Mercury insurance review 2023

Pros and cons of Mercury car insurance

Mercury offers all the standard coverage types that many drivers need, but there are still unique advantages and drawbacks with the company.

Mercury car insurance cost

Mercury’s average rates are slightly more competitive than the national average. Minimum coverage with Mercury averages $541 per year, compared to the national average of $622 per year. Similarly, Mercury’s full coverage costs $1,547 per year, on average, which is a bit less than the national average full coverage premium of $2,014 per year.

However, auto insurance companies base rates on numerous factors. The price you pay may be more or less than these averages depending on your individual circumstances, such as your claims history, driving record and the types of coverages you choose to include in your policy.

Mercury car insurance rates by driving history

To determine rates, Bankrate tracks rates provided by Quadrant Information Services. Over time, we analyze the data to compare average rates for specific driver profiles and situations. For instance, we examine average premiums offered to drivers with a clean driving record and those for motorists with a moving violation such as an at-fault accident or speeding ticket. Since some insurance companies will not write policies for drivers with a history of DUI violations, we do not include DUI rate data. If you have a DUI on your driving record, speak with a Mercury insurance agent to find out if you qualify for a car insurance policy.

Mercury car insurance quotes by age

Age is a factor insurance companies examine when determining premiums in most states. Statistically, young drivers under the age of 25 have more accidents than mature drivers. Young drivers who maintain a clean driving record typically see a rate decrease after age 25, However, young drivers on either their own or their parents’ policy will usually see higher premiums, including with Mercury.

Average cost of car insurance for drivers on their parent’s policy

Average cost of car insurance for drivers on their own policy

Mercury car insurance discounts

In addition to its competitive rates, Mercury Insurance offers car insurance discounts to help drivers save on premiums. Among them are a few that are particularly easy to qualify for, depending on your driving habits or vehicle features:

Discounts may vary by state. A local Mercury agent can help you determine which discounts you may qualify for, or you can fill out a quote form online and see which discounts apply automatically.

Mercury car tools and benefits

Unfortunately, Mercury does not insure other types of vehicles such as motorcycles or recreational vehicles.

Mercury car services

Mercury offers a rich collection of online resources for drivers, including tips for teen drivers, a driving quiz, a list of apps to keep teen drivers safe, tips on finance, travel, insurance and a guide for how to prepare for or deal with extreme weather. The company also authorizes certain vehicle repair facilities to help you find a high-quality repair shop near you.

Mercury home insurance

Mercury home insurance offers the standard home coverage options, along with extended dwelling replacement cost coverage, identity theft protection and valuable items coverage. It also earns a Bankrate Score of 2.6 out of 5. Keep in mind that Mercury only writes homeowners policies in 10 states: Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia.

Pros and cons of Mercury homeowners insurance

It is important to research that a home insurance company offers the coverage you need. Mercury homeowners policies offer useful coverage options, but it helps to know the provider’s pros and cons before making your decision.

Mercury home insurance cost

Mercury’s average annual home insurance premium is $618, based on $250,000 in dwelling coverage. This is less than the national average cost of homeowners insurance, which is $1,428 per year for the same level of coverage. However, keep in mind that many home insurance companies offer more optional coverage types than Mercury, which may be a tradeoff to consider when factoring price.

Mercury home insurance discounts

In addition to low homeowners insurance premiums, Mercury offers home insurance discounts, including the following options:

Talking to your agent or going through the quote process might be the best way to identify the discounts you qualify for and reviewing your policy annually may help you discover additional discounts for which you qualify. Discounts may vary by state.

Mercury home services

Mercury offers helpful online resources for policyholders, including holiday tips for homeowners and how-to articles. The company’s website also has a weather hub, which can help homeowners stay informed about natural disasters and severe weather catastrophes around the country.

Mercury home tools and benefits

Homeowners who need more personal liability protection can purchase a Mercury umbrella insurance policy, which provides $1 million to $5 million worth of additional protection.

Mercury enables homeowners policyholders to enhance their protection by bundling their property insurance with optional Home Cyber Protection, Home Systems Protection And Identity Management Services. Home Systems Protection covers home appliances and electronics, while Home Cyber Protection may cover data losses from mobile devices and personal computers. Following a covered loss, Identity Management Services can help pay expenses incurred by identity theft such as attorney fees, lost income and notary fees.

Mercury’s corporate sustainability

Mercury sends care packages to service members overseas, builds homes in local communities, donates technology to inner-city educational programs and humanitarian relief organizations.

In 2022, Mercury began subsidizing the cost of Flume smart home water monitoring systems for California homeowners insurance policyholders. In light of ongoing drought conditions, the initiative is set to help homeowners detect leaks and monitor their water usage. Additionally, the program may help homeowners qualify for water district rebates to help cover the costs of water monitoring devices and installation.

Additionally, Mercury employees have access to the company’s wellbeing program.

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

It’s important to consider shopping with a few insurance companies before deciding who should earn your business. If you’re not sure about Mercury, consider these options:

Mercury vs. Safeco

Safeco Insurance offers many policy options and discounts for its policyholders. Like Mercury, tech-savvy policyholders may enjoy Safeco’s online capabilities. However, unlike Mercury, Safeco offers nationwide coverage. Safeco also offers more insurance products, including coverage for boats, classic cars, golf carts and recreational vehicles.

Learn more: Safeco Insurance review

Mercury vs. Progressive

Similar to Mercury, Progressive offers a usage-based telematics program that may earn policyholders additional savings for practicing safe driving behaviors. But Progressive offers several other products, including dental, health, life, pet, travel and vision insurance.

Learn more: Progressive Insurance review

Mercury vs. Geico

Geico is known for offering lower-than-average rates. When shopping for a new policy, policyholders looking for cheaper car insurance may want to consider Geico. The company tied for a 2023 Bankrate Award as the Best Auto Insurance Company Overall. Although Geico only extends a few discounts to home insurance customers, it offers an impressive number of car insurance discounts, including up to a 23% discount for vehicles equipped with airbags and anti-theft systems.

Learn more: Geico Insurance review

Is Mercury a good insurance company?

Mercury offers a small portfolio of products, primarily for policyholders who need auto, home or renters insurance. AM Best gives the provider an A (Excellent) financial strength rating, and in 2022, Mercury earned the fourth-highest ranking in the 2022 J.D. Power U.S. Auto Insurance Study for the California region.

The insurer offers all standard auto and home insurance coverage types, but some larger insurance companies offer more optional coverage and discounts. Some larger providers also offer health and life insurance products, along with financial services such as checking and savings accounts and investment products. However, if you only need car and home insurance policies, Mercury might meet your needs.

Methodology

Auto

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $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 base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually. 

These are sample rates and should only be used for comparative purposes. 

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

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (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 due to state regulations.

The rates for drivers ages 16–20 added to their parent's policy reflect the good student and driver's training discounts applied. The rates for drivers aged 18-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.  

Homeowners

Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
• 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. 

Bankrate Scores

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.