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GAINSCO Auto Insurance Review 2022

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Based in Fort Worth, Texas, GAINSCO Insurance was founded in 1978 and conducts business operations today through MGA Insurance. Recently purchased by State Farm, GAINSCO sells car insurance exclusively through independent agents and specializes in insurance for high-risk drivers. Bankrate’s GAINSCO Insurance review finds that it offers flexible policies, competitive prices, superior customer support and efficient claims handling. While it might be a good option for high-risk drivers, it may not meet the needs of a typical driver who is looking for more robust coverage.

Perks Drawbacks
May be a good option for high-risk drivers More than average complaints filed with the NAIC
Offers a mobile app with policy management and payment tools Car insurance only available in 17 states
Has a network of more than 7,000 independent agents

GAINSCO specializes in non-standard and minimum-limits auto insurance to residents of the following states: Utah, Arizona, New Mexico, Texas, Oklahoma, Tennessee, Virginia, South Carolina, Georgia, Florida, Alabama, Ohio, Indiana, Arkansas, Illinois, Missouri and Wisconsin. The company may insure drivers with suspended or expired licenses on their records, which could provide an insurance option for high-risk drivers. It offers online policy management tools, a mobile app, several types of payment plans and up to 10 discounts options.

GAINSCO car insurance | Bankrate Score: Unrated

GAINSCO auto insurance specializes in non-standard, minimum-limits and high-risk auto insurance, and its policies are generally customizable. If you live in one of the 17 states where GAINSCO operates, you can apply for a policy. GAINSCO offers the following coverage types: liability, uninsured/underinsured motorist coverage, personal injury protection, comprehensive, collision, custom equipment, towing and labor and rental reimbursement.

GAINSCO offers SR-22 filings, accepts out-of-state licenses and issues insurance to non-owners, which may be useful to drivers whose situations require these types of insurance options. If you’re a high-risk or atypical driver looking for standard coverage with low policy limits, GAINSCO may be worth a quote.

The company is unrated by Standard & Poor’s (S&P), but it received a rating of A- (Excellent) from AM Best, which is indicative of its historical ability to pay out on claims. However, before purchasing, note that policyholders filed more complaints than considered normal for the industry against GAINSCO, according to the National Association of Insurance Commissioners (NAIC). The company is also unrated by J.D. Power, likely due in part to its limited availability..

GAINSCO car insurance discounts

If you’re looking for tips on how to lower your car insurance, GAINSCO’s site lists several auto insurance discounts, including:

  • Pay in full: GAINSCO offers several plans that spread out policy payments over several months. However, if policyholders choose to pay in full, they may be able to save money.
  • Homeowner: If a GAINSCO policyholder owns a home, mobile home, condo or townhouse, they may qualify for a discount on their GAINSCO car insurance.
  • Auto-pay: An action as simple as setting up automatic withdrawals could save you money on your auto insurance premium.

Other GAINSCO perks worth considering

Drivers in covered GAINSCO states may be interested in the company’s other available features.

  • Local agents: GAINSCO operates through a network of more than 7,000 independent agents.
  • Mobile app: GAINSCO’s mobile app is available through Google Play and the App Store.
  • Digital tools: GAINSCO’s website offers digital quotes, a repository for frequently asked questions and an online portal for making payments or managing your policy.
  • Assistance for Spanish speakers: Bilingual customer support is available in English or Spanish at 1-866-GAINSCO.

GAINSCO social responsibility

GAINSCO Gives is GAINSCO’s program for giving back to the community, which the company shares is an “essential part of the GAINSCO culture.” Most recently, GAINSCO sales leaders spent the 2022 holiday season volunteering and donating to their chosen charities. Among the organizations selected included Operation Blue Santa, which provides Austin families in need with gifts during the holiday, and Ironton Lions Club, which supports multiple community youth and senior citizen programs.

Not sure if GAINSCO is right for you? Consider these alternatives

If you are not a high-risk driver, or GAINSCO insurance doesn’t fit your specific needs, you may want to check out the following providers. Below is a short list of car insurance companies that may be a good an alternative to GAINSCO:

  • Travelers: Bankrate named Travelers one of the best car insurance companies on the market, thanks to its strong network of independent agents, savings opportunities and financial track record. Travelers offers auto, home and umbrella insurance, among others. If you’re looking for multiple product lines or broader coverage, you may want to consider this provider.
  • Geico: Geico won a 2022 Bankrate Award for Best Auto Insurance thanks to its nationwide availability, excellent financial strength and dozens of discounts. It’s known for providing coverage to policyholders who have incidents on their record, and is highly rated by agencies such as J.D. Power and AM Best.
  • Dairyland: If you’re looking for a company that offers insurance to high-risk drivers and issues SR-22s, but GAINSCO doesn’t write policies in your state, Dairyland may be an option to consider. Dairyland is available in 37 states.

Methodology

Bankrate Scores

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Written by
Lizzie Nealon
Insurance Writer
Lizzie Nealon is a former insurance writer for Bankrate. Her favorite part of the job is making home, auto and life insurance digestible for readers so they can prepare for the future.
Edited by
Insurance Editor