Latest news with #LibertyMutual
Forbes
21-04-2025
- Automotive
- Forbes
Does My Car Insurance Cover Rental Cars?
Personal car insurance generally extends to rental cars with the same coverage limits and deductibles as your policy. Still, rental car insurance may be worthwhile for some drivers in certain situations. That's why it's prudent to know your rental car insurance options before you pick up the keys at the counter. Save more with Liberty Mutual Switch and you could save $700 with customized car insurance. Offers personalized discounts and services Enjoy benefits and savings including 24-Hour Claims Assistance and Violation-Free Discount. Availability All states and Washington, D.C. Switch and you could save $700 with customized car insurance. Enjoy benefits and savings including 24-Hour Claims Assistance and Violation-Free Discount. All states and Washington, D.C. Like any other vehicle, rental cars need car insurance to be operated on the roadway. You'll need at least liability insurance. It's state-mandated and pays for injuries and property damage you accidentally cause to others. It's also wise to have other types of car insurance that can help pay to repair or replace a rental car you damage or medical bills for you and your passengers if you cause an accident. Your personal auto insurance policy will generally cover a rental car used for personal travel. If you're driving a rental car for business use, be aware that some insurers don't cover a vehicle rented for business purposes. Before booking your rental car, check with your car insurance company to verify whether you have rental car coverage from your current policy and review coverage details. Here are common types of car insurance coverage that may be required by states or optional and how they apply to a rental car. Liability car insurance pays others for injuries and damages if you're at fault in an auto accident. For instance, if you crash into another car while driving a rental car, this will pay for the damage to the other person's car and injuries the other drivers and passengers suffered, up to the policy's limits. It also will pay for your legal defense and judgments if you're sued because of the accident. It is required in most states. Personal injury protection (PIP) pays you and your passengers' medical expenses resulting from an accident when you're driving a rental car, regardless of fault. It also pays your lost wages and replacement services for tasks you can no longer perform, such as child care. It is required in 15 states. Medical payments (MedPay) coverage pays medical expenses for you and your passengers if you're in an auto accident in the rental car. MedPay is similar to PIP, but has low limits (typically $1,000 to $5,000) and doesn't have the extra benefits that PIP provides. It is required in three states (Maine, New Hampshire and Pennsylvania). Collision insurance is an optional coverage that pays to repair or replace your vehicle after an auto accident, minus your deductible. If you crash into another car with the rental car, or crash into an object like a fence, collision insurance will pay for the damage to your rental car. Comprehensive insurance is an optional coverage that pays to repair or replace your car if it's stolen or damaged due to problems such as fire, falling items like tree branches, flood water, hail, striking an animal or vandalism. For example, comprehensive will help pay for the repairs if your rental car is damaged if you drive through a flooded street. Collision and comprehensive coverage have a car insurance deductibl if you make a claim. Before renting a car, verify that your car insurance coverage extends to rentals and check your policy for exclusions. For instance, your auto insurer may have an exclusion for exotic vehile rentals or rentals over a certain value. Some credit cards provide rental car insurance as a perk. These credit card companies usually require that you use their card to pay for the rental car, are the primary renter and decline the rental car company's collision damage waiver. Depending on your credit card, it may offer primary or secondary rental car insurance. Most credit cards provide secondary coverage, but the best credit cards for rental car insurance offer primary coverage. Here's the difference: Consider a rental car company's insurance options when you don't have other coverage for a rental car or would like to supplement your existing coverage. For example, maybe you have low liability limits on your personal auto policy and would like higher limits