UPDATED: Nov 30, 2018
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With a member-focused approach to insurance, PURE is a relatively new company geared towards those with a lot of assets to protect. For those in search of an alternative to large insurance companies and a lot of extra benefits, PURE is a company to look at.
PURE stands for Privilege Underwriters Reciprocal Exchange, and is a member-owned company. Their clients are referred to as members, and the company is structured in a manner similar to a mutual insurance firm.
Premiums from their members are pooled, and claims are paid out of that pool. Any money that is left over after claims and operations (profit) is held in special accounts called subscriber savings accounts.
Each member has their own account, and any profit it is distributed proportionately based on total premiums paid for that year. This money can be used by Pure to pay future claims, and is distributed to the individual (or estate) if the membership is ever canceled.
The company has been in business since 2006, and has seen slow but steady growth. PURE currently offers their products in every state except for Alaska and Idaho, but intends to complete their expansion to those states soon.
PURE aims its products at what they call “carefully selected” members, most of whom are affluent and considered to be low-risk. PURE uses a committee of appointed members called the Subscribers Advisory Committee to help determine the future of the company, keeping members central to how they operate.
Currently, PURE offers a selection of insurance products for individuals, all of which are tailored to the needs of the affluent.
The lineup of personal insurance products from PURE makes it clear very quickly that they are designed for well-off families with a lot of valuable assets.
PURE’s Private Fleet Auto Insurance is designed for people who own more vehicles than there are drivers in the household. The company promises lower premiums based on the fact that not all of those vehicles can be operated at once.
The Private Fleet plan covers a range of different types of vehicles, including daily drivers, collector cars, motorcycles, luxury motor homes, and more. All of the vehicles in the household are covered under one policy.
Features in the Private Fleet plan include:
- Agreed Value coverage for all vehicles
- Gap coverage for loan or lease
- Original Manufacturer Equipment used for all repairs
- Worldwide coverage
- No limit on rental car during repairs
- Uninsured Motorist protection with no deductible through Collision coverage
PURE’s High Value Home Insurance is designed to protect homes that are above average in both construction and value.
The program includes features not seen in most standard home insurance policies, such as:
- The option to rebuild, replace, or take a cash settlement
- Guaranteed Replacement Cost
- Sewer and Drain Backup Coverage
- Equipment Breakdown Protection
- Preventative Actions coverage, which allows for upgrades and
- improvements to prevent a loss from recurring
- Extended Jewelry Protection
- Coverage for damage to a neighbor’s property
- Pet Medical coverage
Jewelry, Art, and Collections Insurance
This product is designed to protect high-value collections and individual items beyond the limits of a homeowner’s insurance policy. Coverage is worldwide and includes itemized and blanket coverage with options when one of a pair is lost or damaged.
Personal Excess Liability
Umbrella coverage to protect above and beyond what is available from auto and home insurance policies; this coverage is available for up to $25 million.
PURE provides coverage for a variety of boat types, from small craft to luxury yachts, with agreed value coverage and a range of other features.
PURE has a comprehensive flood insurance program that goes above and beyond standard policies. Their Flood Solutions program can be customized to meet the needs of each homeowner.
Since quotes are not easily available and products only offered to members, price comparisons with PURE are not easy to obtain. However, as a company aimed at a very affluent market, it is unlikely that PURE’s intent is to offer the lowest rates, but rather rates that are competitive within their specialty market and supported by a lot of features and benefits.
PURE does promise lower rates on vehicles that exceed the number of drivers in the household, but again, this is likely to only be considered an insurance bargain by those who have very valuable vehicles and need a lot of protection.
PURE does not offer online claims reporting, which is odd for such a modern insurance company. There is an option on their website to “Request a Proposal” , simply enter your contact information and the best time to reach you and a PURE representative will respond. They do however have an email address that can be used to report claims: email@example.com, as well as a 24/7 toll-free phone number: (888) 813-PURE and a fax number as well.
Not surprisingly for a company aimed at a wealthy market, PURE promises claims service that goes above and beyond. In addition to an adjuster working directly with you on the claims process, PURE also assigns the insured to a Member Advocate, who is there to help with administrative and other needs and concerns during the claim.
PURE takes their claims process one step further, going beyond repairs to actually assist with future loss prevention in qualifying cases. The company’s Loss Prevention Program applies to claims of more than $10,000 and provides extra funds for upgrades or improvements that will prevent a similar loss in the future. This feature really puts PURE above and beyond when it comes to claims service.
PURE’s slogan is “Love your insurance”, and it appears most of their members do feel that way. Although the company is not accredited on the Better Business Bureau website, PURE has an A+ rating with the BBB. The company has an impressive zero complaints in the last three years.
A search came up with no complaints from PURE policyholders and little in the way of reviews of the company at all, either positive or negative.
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PURE is a recent addition to the lineup of companies aiming their policies at the affluent; major competitors would be Chubb and AIG. For those who fit into the right tax bracket and are looking for a change from the usual insurance company, PURE is well worth a look. They have solid products and a long list of membership benefits as well.
For those who are of a more modest lifestyle, PURE is unlikely to be a good fit.
For a list of companies that we recommend, visit our Best Insurance Companies page.