Esurance Insurance Review: Auto and Home Insurance
– Esurance Insurance –
With Esurance Insurance, you are sure of a cheap insurance policy that’s easy to manage on the go. Many insurance companies are still catching up on the technology game. Sure, most of the big names offer websites and apps. But they’re not all created equal.
Esurance is an insurance company that’s owned by Allstate and offers auto insurance, home insurance, life insurance, renters insurance, motorcycle insurance, pet insurance, and more.
The company operates with the mindset of taking the pain out of the insurance-buying experience. The Esurance website makes it easy to get coverage online in a matter of minutes.
Esurance is an online insurance platform powered by insurance giant, Allstate. The company offers instant online quotes for car insurance, homeowners insurance, renters insurance, motorcycle insurance, life insurance, umbrella insurance, and much, much more.
Nearly any kind of insurance you want to buy can be purchased through the Esurance platform.
The company insures over 5.2 million vehicles in 43 states. According to its website, Esurance settles and pays out most of its claims within 10 days of filing.
In addition to selling its own insurance products, Esurance operates as a marketplace for auto insurance. Users can easily log in and compare quotes on auto insurance from multiple leading insurers.
Esurance prides itself on its technology-forward approach to insurance. Customers can shop and file claims online. In my opinion, it consistently outranks other insurance sites in terms of usability.
Pros and Cons of Esurance
- First-rate website. Get auto insurance coverage easily in a matter of minutes.
- Competitive pricing. Policyholders praise its affordable rates, especially for those with excellent driving records.
- Tools and programs. Esurance offers a suite of tools and programs to make it easier to get coverage, improve your driving habits and reduce your rates.
- Mobile app. Esurance offers a great mobile app that gives you control over your policy. Make payments, adjust coverage, file claims, and more.
- Hidden fees. Customers complain about charges for check payments, paper statements, and — more of a problem — policy cancellations that can be 10% of your remaining premium balance.
- Direct company. Because Esurance is fully online, you won’t have a local agent to call or visit with policy concerns.
- Autopay required. To go through Esurance, you’re to sign up for automatic withdrawals from your bank account.
Esurance Auto Insurance
Esurance is perhaps best known for providing auto insurance. As with most auto insurance carriers, the company offers basic liability coverage, collision coverage, and comprehensive coverage.
The plan that makes the most sense for you depends mainly on your budget, your risk tolerance, and the type of car you drive.
Generally speaking, if your car is a beater (i.e., worth less than a few thousand bucks), it’s probably not worth spending the extra cash on collision or comprehensive coverage.
However, if you drive an expensive car, if you frequently drive for work, or if you park on the street where your vehicle has a higher chance of getting broken into (or having a tree fall on it!), you might want to opt for collision and comprehensive coverage.
If you’re looking for added peace of mind behind the wheel, Esurance offers a variety of additional coverage options. Let’s take a look at some of the popular add-ons:
Rental Car Coverage
If you opt for rental car coverage, Esurance will reimburse you for car rental expenses if your car is in the shop for repairs.
To qualify for rental car coverage, you’ll need to have both collision and comprehensive insurance coverage on your policy.
Rental car coverage typically only costs a few extra bucks each year, so it’s generally a good thing to have. Keep in mind that collision and comprehensive will probably run you a few hundred extra dollars per year.
So you will have to factor in those costs to make sure the overall policy fits in with your budget.
Emergency Roadside Assistance
Esurance’s emergency roadside assistance plan sends a tow truck your way if your car breaks down, delivers extra gas if you run out They also offers tire repair if you get a flat.
The coverage only extends to $75 per incident, so if you break down in a remote area and your tow costs $200, you’ll likely have to pay for the difference.
Also called loan/lease gap insurance, provides coverage if your car is totaled. However, you owe more money to the lender than your car is worth at the time of the loss.
For example, let’s say you recently took out a $24,000 loan to pay for a new car (pro tip: not recommended, even in the slightest!). The second you drive this new car off the lot, the value drops 10% or more.
One month later, you get rear-ended at a traffic light, and insurance adjusters might declare your new car a total loss. You might still owe $23,500 on your auto loan.
But the insurance company might only want to reimburse you $20,000 because the car isn’t brand new anymore.
Gap coverage would absorb the difference between what you owe on your loan and what the car’s value is at the time of the accident.
That way, you aren’t left holding the bag. If you finance a new or more expensive car, you might want to look into this type of coverage.
Medical Payments Coverage
Medical Payments Coverage pays for medical expenses if you or your passengers require medical treatment following an accident.
Personal Injury Protection (Pip)
PIP covers your medical expenses that stem from an accident even if you are at fault and no other drivers were involved. PIP is required in some states and optional in others.
Bodily Injury Insurance
If you cause an accident and the are injuries to the passengers or driver of the other vehicle, bodily injury insurance can help you pay for their medical expenses. This level of coverage is required in most states.
Property Damage Coverage
Property damage coverage pays for the costs required to repair the damage that you cause to another person’s personal property. This could be during an accident (e.g., their house or mailbox).
