– S&P – AA
Travelers gets another stellar rating, this time from S&P. This is a financial rating and indicates a solid standing and positive outlook.
– NAIC Complaint Ratio – 0.09
The median insurance company has a complaint ratio of 1.0. The fact that Travelers’ ratio is not even 10 percent of that indicates that their customers have far fewer complaints than customers of most other companies.
This matters to you because if fewer people are complaining, it’s because most people have nothing to complain about. If you have to make a claim with your insurer, you want the process to be as easy and pain-free as possible.
Having to file a complaint on top of making a claim is a hassle you’d like to avoid.
– Consumer Affairs – 2 out of 5 Stars
Where did this rating come from? Travelers has earned high ratings from the other agencies so far. Consumer Affairs bases their ratings on customer reviews. Travelers had 53 customer reviews posted this year on Consumer Affairs, and clearly, most of them were negative.
– JD Power – 3 out of 5 Stars for Claims Satisfaction
JD Power compiled data from customers regarding claims satisfaction. Travelers performed “about average” coming in eighth out of 23 companies in the survey. Out of a possible 1000 points, they got 866 which put them right after The Hartford and ahead of State Farm.
Here is a summary of all the ratings listed above:
|Better Business Bureau (Hartford, CT - Travelers' largest office)||A+|
|NAIC Complaint Index (2017)||0.09 (below the national average of 1.0)|
|JD Power||3 out of 5 stars for overall claims satisfaction|
|Consumer Affairs||2 out of 5 stars based on 56 ratings|
In 2004, Travelers Insurance Group and Saint Paul Fire and Marine Insurance Company merged to form St. Paul Travelers. After some drama and broken promises, “St. Paul” was dropped and the company became known just as Travelers.
Saint Paul Fire and Marine was founded in 1853 and Travelers (later Travelers Insurance Group), a company offering insurance to railroad travelers, began in 1864. Present-day Travelers proudly traces their history back to 1853.
A lot has happened in the 160+ years since Saint Paul Fire and Marine sold its first policy. What’s most relevant to consumers today is how Travelers has been performing for the past few years.
Let’s check out their recent growth, first.
As you can see, Travelers has been maintaining a slow and steady growth in private passenger auto in regards to market share. In such a competitive market, this growth is a very good sign of company stability.
In fact, Travelers moved from the 10th largest provider of insurance for private passenger automobiles to the ninth largest in 2017.
– Travelers Agents
Travelers uses a network of nearly 14,000 independent insurance agents.
While some companies offer web-based coverage where you rarely have personal dealings, and when you do, it’s not with someone local, and some companies have local offices with captive agents who sell only their company’s insurance, Nationwide uses independent agents.
Independent agents sell several brands of insurance. The pros of using an independent agent are that they know and work with several companies and they can help you find which company is best for your situation.
– Travelers Commercials
In recent years, their ad campaign hasn’t been as aggressive as those of other car insurers. Travelers signature umbrella was first used in 1870. In 2008, the company repurchased the rights to the red umbrella.
A couple of Travelers commercials have been nominated for Emmys. This is one of the nominated:
– Community Service
Travelers boasts that they have contributed more than $218 million to their employees’ communities in the past ten years. In 2018 alone, employees donated 120,000 hours of time to important causes.
Here’s where $19 million of the over $25 million donated in 2018 went:
The remaining six million went to various causes.
Travelers employees donated their time, too:
- 8,500 hours to build homes for Habitat for Humanity
- 1,500 hours to teach basic economics in schools
- 1,000 hours to build playgrounds in Texas and Georgia
– Travelers’ Position for the Future
With steady growth, positive financial outlooks, and recent company acquisitions, Travelers is poised to continue to be a major player in the auto insurance market.
Their annual report details their strategies for continued value for their shareholders:
- Deliver superior returns on equity by leveraging our competitive advantages;
- Generate earnings and capital substantially in excess of our growth needs; and
- Thoughtfully rightsize capital and grow book value per share over time.
– The Average Employee
When compared to the average starting wage for specific positions nationwide, Travelers employees tend to start earning lower than average to average salaries.
For example, based on 182 salaries examined, an account executive with Travelers could expect to start at just over $86K. The nationwide range is $55K-$121K.
