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PURE Insurance Review 2022: Home & Car

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Privilege Underwriters Reciprocal Exchange, or PURE Insurance, is a relatively new provider with coverage that’s tailored to individuals with a high net worth. The company offers a wide range of insurance policies for high-value vehicles, homes and items, but may not be a prudent choice for the average American.

Perks Drawbacks
Offers coverage for luxury vehicles and homes, which may be a great option for high net worth individuals Unrated by J.D. Power
Much lower complaint rate than average, according to the National Association of Insurance Commissioners (NAIC) Few discount opportunities available
AM Best financial strength rating of A+ (Superior) Only available option is high-value insurance

Founded in 2006 and based in White Plains, New York, PURE has been selling insurance for about 16 years. The company’s policies are designed to cover luxury vehicles and homes valued at $1 million or more. Car owners and homeowners looking for a high level of coverage for their investments may want to consider a policy from PURE Insurance. Keep in mind that the company works primarily through agents, with few options to get a quote or file a claim online.

PURE Insurance car insurance | Bankrate Score Not rated

PURE car insurance does business in all 50 states. In addition to nationwide availability, PURE car insurance has a low complaint rate with the NAIC and maintains a financial strength rating of A+ (Superior) with AM Best.

Beyond competitive third-party ratings, PURE car insurance offers a wide range of coverage options for luxury vehicles. The company provides the standard options of collision, comprehensive, liability, medical payments and uninsured/underinsured motorist coverage. In addition, policyholders can purchase agreed value coverage, extended transportation expenses, original equipment manufacturer (OEM) coverage, and worldwide coverage—which gives policyholders the ability to rent or borrow a vehicle anywhere in the world for up to 90 days. These unique add-ons may be especially helpful to high net worth individuals, especially those who travel often.

PURE Insurance car insurance cost

The average PURE car insurance policy costs $4,247 per year for full coverage and $838 for minimum coverage in 2022. The average PURE policy is much more expensive than the national average cost of car insurance, since PURE caters to luxury vehicles. On average, a car insurance policy in the United States costs $1,771 per year for full coverage and $545 per year for minimum coverage. The table below shows how PURE premiums compare to the national average after certain life events.

PURE average annual full coverage premium National average annual full coverage premium
Clean driving history $4,247 $1,771
Speeding ticket conviction $6,370 $2,138
At-fault accident $7,963 $2,521
Adding a 16-year-old driver* $10,471 $3,852

*16-year-old rates reflect the added cost to their parents’ full coverage car insurance policy.

PURE Insurance car insurance discounts

PURE only highlights a few discounts on its website. These include:

  • Insuring more cars than drivers: PURE offers savings for policyholders with more vehicles than drivers.
  • Distant student: If a child on your policy is away at school without their vehicle, you may qualify for savings.
  • Low-mileage collector car: If you have a collector car and drive it sparingly, you could qualify for this discount.

PURE Insurance car services

PURE Member Advocates are available to help PURE members book rental cars, locate repair facilities, communicate with other drivers’ insurers and reduce the administrative tasks that come with vehicle ownership. The company’s mobile app allows policyholders to file claims directly from their phones, access ID cards and call for roadside assistance.

PURE Insurance home insurance | Bankrate Score Not rated

PURE home insurance coverage is specifically designed to cover luxury homes valued at $1 million or more. Since many luxury homes include custom features, PURE strives to provide home insurance options that can be specialized. The company offers flexible rebuilding options so that you can choose whether to rebuild your home or receive a cash settlement in the event of a covered loss. PURE also offers guaranteed home replacement cost, jewelry coverage (which is typically an add-on coverage at other home insurance companies), broad coverage for sewer and drain backups, flexible deductible options and coverage to help you prevent losses that have previously occurred.

PURE home insurance is unrated by J.D. Power, but it is clear that the company’s home insurance coverage options are tailored to high net worth individuals. If tailored coverage is important to you and you own a home valued at $1 million or more, you may want to consider PURE home insurance.

PURE Insurance home insurance cost

Since PURE home insurance is specifically designed to cover luxury homes, it’s no surprise that its average premiums are higher than the national average cost of home insurance. Across different dwelling coverage limits, PURE policies cost, on average, between about $200 to $400 more than the national average per year.

Dwelling coverage limit PURE average annual premium National average annual premium
$150,000 $1,288 $898
$250,000 $1,652 $1,312
$350,000 $1,997 $1,723
$450,000 $2,384 $2,148

PURE Insurance home insurance discounts

PURE offers several homeowners discounts, including discounts for living in a gated community, having burglar and fire alarms and multiple policies. Other unique home insurance discounts include:

  • Impact-resistant windows and roofing: If you’re hoping to save on your home insurance, you may want to look into installing impact-resistant roofing and windows. Since these items are less likely to break, PURE may give you a deal for installing them.
  • PURE Flood Insurance discount: If you purchase PURE Flood Insurance with either PURE Flood Advantage or PURE Flood Extension, you may qualify for a 5% discount on your home insurance.

PURE Insurance home services

In addition to insurance, PURE offers its members access to several home services, including art management, wildfire mitigation and an email/call system to keep you informed of weather risks.

Other PURE Insurance perks worth considering

If you’re considering PURE Insurance, the following perks may stand out and help you make your decision.

  • Mobile app: The company’s mobile app received a score of 3.7 out of 5 on the App Store and is unrated on Google Play. If you prefer to manage your insurance on your phone, this mobile app may be a perk.
  • PURE Art Services: If you need help preserving, enhancing, managing or creating valuations for your art collection, PURE can help.
  • Watercraft coverage: If you have a sailboat, yacht or anything in between, PURE’s watercraft coverage may be of interest.
  • Identity theft coverage: If a high net worth individual has their identity stolen, numerous assets could be put at risk. Identity theft coverage could help you maintain peace of mind.
  • Condo and co-op insurance: This coverage is specifically tailored to homes in cities and the unique risks that they face.

PURE social responsibility

A PURE Insurance review wouldn’t be complete without a discussion of the company’s social responsibility. In 2020, the PURE Insurance Foundation, the company’s philanthropic arm, donated $1.8 million to support charitable organizations, $1.16 million to food banks and matched $40,000 worth of employee contributions.

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

PURE Insurance won’t be the right choice for everyone. If you’re interested in exploring other options, you may want to consider the following providers.

  • State Farm: State Farm is consistently one of the highest rated insurance providers on the market. The company offers home, auto and life insurance, so if you’re looking for a provider that offers all three of these product lines, you may want to research State Farm.
  • USAA: USAA only writes policies for members of the U.S. military, veterans and qualifying family members. If you qualify, you may appreciate certain features geared toward the needs of military families. The company is consistently highly rated in customer satisfaction and financial strength.
  • Nationwide: If you want an auto and home insurance provider that also offers highly rated life insurance, you may want to consider Nationwide. Nationwide won a 2022 Bankrate Award for best universal life insurance provider.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Homeowners

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

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
Reviewed by
Assistant Vice President & Claims Field Manager