while driving the rental car. In that scenario, you can buy supplemental liability insurance from the rental car company to raise the liability limits. That way your coverage will pay out a higher amount if you cause an accident that injures someone or damages their property. Here are common coverage types of rental car insurance you'll find. SLI provides liability insurance with higher limits. Limits vary depending on the rental car company. For instance, Alamo and Enterprise provide up to $300,000 in liability coverage, while Budget offers up to $500,000. Hertz provides up to $300,000 in most states but up to $2 million in California and Florida. Average costs can run from $8 to $17 a day. Some rental companies refer to SLI as supplemental liability protection (SLP) or liability insurance supplement (LIS). A collision damage waiver is technically not insurance but waives your financial responsibility if your rental car is damaged or stolen. This coverage is also called a loss damage waiver (LDW). A CDW can cost around $10 to $30 per day. Also known as a damage waiver or loss damage waiver (LDW) PAI pays medical bills for you and your passengers if you get hurt in an accident while driving a rental car. PAI typically covers ambulance bills, medical bills and accidental death and dismemberment. It can cost about $5 to $13 a day. PEC covers you and your passengers' personal belongings, such as a laptop or luggage, if they are stolen from the rental car. The cost can be about $6 to $16 a day. Some car rental companies sell PAI and PEC together, such as Budget, which calls it Personal Accident and Effects Coverage (PAE) coverage. Note that most renters and homeowners insurance policies will help pay to replace personal items stolen from a rental car, so you may not need this coverage from a rental company. Roadside assistance plans cover rental car problems you have on the road, such as lockout service, replacement of lost keys, flat tire service, towing, dead battery jumpstarts and fuel delivery. Your specific situation will determine whether you need rental car insurance. Here's our take on when to consider or skip buying insurance coverage at the rental car counter. Get Forbes Advisor's ratings of the best insurance companies and helpful information on how to find the best travel, auto, home, health, life, pet, and small business coverage for your needs. In addition to your personal auto insurance, you may already have existing coverage from other policies that can extend to your rental car for certain needs. This can include: If you don't have auto insurance or other policies or benefits covering a rental car, you may want to consider a stand-alone policy. Stand-alone policies can be cheaper than coverage the rental car agency offers. If you want to buy rental car insurance, comparing quotes before going to the rental car counter is wise. Here are some options: With so many choices for car insurance companies, it can be hard to know where to start to find the right car insurance. We've evaluated insurers to find the best car insurance companies, so you don't have to. Rental car insurance may be worth it if you don't have adequate coverage through a personal car insurance policy, credit card or insurance policies. If you don't have other coverage options—or want to fill coverage gaps—rental car insurance can be worth it. For example, if neither your auto insurance nor credit card covers damage to a rental car, it's worth considering CDW coverage from the rental car company or a stand-alone policy. Some state laws require car rental companies to provide state-minimum liability car insurance. However, if you have personal auto insurance, state laws or rental car companies' guidelines may say that your auto policy is primary. That means it would be used first if you cause an accident. If you don't have a personal auto policy or other coverage for the rental car, you would need to buy liability coverage in states that don't require rental agencies to provide it, such as California and Texas. A collision damage waiver (CDW) might be a good choice if you don't have a personal car insurance policy or credit card that will cover damage to a rental car or its theft. If you have collision and comprehensive coverage on your auto policy, it should extend to your rental car. A CDW may also be a wise choice if you have car insurance but don't want to risk increasing your rates if you have to make a claim for a damaged rental car. Using a CDW will allow you to avoid making a claim on your personal auto policy.