An account manager could expect to start around $53K a year compared to the nationwide range of $45K-$83K.
The account executive starts near the middle of the starting range while an account manager starts at the lower end of the range.
Employees rate Travelers four out of five stars with 76 percent saying they would recommend working there to a friend.
Overall, Travelers is a good place to work and many employees listed the benefits as one of the pros of their job.
– Travelers Awards and Accolades
Travelers’ website lists their significant awards as follows:
- Military Friendly® Company, VIQTORY, 2018-2019
- Military Friendly® Employer, VIQTORY, 2007-2019
- Military Friendly® Brand, VIQTORY, 2017-2019
- Military Friendly® Supplier Diversity Program, VIQTORY, 2018-2019
- Best for Vets, Military Times, 2010-2011, 2014-2018
- Military Times Best for VETS Index, 2017-2019
- Top Veteran-Friendly Company, U.S. Veterans Magazine, 2014 and 2017
- America’s Best Employers, Forbes, 2015-2018
- America’s Best Employers for Diversity, Forbes, 2019
- America’s Best Employers for Women, Forbes, 2019
- Best Place to Work for LGBTQ Equality, Human Rights Campaign Foundation, 2016-2019
- Best Place to Work for Disability Inclusion, Disability:IN and American Association of People with Disabilities, 2018
- Clear Assured Bronze Standard for Inclusive Best Practices (UK), Clear Company, 2019
- Employer of the Year, Lifeworks, 2019
- Best Place to Work, Glassdoor, 2018-2019
Cheap Car Insurance Rates
Here’s where the rubber meets the road. How do Travelers rates compare to the rates from other top companies?
There is more to a company than their rates. That’s for sure. But the rates can give you a great starting point from which to do more research into other dimensions of the company.
We partnered with Quadrant Data Solutions to show you what you could expect to pay with Travelers compared to other car insurance companies. We’ll jump right in with the overall state average comparison.
Now, if you’re a good driver with a clean history and you fit into Travelers’ low-risk profile, you’ll probably pay significantly less than the figures below. If you have a poor driving history and you fit a high-risk profile, you’ll probably pay more.
– Car Insurance Rates by Compared to State Median
Before we really dig into the rates, if you don’t live in one of the following states, you may as well stop considering Travelers because they aren’t available where you live.
Here are the states where Travelers offers auto insurance:
- New Hampshire
- New Jersey*
- New Mexico
- New York*
- North Carolina*
- Rhode Island*
- South Carolina
- Washington DC
*States for which we provide data.
|State||State Average Annual Premium||Travelers Average Annual Premium||Travelers +/- Average|
Overall, Travelers costs about five dollars more per month than the national average. Since it’s so close to average, your unique situation will be the determining factor whether the rates are competitive for you.
– Travelers Vs Other Companies by State
|District of Columbia||$6,468.92||–||–||$3,692.81||–||$4,848.98||$4,970.26||$4,074.05||–||$2,580.44|
– Commute Rates
|State||10 miles commute. 6000 annual mileage.||25 miles commute. 12000 annual mileage.|
As you can see, in most states, the distance of your commute won’t make a difference in your rates with Travelers.
In California, where companies are required to base rates on factors like annual mileage, you’ll see the biggest rate difference. In fact, a person in California will pay $56 more per month on insurance for a 25-mile drive to work than a 10-mile drive.
More time on the road equates to a great risk of something bad happening. Greater risk equals higher rates…in five states, anyway.
– Coverage Level Rates
|State||Low Coverage||Medium Coverage||High Coverage|
You would expect that a low coverage level would be the cheapest, followed by a medium level, and that the high level would be the most expensive. That’s a good assumption. However, for various reasons, that’s not always the case. Take the following states for example:
- Pennsylvania – High coverage is cheapest followed by medium coverage and low coverage is the most expensive. If you live in Pennsylvania and go with Travelers, get a higher level of coverage.
- Delaware and Idaho – Low coverage is the cheapest, but high coverage costs less than medium coverage
- Rhode Island – High coverage is significantly cheaper than low coverage. Medium coverage is the most expensive.
For the states that follow the pattern you’d expect, here’s a visualization of the difference in cost depending on the level of coverage:
Even in the states where you pay more for high coverage, it may be well worth it for you to purchase it because of how much better the protection is.
