Last Updated: August 2019
Disclaimer: We are not The Hanover Car Insurance Company. Our The Hanover Car Insurance Review is designed to help you decide if The Hanover is one of the top car insurance providers in the United States by providing unbiased information.
Our The Hanover car insurance review is roughly a 6 min read.
Throughout our full review of The Hanover, you will be afforded information about several topics that include potential discounts, unique coverage options, and the most significant advantages and disadvantages of choosing The Hanover to be your car insurance provider.
To make life easy for you, we have also provided links directly below that will allow you to skip directly to any section of this post that you believe you need to learn more about:
- Our The Hanover Car Insurance Review
- The Hanover History and Background
- The Hanover Insurance Company Financial Strength
- The Hanover Insurance Company BBB Ratings and Complaints
- The Hanover Car Insurance Coverage Options
- Other Coverages Offered By The Hanover
- What Makes The Hanover Unique?
- Discounts Available With The Hanover
- Cost of The Hanover Car Insurance
- Rideshare Coverage With The Hanover
- Pros of Choosing The Hanover
- Cons of Choosing The Hanover
- Final Thoughts on The Hanover Insurance Company
If you don’t have the time to spare to read our full review of The Hanover, we recommend reading our quick 2 paragraph summary of the company.
Here is that 2 paragraph summary for you.
The Hanover is a financially stable and reliable car insurance provider.
They offer perhaps the best aftermarket car parts coverage in addition to one of the most robust coverage lineups available compared to other car insurance companies.
However, if you are looking for the cheapest car insurance near you, you can likely find a car insurance provider offering better rates for coverage.
The Hanover is known to be middle of the pack when It comes to pricing and also doesn’t have rideshare availability or the best online platform for rate comparisons or customizing coverage.
We wouldn’t necessarily consider The Hanover one of the best auto insurance companies available but they are certainly worth running a quote with to ensure you are getting the best price possible for your coverage.
That was the fastest way, to sum up, what you need to know about The Hanover.
However, if you need further information about the company or want to dive 1 step deeper, we recommend sticking around for our full review of the Hanover Insurance Company.
Here is what you need to know.
Our The Hanover Car Insurance Review
The Hanover is one of the longest standing auto insurance providers in the United States dating back into the 1800s.
Initially founded in Manhattan, The Hanover has always been known to offer affordable car insurance among specific demographics.
The Hanover remained a stable insurance company financially throughout its humble beginnings but experienced rapid growth and success in the 1990s when profits reached their all-time peak.
The Hanover History and Background
The Hanover was initially established back in 1852.
One of the bright spots of The Hanover is the fact that it’s paid a dividend to shareholders every year dating back to 1853.
Up until 1971, The Hanover remained a quite insurance company.
Although stable, The Hanover didn’t experience any significant growth until the skyrocketing share prices that occurred between 1971-1983.
It was at this time that The Hanover began trading on the Over the Counter Exchange which is now called the NASDAQ.
In 1987, The Hanover had a book value of 550 million dollars.
During the 1990s during the recession, The Hanover experienced a slight dip in value but recovered quickly in 1993.
The Hanover has undergone a few name changes in recent years switching to Allmerica Financial and eventually turning back to their original name in 2005 back to “The Hanover.”
The Hanover Insurance Company Financial Strength
Currently, The Hanover remains a stable car insurance company when it comes to financial strength ratings.
The Hanover is currently being provided an A “Excellent” rating from A.M. Best, who is considered a global credit rating agency who specializes in rating the financial strength of insurance companies.
This should have you rest assured that The Hanover has a stable outlook financially and is a company you can trust with your auto insurance needs.
The Hanover Insurance Company BBB Ratings and Complaints
Currently, The Hanover is not accredited with the BBB, but we see this often with insurance companies during our reviews.
Despite not being accredited, The Hanover is still holding an A+ Rating with the BBB, which is the highest rating a company can be provided.
Additionally, The Hanover only showed a total of 31 complaints in the past 1 year, which is a small number of complaints compared to other car insurance providers relative in size.
The Hanover Car Insurance Coverage Options
The Hanover has the same car insurance lineup you are going to find with nearly car insurance providers in the United States.
These coverages can be broken down into the following classifications:
- Bodily Injury Coverage
- Uninsured Motorist Coverage
- Medical Payments
- Comprehensive Coverage
- Collision Coverage
In addition to these coverages, you also have some coverages unique to The Hanover.
These are known as Platinum Essential Coverage.
Platinum Essential-This is going to include all your basic coverage option in addition to multiple policies having the ability to waive deductibles when certain events occur such as child restraint replacement, rental car coverages, and glass breaks.
Platinum Auto Advantage- This is a step up in coverage with The Hanover.
This coverage option is going to add accident forgiveness and new car replacement to your policy.
For a recap on what these two options entails, read directly below:
Accident Forgiveness- This coverage allows you to have one at-fault accident without being the victim of a consumer with rising premiums.