Yahoo
09-04-2025
- Business
- Yahoo
Liberty Mutual Insurance Elects Timothy M. Sweeney Chairman; David H. Long to Retire
BOSTON, April 9, 2025 /PRNewswire/ -- The Liberty Mutual Insurance Board of Directors today elected Timothy M. Sweeney Chairman of Liberty Mutual Holding Company Inc., effective today, April 9, 2025. Sweeney, who is currently the company's President and Chief Executive Officer, will succeed David H. Long, who is retiring as Chairman and Director. Long has been part of Liberty Mutual for 40 years, and became President in 2010, Chief Executive Officer in 2011 and Chairman in 2013. Sweeney was appointed President and Chief Executive Officer in January 2023 upon Long's retirement as Chief Executive Officer. "David's tenure has been defined by his unwavering commitment to excellence and the well-being of our employees. His leadership has transformed challenges into opportunities, ensuring that our core values remain at the center of everything we do," said Sweeney. "On behalf of our Board of Directors and the entire organization, I'd like to thank David for a remarkable four decades at the company and wish him and his family the very best in the years to come." "Experiencing the evolution of this organization is something I will always cherish," said Long. "I'd like to express my immense appreciation to our people, as they truly make Liberty Mutual a best place to work, and to the leadership team for their dedication to driving our business forward. I'm eternally grateful for my time with the company and everyone's unwavering commitment to keep our promises to our customers, partners, communities and each other." About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the eighth largest global property and casualty insurer based on 2023 gross written premium. We also rank 87 on the Fortune 100 list of largest corporations in the US based on 2023 revenue. As of December 31, 2024, we had $50.2 billion in annual consolidated revenue. We employ over 40,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property. For more information, visit Contact: Liberty Mutual Insurance Public & Media Relationsmediarelations@ View original content to download multimedia: SOURCE Liberty Mutual Insurance Sign in to access your portfolio
Yahoo
31-03-2025
- Business
- Yahoo
MarketCast Brand Effect Research Reveals the Most Effective Insurance Mascots in Advertising
Familiar characters from Liberty Mutual, Allstate and Progressive were standouts for their consistent brand cues, humor and likability according to MarketCast's data CULVER CITY, Calif., March 31, 2025 /PRNewswire/ -- MarketCast, a global marketing research firm, has released its latest insights into the performance of U.S. insurance brand mascots in advertising. The findings, derived from MarketCast Brand Effect platform that surveys 20,000 real audiences daily, showcase which iconic characters are breaking through and driving brand and message recall among viewers from January 2024 to February 2025. Liberty Mutual's LiMu Emu and Doug Take the Top Spot: Liberty Mutual's dynamic duo, LiMu Emu and Doug, emerged as the leading insurance mascots in Ad Breakthrough, Messaging, and Branding categories. Their consistent use of recognizable brand cues—including the bold yellow visuals, the Statue of Liberty imagery, and the catchy "Liberty, Liberty, Liberty" jingle—ensures that Liberty Mutual remains top of mind for audiences. Allstate's Mayhem Reigns in Likeability and Memorability: Allstate's Mayhem continues to captivate audiences with its signature mix of chaos and humor, ranking first in both Ad Likeability and Most Memorable Ads. The character's unpredictable storylines and rebellious personality set it apart, proving that a touch of destruction can make an ad unforgettable. Progressive's Character Lineup Delivers Strong Brand Recall: Progressive's long-standing mascot, Flo, secured a high rank in Message Recall, second only to Mayhem. Meanwhile, Jamie solidified his rising star status, tying with Flo in Ad Breakthrough but outperforming her in Branding. Dr. Rick, known for his humorous "parent-life" lessons, landed third in Likeability, though brand attribution remains a challenge for his ads. "Being fun or likable isn't enough when it comes to having truly effective advertising for these brands," said Amy Fenton, Chief Operations and Creative Officer, MarketCast. "Our research shows that the most successful insurance campaigns have strong brand identity queues with clear, memorable messaging. They strike a delicate balance—making us laugh while ensuring we remember who the ad is for and what the main message is." Top Insurance Mascot Winners by Category: Ad Breakthrough (Remember both Ad and Brand correctly): Ad Recall (Remember the Ad correctly): Branding (Attribute the Ad to the Correct Brand): Messaging (Recall the Main Message of the Ad): Likeability (Like the Ad): MarketCast's latest findings highlight the power of well-crafted branding and storytelling in insurance advertising. By leveraging familiar mascots and reinforcing brand identity through strategic cues, brands can ensure lasting audience impact. To learn more about MarketCast and its Brand Effect measurement, visit About MarketCastMarketCast is a leading marketing research firm dedicated to helping brands maximize their advertising impact and amplify brand fandom. With a powerful portfolio of advertising and brand research solutions, MarketCast helps clients find the right audiences to target, craft ad creative that resonates, and build long-term brand Fandom and customer loyalty. Headquartered in LA, MarketCast's team of researchers, product experts, and data scientists deliver game-changing insights for brands around the world. For more information visit Media ContactsGraham View original content to download multimedia: SOURCE MarketCast Sign in to access your portfolio
