Disclaimer: We are not PEMCO Car Insurance Company. Rootfin is an independent rating agency that provides unbiased and factual data about car insurance providers to help consumers understand who the best auto insurance provider for them may be.
From start to finish, this review is approximately a 4-minute read.
We intend to cover important aspects of PEMCO Mutual auto insurance that will include the available coverage, the potential rates and if you should be running a quote with PEMCO Mutual before ultimately deciding who to place your coverage with.
Additionally, feel free to use the links directly below to skip to any specific section of this post that you desire or need to learn more about.
Here’s what we intend on covering in today’s article:
- Our PEMCO Mutual Car Insurance Review
- Company History and Background
- Financial Strength and Financial Background
- Consumer Complaints and Ratings
- Car Insurance Coverages Offered by PEMCO Mutual
- Other Coverages Offered
- Cost of PEMCO Mutual Auto Coverage
- Available Discounts with PEMCO
- Rideshare Coverage with PEMCO
- What Makes PEMCO Unique?
- Who Should Consider PEMCO Mutual?
- Pros of Choosing PEMCO
- Cons of Choosing PEMCO
- Final Thoughts
Lastly, for any of you who are in a tight-time crunch, we wanted to drop a quick summary of PEMCO Mutual directly below.
Here’s the 2 paragraph 30-second overview of the company:
PEMCO auto insurance can be an excellent option for individuals who are safe drivers that currently reside in Washington or Oregon.
The Northwest States is currently the only availability that PEMCO offers coverage too.
PEMCO offers a wide range of coverage options including rideshare coverage and offers a long list of discounts.
Overall, if you reside in these few states where PEMCO is currently offered, running a quote with them is a fantastic idea.
However, we always recommend comparing that rate with multiple providers to ensure you get the best car insurance possible in your area.
That’s the quick way to explain PEMCO Mutual.
If, however, you have a few minutes to spare and need further information on the company, we recommend you read our full review of the company directly below.
Here are the details you need to know.
Our PEMCO Mutual Car Insurance Review
PEMCO Mutual is considered a regional insurance provider that operates primarily in the Northwest of the US.
As the name suggests, PEMCO is considered a mutual company which simply means that the company is owned by the policyholders, not outside investors.
Currently, PEMCO offers several different lines of insurance that include the following:
- Auto Insurance
- Home
- Renters
- Condo
- Umbrella
- Boat RV
PEMCO is not the most well-known brand in the industry due to limited availability based on the state of residence but if you do live in an area where PEMCO is offered, it may be very beneficial to consider running a quote with PEMCO before ultimately deciding if they are the company for you or not.
Company History and Background
PEMCO has been around for longer than most individuals may believe.
Initially founded in 1942, PEMCO has more than 70 years in operation and currently is headquartered in Seattle, Washington.
Stanley McNaughton is the current Chairman of the board, and the company currently employs more than 650 individuals and primarily remains an insurance option for individuals living in Washington and Oregon.
PEMCO started with a humble beginning with only 8,500.00 in premiums written in 1949 and now has grown to over 458 million dollars in 2017.
The company was initially founded by Robert J Handy, and coverage was initially offered to School Employees through a Credit Union in Washington.
To this day, PEMCO still primarily markets life insurance, home insurance, and auto insurance to individuals that belong to the teacher’s credit union.
Financial Strength and Financial Background
Currently, PEMCO is not the best when it comes to financial strength ratings, but they certainly are not the worst.
As of 2019, PEMCO sits on a B++ rating according to A.M. Best, which is a global credit rating agency that specializes in the task of judging the financial strength of insurance companies across the globe.
While a B++ may be lower than what consumers are used to seeing, it doesn’t necessarily mean it’s a company not to do business with.
Plenty of great insurance companies have lower financial strength for reasons outside of poor money management, such as marketing to smaller demographics or unfavorable claims payments over the course of a year or two.
Overall, it should be something that you consider, but nothing that indicates that you need to run for the hills away from the company.
Consumer Complaints and Ratings
Consumer complaints filed against an insurance company don’t typically tell the entire story, but they do help consumers understand what they may be walking into.
Currently, PEMCO doesn’t have a plethora of information available regarding consumer complaints and ratings.