Uninsured/Underinsured Motorist Bodily Injury Coverage
Let’s say you’re involved in an accident with another driver, and that individual was at fault and didn’t have insurance. Uninsured and underinsured motorist bodily injury coverage will pay for the costs of you and your passenger’s medical bills.
The policy would also cover any expenses you incur as a result of the at-fault driver’s insurance plan, only covering a portion of your medical expenses.
Uninsured/Underinsured Motorist Property Damage
Imagine you’re involved in a multi-car accident that another driver caused. This driver either doesn’t have insurance or has a low amount of insurance.
Uninsured and underinsured motorist property damage coverage would pay for any damages to your car that are not covered by the at-fault driver’s plan.
Esurance Home Insurance
Now, let’s take a look at Esurance’s next most popular service: homeowners insurance.
If you own a home, you’ll definitely want to have a solid homeowners insurance plan. It’s also required to get a mortgage. With Esurance, both your house and your belongings will be covered in the event of the following types of damages:
- Theft or vandalism
- Falling objects (e.g., a tree limb)
- Damage caused by the weight of ice, snow, or sleet
- Vehicles crashing into your home
If you happen to own valuable jewelry, music equipment, or artwork, you can add additional protection for those items through an insurance rider.
In most cases, homeowners insurance also covers medical expenses if one of your visitors is injured in your home or on your property.
If you’re looking for maximum peace of mind, you can also sign up for the following homeowner’s insurance add-ons:
Family Liability Protection
Let’s say your child’s friend breaks their leg while playing outside in your yard. Ouch! What’s worse is that a few weeks later, this child’s parents decide to sue you.
Family liability protection will pay for any legal fees that you may incur as a result of this lawsuit.
Living Expense Coverage
If your home is destroyed or damaged to the point where it’s no longer habitable, living expense coverage helps pay for the costs of your hotel, groceries, and storage while you’re waiting for home repairs.
What Discounts Can I Get With Esurance?
Esurance employs a modern approach to auto insurance using smart technology to maximize efficiency. Here are a few of its many discounts that can help bring down the cost of your policy:
- Good driver discount: Save up to 30% to 40% on your auto insurance with Esurance if you have one or fewer penalty points on your driving record. Get another discount of up to 10% if you meet the age requirement in your state and take a driver safety course.
- Good student: Save up to 10% on certain coverage if you’re a student under 25 who maintains a 3.0 GPA or B average.
- Multicar Discount: Receive discounted rates when you insure more than one vehicle under the same policy.
- Receive a discount for bundling homeowners or motorcycle insurance with your auto insurance policy.
- Online quote: Save 5% by starting a quote online with Esurance.
- Paid in full: Save up to 10% by paying your policy premiums in a single, lump-sum payment.
- Safety devices: Save between 5% and 25% when insuring a vehicle with manufacturer-installed airbags or automatic seat belts. Having antilock brakes can net you another 5%. And save another 5% to 25% for having an antitheft system.
- Switch and save discount: Get discount rates for switching from your current auto insurance provider to Esurance.
- Download the DriveSense mobile app for an initial discount of 5% and keep using it after your first policy term to earn a personalized discount based on your driving habits.
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Does Esurance Offer Better Prices Than Other Insurers?
If you only need car insurance or car insurance and renters insurance, you should definitely look into Esurance. Its prices are always competitive with other insurers that offer online quotes.
However, that won’t always be the case. I have recently worked with an insurance agent, and that agent found me better coverage (i.e., lower deductibles) at lower prices than the prices I was quoted at Esurance.
Given my relatively robust insurance needs, it’s not surprising that an agent beat Esurance for me. Esurance is designed to help people shop for one type of insurance at a time (especially car insurance).
If you need to do more than shop for car insurance (or homeowners and car insurance bundles in 31 states), Esurance won’t likely offer the best prices for you.
Esurance Insurance Frequently Asked Questions
1. Is Esurance a Good Insurance?
Yes, Esurance is a good insurance company. It’s owned by Allstate, which is one of the world’s largest and most trusted insurance companies.
2. Can I opt-out of automatic payments with Esurance?
No. Autopay is what Esurance customers needs. You can, however, contact a representative to change your future billing date.
3. Does Esurance have accident forgiveness?
No. Esurance does not offer an additional endorsement for accident forgiveness. If this is a priority for your policy, consider a provider like Farmers Insurance.
4. Is Allstate the owner of Esurance?
Yes, Allstate owns Esurance. There are many similarities between the two providers, but they’re still separate companies. Perhaps the most notable difference is that Allstate offers a wider range of insurance in all 50 states. Esurance also only sells its policies online and over the phone, while Allstate has an agent network for in-person policy management.
5. How much can I save by switching to Esurance?
Esurance offers a switch and save discount for residents of select states. If you qualify, you can save 5% on your premium for your first two policy terms.
Esurance offers customers an easy, do-it-yourself brand of car insurance. If you don’t feel you need an agent right down the street to talk to, and you’re looking for the best discounts around, give Esurance a try—or at least get a quote to see how much you might save.
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