New Car Replacement- This coverage will allow you to replace your vehicle at full value, assuming you total your vehicle.
This is a significant advantage, as opposed to only getting the depreciated value for your vehicle.
Other Coverages Offered by The Hanover
In addition to those packages listed above for your car insurance, The Hanover does have other options for customizing your car insurance.
Here’s a look at those options for coverage:
Original Equipment Manufacturer (OEM) Parts- Will provide OEM replacement parts for the current vehicle if you have mechanical issues.
Mechanical Part Replacement- Will cover a full replacement cost of all damaged parts to the vehicle.
Ultimate Rental Coverage- The Hanover will cover up to 3,000 in expenses for rental vehicles while your current vehicle is being repaired or replaced.
Child Passenger Restraint System- Replaced child restraints if a child restraint is faulty or damaged.
Excess Custom Equipment Coverage- Covered between 1,500.00 and 40,000 of damage to aftermarket equipment purchased for the vehicle depending how much coverage you elect to add.
Vehicle Key Replacement- If your keys are lost, stolen or lost, The Hanover will provide 250.00 to help reimburse your financial loss.
Excess Electronic Equipment Coverage- Coverage ranges between 1,000 and 20,000 in coverage to cover damages that occur to any additional aftermarket electronic upgrades to the vehicle.
Newer Car Replacement- If your totaled vehicle has less than 15,000 miles on it when totaled, The Hanover will cover the cost of a brand-new vehicle of the same make and model.
Second Chance Accident Forgiveness- This allows you to not have your premiums raised even if it’s your second accident where you are at fault if 36 months have passed between claims.
Pet Insurance Coverage-Covers vet bills incurred if your pet is present at the time of the accident and is injured.
Accidental Airbag Deployment-This covers the full replacement cost of airbags being re-installed after deployment
Accidental Death Coverage- Provides 10,000 in cash death benefits if you or your spouse are killed in a car accident or hit by a vehicle.
What Makes the Hanover Unique?
Clearly, the wide range of additional coverages offered by The Hanover is one of their strengths and something that makes them stand out from the rest of the car insurance companies offering coverage.
Additionally, within the additional coverages offered by The Hanover, the ability to cover such a wide range of additional equipment makes them an appealing choice to the car enthusiast or individuals who spend a decent budget into upgrading and customizing their vehicle.
Discounts Available with The Hanover
The Hanover does offer several discounts that you may eligible for to help save you money on your premiums.
Here’s a look at them.
Paid in Full Discount- Available if you pay your first year’s premium in one premium.
Ant-Theft Discount- Available for any vehicles with factory or aftermarket anti-theft monitoring systems.
Multi-Car Discount- Requires 2 vehicles to be insured with The Hanover
Accident Prevention Courses- Requires the successful passing of a certified driving course
One Bill- Allowing all insurance bills for all lines of insurance with The Hanover being condensed into one paper statement.
Good Student Discount- Available to students in High School or College with a B average or better.
Student Away from Home Discount- Available to Students who are studying more than 100 miles away from their home.
Affinity Groups- Available to individuals who belong to certain organizations or clubs.
Direct Bill- This allows for a fee-free service charge if you elect to have your premiums directly deducted from your bank account as opposed to paper billing.
Cost of The Hanover Car Insurance
The Hanover would be considered the middle of the pack when it comes to finding the best auto insurance rates.
When comparing The Hanover to other major companies such as State Farm Insurance or Progressive, you will likely find that The Hanover is the more expensive option out of the 3.
However, car insurance rates are never this black and white.
They are based on your unique background, credit history, driving history, and even your vehicle you are trying to insure.
No matter what, you should always be aiming to compare rates with as many top-ranked insurance companies as possible.
Rideshare Coverage with The Hanover
Currently, The Hanover is not offering rideshare car insurance coverage.
This would be considered another downfall of the Hanover and if this coverage is something you need for your rideshare service, we recommend looking at other companies such as the ones listed below.
Pros of Choosing The Hanover
The Hanover does have some unique advantages compared to other car insurance providers.
Here’s what we consider to be the best perks of choosing the Hanover for coverage.
- Top-Rated Company with Strong Financial Strength
- Large List of Options for Coverages
- One of the Best Companies for Additional After-Market Part Replacements for Your Vehicle
Cons of Choosing The Hanover
With the good, always comes some bad.
Here’s what we consider to be the most significant drawbacks of choosing The Hanover
- No Rideshare Coverage
- Other Platforms Are More User-Friendly
- Many Cheaper Options Are Available
Final Thoughts on The Hanover Insurance Company
The Hanover is undoubtedly a car insurance provider that’s worth running a quote with.
We always recommend running rates with a minimum of three car insurance companies but the more, the better.
No matter how popular a car insurance company may be, you would be surprised how much money is potentially being wasted by not shopping around until you find the best rates and best coverage for you.
Best of Luck in Your Search.