As of 2019, PEMCO is being provided an A+ rating on the BBB, but this is only based on 6 total reviews and 10 complaints being closed in the past three years.
Nonetheless, the small amount of complaints filed against the company is certainly a positive sign and something to give consumers peace of mind about before making their decision.
Car Insurance Coverages Offered by PEMCO Mutual
Now is when we want to dive into the specifics about the coverages offered by PEMCO.
Currently, PEMCO offers all the basic car insurance coverage you will find with nearly any auto insurance provider.
These include your typical baseline coverages, such as the following:
- Liability
- Collision
- Bodily Injury
- Comprehensive Coverage
- Medical Payments
Other Coverages Offered
In addition, with PEMCO, you can choose from other beneficial auto insurance coverage add on that include the following options:
- Key Replacement Coverage
- Custom Parts and Equipment
- Pet Injury Coverage
- Rental Coverage
- Gap Coverage
- Uber and Lyft Rideshare coverage
Cost of PEMCO Mutual Auto Coverage
PEMCO has limited availability compared to other auto insurance providers, so it’s often difficult to pinpoint how competitive they are in the grand scheme of auto insurance.
However, PEMCO is known to offer the best rated to preferred risk drivers or drivers with very few blemishes on their driving record.
If you live in the Northwest and have access to PEMCO’s coverages and have a clean driving record, it’s worth running rates with the company to ensure you are doing your diligence at getting the best rates.
However, while doing so, I always recommend running rates with several auto insurance providers before making any final decisions.
Available Discounts with PEMCO
PEMCO does offer a wide range of discounts that can policyholders can enjoy and qualify for.
Here’s a glance at them:
Bundle Discount- This can be applied if you bundle multiple coverages such as auto and home.
Safety Discount- This is applied to vehicles with features such as ABS brakes, airbags, and anti-theft systems.
Good Student Discounts- This is applied to students between the ages of 16-24 who maintain a B average or better.
Educator Discount- This can be applied if you have worked in a public school or private school, university, or community college.
Distant Student Discount- This can be applied to students who are away from home and live more than 100 miles away.
Alumni Discount- Applied to individuals who are graduates of University of Washington Alumni discount
Accident Forgiveness Benefit- Applied for individuals who remain accident-free.
Loyal Auto Customer- Applied every year that you remain with PEMCO
Homeowners Discount- This is a separate discount applied when you are a homeowner regardless if you bundle your home insurance with your auto insurance or not.
Low Mileage Discount- Available if you drive less than 8000 miles per year.
Paid in Full Discount- Applied if you pay your entire year’s premiums in full.
Advance Purchase- Applied if you purchase coverage within 7 days of getting your auto-insurance quote.
New Vehicle Discount- Applied for vehicles that are less than 5 years old.
Rideshare Coverage with PEMCO
This is one of the positives of working with PEMCO.
Currently, rideshare coverage for uber and lyft drivers is available with PEMCO for individuals who want to make up for the lack of protection provided by Uber and Lyft.
What Makes PEMCO Unique?
PEMCO is unique mainly because they focus on offering excellent rates and coverages to individuals working, retired, or graduated from the public-school systems.
Additionally, PEMCO does offer a wide range of coverage options and discounts for a company that’s so limited by state availability.
Overall, this is one of the most significant reasons you must consider PEMCO if you currently live in an area where the coverage is available.
Who Should Consider PEMCO Mutual?
PEMCO makes the most sense for individuals who currently live in Washington or Oregon.
Especially for those of you with clean driving histories.
This can make PEMCO a great option and gives you the chance to save substantial money on your coverage.
Pros of Choosing PEMCO
All auto insurance providers present unique strengths.
After reviewing PEMCO, here’s what we believe to be the most significant strengths.
- Rideshare coverage available
- A long list of discounts available
- Competitive rates
Cons of Choosing PEMCO
On the flip side, let’s discuss the most significant drawbacks of choosing PEMCO.
- Limited state availability
- Not the best for bad drivers
- Not the highest brand recognition in the industry
- Not the best online or mobile platform
Final Thoughts
At the end of the day, PEMCO is just one auto insurance provider out of hundreds that you must choose from.
Effectively shopping and comparing rates with multiple providers is priority number 1.
This always ensures that you aren’t leaving hard-earned money on the table.
We wish you luck in your search.
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