– Credit History Rates
The credit scores that insurance companies use aren’t exactly the same as your raw credit score. They use the same credit report, but they pull only certain factors and base your insurance credit score on those.
|State||Good Credit||Fair Credit||Poor Credit|
If you’re like many others, you may be thinking, “Why in the world would credit affect my car insurance risk?” It’s a hotly debated subject, and some states and companies have moved away from using credit to formulate insurance rates.
Notice that the rates in California and Massachusetts stay the same regardless of credit score. Insurers in California are not allowed to use credit score and Massachusetts rate filings will not be approved if the credit score is part of the calculation.
The argument for using credit score is that people with poor credit are statistically at a higher risk for filing a claim and higher risk individuals should pay more for insurance.
The argument against using credit score is that credit shouldn’t affect driving.
There are a few states where Travelers rates will leave you scratching your head. In Alabama, Delaware, and Mississippi, your best rates are with a fair credit score. A good score will actually cost you a bit more than a fair score.
Nationwide, the average credit score (not insurance credit score…we don’t actually know what that is) is 675. Minnesota wins for the highest average score of 709 while Mississippi has the lowest average score of 647.
– Driving Record Rates
This rating factor just makes sense. If you have a history of accidents and violations it makes sense that an insurance company would view you as a higher risk. And where insurance is involved risk equals rates. High risk means high rates.
|State||Clean Record||After One Speeding Ticket||After One Accident||After One DUI|
Travelers doesn’t formulate its rates the same way in every state. In 11 out of the 25 states where Travelers offers car insurance, a speeding ticket will make your rates higher than an accident. In the other 14 states, an accident will lead to higher rates than a speeding ticket.
In New Jersey, a person with an accident on their record will pay more than a person with a DUI. Everywhere else, a DUI will make your rates higher than the other violations we researched.
Travelers is a major player in the car insurance market, but auto insurance makes up less than 20 percent of their property and casualty options. They offer all the following types of personal insurance:
- Boat and Yacht
- Jewelry and Valuable Items
- Wedding and Special Events
They also have a huge lineup of commercial insurance options.
With all that Travelers offers, they have the potential to be your one-stop-shop for all your insurance needs. If you do purchase more than auto insurance from Travelers, you could save up to 13 percent.
For example, if you pay $100 dollars a month for your Travelers car insurance policy and then you purchase home insurance from Travelers, your auto policy could drop to $87 per month.
If you’re considering Travelers for auto insurance, it just makes sense to see what bundling other types of coverage could do for you.
– Types of Car Insurance
Within the realm of car insurance, there are many options for coverage. Travelers covers anything the average person would be looking for. This is no surprise for a company in the top 10 of car insurers.
These are the basic types of car insurance Travelers offers:
- Liability Coverage
- Comprehensive Coverage
- Collision Coverage
- Personal Injury Protection
- Uninsured/Underinsured Motorist Coverage
- Medical Payments Coverage
They also offer these options:
- Loan/Lease GAP Insurance
- Rental Coverage
- Roadside Assistance
- New Car Replacement
- Accident Forgiveness
- Ride Sharing
Ride sharing is a popular service and a lot of drivers have questions about coverage. Travelers is just entering that market and currently only offers limited coverage in Colorado and Illinois.
In those two states, drivers with the ride-sharing endorsement can have coverage while the ride-sharing app is open but before connecting with a customer. This limited coverage leaves some gaps so if you’re a driver for a ride-share company, Travelers may not be your best option.
– Discounts Offered
You may be surprised when you find out how many discounts you are eligible for and how much you can save.
|Discount Type||Up-to Savings|
|Home Ownership Discount||5%|
|Safe Driver Discount||10% (three years clean driving)
23% (five years clean driving)
|Continuous Coverage Discount||15%|
|Hybrid/Electric Vehicle Discount||n/a|
|New Car Discount||10%|
|EFT (Electronic Funds Transfer) Discount||2-3%|
|Paid in Full Discount||7.5%|
|Good Payer Discount||15%|
|Early Quote Discount||3-10% (depending on how early you get a quote before you current policy expires)|
|Good Student Discount||8% (B average or better)|
|Student Away at School Discount||7%|
|Driver Training Discount||8%|
|Low Mileage Discount||n/a|
Most of these discounts are fairly standard for car insurance companies to offer. Some of the lesser offered discounts Travelers offers are the green vehicle discount and the on-time-payment discount.