Yahoo
07-03-2025
- Business
- Yahoo
Why Liberty Mutual customers in Louisiana will get homeowner's insurance refund
The damaged remains of a home in Bayou Dularge on Sept. 12, 2024, one day after Hurricane Francine made landfall in Terrebonne Parish. (Wes Muller/Louisiana Illuminator) Some 138,000 Louisiana customers of Liberty Mutual can expect a small refund on their homeowner's insurance after the company overcharged them for the past four years, according to the state insurance department. Insurance Commissioner Tim Temple said the policyholders were billed too much for an assessment that every homeowner pays to fund the Louisiana Citizens Property Insurance Corp., which covers property owners who cannot get policies on the private market. The overcharges total approximately $4 million. The error occurred because Liberty Mutual has failed to make annual adjustments to the assessment since 2021, when it charged policyholders 2.49% of their premium to support Louisiana Citizens. The surcharge should have decreased every year, bringing the rate to 1.36% for this year, Deputy Insurance Commissioner John Ford said. The mistake came to light in February when the Louisiana Department of Insurance said it received a consumer complaint about the Louisiana Citizens assessment charged on their Liberty Mutual renewal notice. Temple said the company has acknowledged its error, and his agency will monitor repayments to ensure customers are refunded. 'We regret the error, and we are working closely with the Louisiana Department of Insurance on a plan to refund impacted customers as quickly as possible,' a Liberty Mutual spokesperson said in an email to the Illuminator. The amount of refunds will depend on the customer's total premium and the difference between 2.49% and what they should have been assessed on their bills. For example, a customer paying a $4,000 homeowner's insurance premium paid a $100 Citizens assessment last year based on the 2.49% rate, when they should have been charged $68 for a 1.7% rate. Their refund for 2024 would be $32. The correct assessment rates for 2022 and 2023 were 2.4% and 2.1%, respectively. The insurance department is determining whether any regulatory action against Liberty Mutual is warranted and whether any other insurers have made a similar mistake, though its news release said the overcharge appears to be an isolated incident. The Louisiana Citizens assessment has been placed on homeowners insurance bills since 2005 to help the state pay off borrowing to cover damage claims that followed hurricanes Katrina and Rita. The assessment rate has been gradually lowered over the years and will end entirely next month. Liberty Mutual will adjust its assessment charge to 0% effective April 1, according to the insurance department. State officials are directing policyholders with questions to contact the company or their agent. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
27-02-2025
- Business
- Yahoo
2 insurance companies received approval to raise rates
State regulators have given two insurance companies the approval to raise rates for thousands of customers across California. Beginning in late March, homeowners, condo owners and dwelling rental policyholders with Mercury General, the fifth-largest home insurer in the state, will see rates raised by 12% on average. About 579,300 customers will be impacted. California Insurance Commissioner meets with State Farm regarding rate hike request Additionally, customers who have home insurance with Safeco, a subsidiary of the fourth-largest insurer Liberty Mutual, will see rates rise by an average of 7.2% in May. About 86,700 customers are affected. Liberty Mutual's rate hike won't impact condo owners or renters since the company announced last year plans to exit the condo and renters' insurance markets in 2026 as it seeks 'a sustainable business path forward in California.' Customers at either insurer can expect the rate hike to impact their individual premiums on their next renewal following the rate's effective date. Can California's broken homeowners insurance system be fixed? According to filings with the California Department of Insurance, both companies also submitted rate hike requests in June, months before the recent deadly and destructive wildfires in Southern California. According to the Department of Insurance, insurers, including the FAIR Plan, had paid $6.9 billion in wildfire claims as of Feb. 5. The FAIR Plan is California's plan that provides insurance to homeowners who can't get private coverage. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
