GAINSCO Auto Insurance Review 2021

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GAINSCO Insurance was founded in 1978 and conducts business operations today through MGA Insurance. The company sells car insurance exclusively through independent agents and specializes in insurance for high-risk drivers. GAINSCO Insurance claims that it offers flexible policies, competitive prices, superior customer support and efficient claims handling.

For those considering a GAINSCO Auto Insurance policy, it is important to weigh the pros and cons. While it might be a good option for high-risk drivers, it might not meet the needs of a typical driver who is looking for more than the minimum.

GAINSCO car insurance

GAINSCO is one of several insurance providers that primarily serves high-risk drivers who do not qualify for standard insurance based on their driving record or credit score. According to its website, GAINSCO specializes in minimum-limits auto insurance, meaning its policies are guaranteed to meet state minimum insurance requirements.

Types of coverage

Despite the promise of flexible policies, GAINSCO Insurance does not offer a wide range of coverage options. Here are the policy options available from GAINSCO:

  • Basic coverage: GAINSCO sells collision, comprehensive, liability, medical payments and uninsured/underinsured motorist coverage.
  • No-fault insurance: GAINSCO offers no-fault insurance, which includes personal injury protection in certain states.
  • SR-22 certificates: An SR-22 certificate proves that you carry the state’s minimum amount of insurance, and is required for drivers in certain states who get a DUI/DWI, lose their license or have their car impounded.
  • Non-owner insurance: Non-owner insurance provides liability, uninsured motorist and medical payments coverage for drivers who do not own a vehicle but occasionally borrow cars.
  • Towing and rental coverage: This coverage pays for vehicle towing if your car breaks down and covers the cost of a rental car while your vehicle is getting fixed.

Discounts

With GAINSCO auto insurance, drivers can access the following discounts to save money on their premium:

  • Auto-pay
  • Pay in full
  • Prior coverage
  • Prior GAINSCO coverage
  • Agency internal transfer
  • Advance purchase
  • Length of ownership
  • Homeowner
  • Renewal
  • Multi-car

Gainsco ratings, reviews, customer satisfaction and complaints

Organization GAINSCO rating
AM Best B+
Better Business Bureau (BBB) A+
NAIC Complaint Index 5.02 (higher than average complaints)

GAINSCO auto insurance reviews may not be impressive to the typical car owner searching for an insurance provider. The company has a B+ rating from AM Best, indicating stable financial strength with a positive outlook. However, most major insurance companies have AM Best ratings of A- or better.

The BBB gives GAINSCO an A+ rating, but the company has an average rating of 1 out of 5 stars based on 21 customer reviews. GAINSCO’s parent company, MGA Insurance, has higher than average customer complaints, according to the National Association of Insurance Commissioners (NAIC).

Reasons why Gainsco is a great option

GAINSCO Insurance might be a decent option for high-risk drivers who cannot get standard insurance from another company. GAINSCO also offers SR-22 certificates and non-owner insurance policies, which are not available from every insurance company.

Another advantage of GAINSCO Insurance is that the company offers flexible payment plans, which is ideal for drivers who struggle to afford car insurance. GAINSCO offers 6-month policies and has three payment plans—6.67% down in five installments, 22% down in four installments or 25% down in five installments.

One of the major downsides of GAINSCO is its limited coverage area. Currently, only drivers in Alabama, Arizona, Florida, Georgia, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah and Virginia can purchase insurance from GAINSCO.

The company also has very limited coverage options. GAINSCO does not offer gap insurance, accident forgiveness, new car replacement coverage or ridesharing coverage. Drivers who want to customize their policy should look for a different insurance company.

Additional policies offered by Gainsco

At this time, GAINSCO only sells auto insurance policies.

Frequently asked questions

What is the best auto insurance company?

The best auto insurance company is different for every driver. While some people value customer service, other drivers care about getting the lowest rate. Based on our research, some of the best auto insurance companies are Amica, Progressive, Geico and Allstate.

Where is GAINSCO Insurance available?

GAINSCO Insurance is currently available in Alabama, Arizona, Florida, Georgia, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah and Virginia.

Does GAINSCO offer cheap car insurance?

GAINSCO specializes in selling high-risk auto insurance, not affordable auto insurance. Typically, high-risk drivers pay the highest insurance premiums. GAINSCO might not offer the cheapest policies, but it does offer a variety of discounts that can help drivers lower their rates.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth has two years of experience writing for insurance domains such as Bankrate.com, The Simple Dollar, Coverage.com and NextAdvisor, among others. In addition to auto insurance, Elizabeth regularly writes about home insurance, renters insurance and life insurance. She also covers industry trends and general insurance education.