Traveler’s IntelliDrive can get you up to 20 percent off of your premiums, so it’s worth looking deeper into it. It’s available in these states:
- Florida – saving is up to 15%
- Maryland – riskier driving habits will not result in a higher premium
- Montana – riskier driving habits will not result in a higher premium
- New Hampshire
- New Jersey
- New Mexico
- Pennsylvania – riskier driving habits will not result in a higher premium
- South Carolina
- Virginia – riskier driving habits will not result in a higher premium
- Washington DC – riskier driving habits will not result in a higher premium
Once you enroll in IntelliDrive, your driving habits will be monitored by an app on your smartphone for 90 days. Good driving habits could get you a discount of 20 percent of your premium.
It’s not a win-win, though. You might now want to enroll in the program if you don’t practice the driving habits the monitoring app is looking for. If you evidence riskier driving behavior, your rates could increase (except in the states where prohibited – see list above).
With a name like Travelers, you’d just expect that they have a developed travel insurance program. They do not. However, chances are pretty good that your independent Travelers agent can help you get set up with travel insurance from another insurer when you need it.
How to Make a Claim
This is why we have insurance. If something goes wrong and we have to make a claim, insurance protects us from the potential of financial ruin.
We’ve discussed Travelers’ financial stability above, but we’ll examine it more deeply next so you have an idea of how much they earn compared to how much they pay in claims.
It’s a delicate balance and if it gets off, you may have issues getting claims settled.
– Premiums Written
As Travelers’ market share has been steadily increasing, their premiums written naturally follow the same trend.
- 2015 – $3,377,404,000
- 2016 – $3,896,786,000
- 2017 – $4,396,705,000
Loss ratio is important because it shows how much is paid on claims to how much is earned in premiums.
Travelers’ loss ratio for 2017 is about 67 percent. That means that for every $100 they earned in premiums, they paid out $67. The other $33 went to overhead which includes employees, offices, mailings, etc.
In the auto insurance market in 2017, after claims were paid, Travelers had about $1.5 billion to work with.
- 2015 – 56.48%
- 2016 – 65.45%
- 2017 – 66.60%
The range of these loss ratios is solid and not concerning. What they take in to what they pay out is in a safe range where you can expect their ability to pay claims to continue.
If the loss ratio were lower, we may have concerns that they are charging too much for premiums and are stingy with paying claims.
If the loss ratio were higher, we may be worried they would not have funds available to pay claims.
Where they are is good.
– Ease of Making a Claim
Claims can be made online or by phone. Call (800) 238-6225 in the following situations:
- To make a claim requiring immediate assistance
- To make a claim that involves only damage to glass
- When you don’t have the information required when making an online claim
To make a claim online, you should have the following information ready:
- Your policy number
- Your contact information
- Incident date
- Incident description
To summarize, claims can always be made over the phone. Claims that don’t require immediate help, where there are no significant injuries or fatalities, can be made online.
How to Get a Quote Online
It’s simple and the Travelers website will walk you through the entire process. You’ll just fill in the blanks.
– Step One
Go to Travelers.com
– Step Two
Enter your zip code in the box that says, “ZIP Code.” Then click “Start Quote.”
– Step Three
Answer the question as to whether you’re already a Travelers customer, then click, “Continue Quote.”
– Step Four
You’ll need to fill in the blanks about your personal information.
– Steps Four and Following
You will continue filling out information regarding the following:
- your vehicle(s)
- other members of your household
- your driving and insurance history
Once you’ve finished, you’ll receive your quote. When you view quote details, you’ll see the breakdown of discounts they’ve added along with the level and types of coverage and how much each costs.
Here’s the information you’ll need to have ready:
- VIN – You may not need this as Travelers automatically pulls up the vehicles registered to your address, but if you’re adding a vehicle that’s not in the system yet, you’ll need the VIN
- Your current level of insurance coverage
The rest of the required information you should know by heart, like your birthday and your address, so those two items above are the only ones you might need to find.
