Preferred Mutual Insurance Company Review

Preferred Mutual Insurance Company at a Glance

Preferred Mutual pros: More than a century’s worth of experience in the insurance industry. High ratings by A.M. Best and the BBB. Offers several commercial and personal insurance coverages including high value home insurance, personal and commercial auto insurance, personal and commercial umbrella insurance, etc. Offers 24/7 claims reporting through multiple mediums. Several discounts available. Strong financial stability.

Preferred Mutual cons: Coverage not available nationwide. Some mixed customer feedback.

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What Type of Insurance Does Preferred Mutual Offer?

Preferred Mutual offers a variety of coverage solutions for individuals and businesses. Their products include the following.

This list of coverage available through Preferred Mutual is not exhaustive. Your independent insurance agent can help you decide if Preferred Mutual has the right type of coverage to best meet your needs.

What to Know about Preferred Mutual

Preferred Mutual, originally founded as the Preferred Mutual Fire Insurance Company of Chenango County, was first established in 1896. The insurance company offers a large catalogue of coverage options for individuals and businesses, including auto insurance, homeowners insurance, umbrella insurance, commercial auto insurance, and more. The insurance company is headquartered in New Berlin, NY.

Today, Preferred Mutual has expanded to offer its products in four states including New Hampshire, Massachusetts, New York, and New Jersey. There are just over 250 employees found on the carrier’s LinkedIn network, and Preferred Mutual distributes their products through more than 450 independent agent partners. The carrier reports it currently has 235,000 policyholders.

Thanks to its extremely long-standing history and wide selection of coverages offered for individuals and businesses, Preferred Mutual has become known as a financially sound insurance company with a strong outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Preferred Mutual an “A” rating, indicating the carrier is an excellent choice for insurance customers. High ratings from A.M. Best assure customers that Preferred Mutual is capable of offering guaranteed, secure coverage from a trustworthy and reputable insurance carrier.

Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term, and also who remains a strong, financially sound insurance company in the long term.

What Discounts Does Preferred Mutual Offer?

Preferred Mutual offers many competitive discounts on their coverages, especially for auto insurance. These discounts include the following.

An independent insurance agent can help you find more information about further discounts and additional ways to save with Preferred Mutual, as well as provide you with quotes and help answer any other questions you may have.

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Preferred Mutual Customer Service

Preferred Mutual allows their customers to file claims over the phone or online at any time. The carrier provides the following customer service options.

The best way to handle your customer service needs is to work with an independent insurance agent. Independent insurance agents help make customer service easier for you by handling claims and other concerns.

Preferred Mutual FAQ

What is Preferred Mutual's average claim response time frame?

Preferred Mutual allows customers to file claims at any time over the phone or online. The carrier’s official website does not make a specific claims response time frame promise, however.

What is Preferred Mutual's customer service availability?

Preferred Mutual’s phoneline for customer service issues is available at restricted hours on weekdays. However, the insurance company allows customers to file claims over the phone or online 24/7. The carrier also has a social media presence on Facebook, Twitter, and LinkedIn, which makes them even more accessible to customers.

What is Preferred Mutual's claims process?

Preferred Mutual allows customers to file claims through a couple of different mediums. The carrier’s official website details the general claims process as follows.

“What should you expect after you report a claim?

• Expect to be contacted by your claims representative who will provide you with your claim reference number and an explanation of coverage available. Your claims rep will also indicate an estimated time frame to process the claim.
• To help expedite your claim, you can take photos of damaged property and email them to Preferred Mutual.  Please reference your claim or policy number.
• Depending on the nature of your claim, you can expect certain forms, letters or updates on your claim from Preferred Mutual. 
• Use this website to answer any common questions, print copies of forms, or to find an auto repair or glass service facility.
• Log onto MYPreferred to view the confidential status of your claim.”

Does Preferred Mutual create a user-friendly experience for customers?

Preferred Mutual’s website is polished and easy to navigate. Customers can locate important information quickly, and details are laid out in a satisfactory depth. The insurance company offers several modern customer service options such as 24/7 claims reporting, online bill pay, and find an agent features. The carrier works with independent insurance agents to ensure their customers are matched with the best coverage possible for them. Preferred Mutual also has an active presence on social media, overall making for a very user-friendly experience.

Does Preferred Mutual have good homeowners insurance?

Preferred Mutual provides a wide selection of coverages for individuals and businesses, including high value home insurance. The carrier’s high value home insurance provides higher limits than regular homeowners policies in the following categories.

• Personal injury
• Water damage caused by sewers, drains, and sumps
• Physical losses to covered property
• Replacement costs of valued property
• Identity fraud
• Misplacement or loss of valued property

Coverage is ideal to protect the following valuables.

• Money
• Rare and/or valuable coins
• Silverware
• Gold and pewter
• Recreational motor vehicles

Your independent insurance agent can help you find even more information about Preferred Mutual’s high value home insurance, as well as their many other coverages.

Is Preferred Mutual a good insurance company?

Preferred Mutual has been around for nearly a century and a quarter now. The insurance company is highly rated by A.M. Best and the BBB. Preferred Mutual provides a large selection of coverage options for individuals and businesses. The carrier also provides a user-friendly experience for its customers and works with independent insurance agents. Overall, Preferred Mutual can certainly be considered a good insurance company.

Preferred Mutual Customer Reviews

Clearsurance

“Very helpful agents. They are easy to get ahold of when you need to contact them. They have very competitive rates as well.”

Preferred Mutual

“Have been with them for five years. Despite a costly claim and a minor one they didn’t drop me. Though I’m paying more I appreciate that I can stay with them.”

Clearsurance

“I have had a good experience with this company. They are very easy to work with. They really try and help you find the best deal out there for your style.”

Clearsurance

“Excellent customer service, fast easy claims, good prices. Does allow driver discounts. Explains what coverage options mean.”

Clearsurance

“Great company. Good customer service. Would definitely recommend. Very easy to get ahold of a real person on the phone.”

TrustedChoice.com's Final Review

We award Preferred Mutual Insurance Company a final rating of 4.3 out of 5 stars. Preferred Mutual has been in the insurance industry for nearly a century and a quarter, which is noteworthy for a carrier today. While coverage is only offered in four states currently, customers located in those areas have access to a large selection of insurance products for personal or business lines. Preferred Mutual offers 24/7 claims reporting through multiple mediums as well as features like match with an agent through their website. The carrier is also highly rated by A.M. Best and the BBB. Of course, we also love that the insurance company works with independent insurance agents to provide their customers with the best overall experience. Bottom line: If you’re located in an area where coverage is available and in need of any of their products, Preferred Mutual is an excellent option to be your next trusted carrier.