Travelers’ Website and App
Travelers’ website is easy to navigate. You can make most claims online. The website search bar takes you quickly to the page that answers your inquiry. It’s basic, but it’s well-done. It’s equally convenient to navigate from a desktop to a smartphone.
The Travelers mobile app is called “Auto Accident Help,” which is a good indication of what this app does.
Unlike other insurance apps, this program doesn’t provide you with any insurance card information or allow you to pay your bill. Instead, it offers a very thorough claims-reporting function that walks you through every step of the process.
Claims-reporting is a major function of most insurance apps, although the features of the Travelers app are more robust.
– Device Availability
Auto Accident Help is available for iPhone and Android.
It is compatible with iPhone 3G, 3GS and 4 as well as newer models, making it very friendly for older-model iPhone users.
Android users running OS 2.1 and up can also use the app.
Although there is not a Blackberry app, you can still access a mobile version of the Travelers Insurance claims form from your Blackberry browser.
– App Features
This app allows you to file a claim through your mobile device. It’s designed to be used at the scene of the accident in order to gather relevant information, like the other party’s contact info, and snap photos of the damage to all vehicles involved. You can even record your voice for notes or statements — but as always, Travelers discourages its drivers from ever admitting fault at the scene.
The app also gives you step-by-step guidance, walking you through what information you need to obtain, particularly what pictures would be most helpful for an adjuster. Additionally, the app automatically detects your location and the time of your accident, saving you the trouble of figuring that out later.
The information you gather can be sent to Travelers Insurance immediately or saved and accessed at a later point.
Aside from claims help, the app doesn’t offer much. It does allow you to save some relevant phone numbers like your favorite repair shops. This feature doesn’t really require an app — you could just as easily save them in the address book on your phone — but it does add a bit more meat to the app.
– Google Play / iTunes / Amazon Reviews
There aren’t too many reviews of this app, and the ones that have been written are varied. It averages around a 3 to 3.5 star rating.
Positive reviews say that the app works as intended and does exactly what it advertises.
Negative reviews mostly complain that the app is lacking features — most people want to be able to pay their bills and view their policy ID cards from the app. Also, the app does not sync with your online account, so you’ll need your policy information in order to file the claim.
– Pros and Cons
- Compatible with older devices
- Easy-to-use interface
- Walks you through all of the information you need to gather
- No additional features
- App does not sync with your Travelers Insurance account
Travelers was a fairly early adopter of app technology, publishing its app in early 2013. It hasn’t done much to keep up with the times since, though. Two years ago, it was okay — even revolutionary — to offer an app that only supported claims. Today, customers expect more.
An insurance app cannot hope to remain viable unless it doubles as a mobile ID card and offers bill-pay functionality. These are features a driver will use on a regular basis.
Travelers Pros and Cons
|Growing market share||Not available in every state|
|Strong financial rating||Can't purchase coverage online|
|Good discounts and programs||Mediocre customer satisfaction ratings|
|Multiple lines of insurance available||Limited availability of ride share coverage|
The Bottom Line
Travelers has a strong financial foundation and their outlook for continued financial stability is positive. That’s a big deal when it comes to being able to pay claims.
Travelers agents are encouraged to be active in their communities and working with an agent who lives and works in your neighborhood will help make for a personal and helpful experience.
One of the best things about Travelers is that they offer so many different lines of insurance, so it’s possible and likely they offer every different type of coverage you need.
With every company, there will be pros and cons. The bottom line is that Travelers has been doing a good job providing insurance for over 160 years and they definitely deserve your consideration today.
How do I get discounts on my Travelers policy?
Many of the applicable discounts are added automatically. You can view your policy online or on the app to see what discounts have been applied. If you believe you’re eligible for more discounts, call your local agent and see what else could be added.
How can I get a quote for another line of insurance with Travelers?
If you’re getting a car insurance quote, the process will bring you to a point where you can add quotes for other possible lines of insurance. If you’re simply looking for a quote for another line, the online quote section features a dropdown menu where you can choose what type of insurance you’d like to search.
How does IntelliDrive work?
It runs through an app, and it monitors your driving habits such as speed, acceleration, and braking. After 90 days, the data collection will be complete. Good habits could equate to a 20 percent discount. Bad habits could cause a rate increase.
Does Travelers insurance offer travel insurance?
For a list of companies that we recommend, visit our Best Insurance Companies page.