Bottom line: As one of the oldest insurance carriers in the nation, The Travelers Companies, Inc. — better known as Travelers — is well known for its home and auto insurance policies. Customers who want the ease of managing all their insurance policies in one place may find Travelers to be an appealing option.
- Best budget auto insurance company
|Home and car insurance policies are cheaper than the national average||Scored below average for customer satisfaction in J.D. Power’s study, for both auto insurance and home insurance|
|Car insurance has many options for add-on coverage and discounts, including the IntelliDrive telematics program||Limited endorsement options for home insurance coverage|
In addition to the simplicity of having all your policies in one place, Travelers’ average premiums for both home and auto insurance are both well below the national average. While affordability tends to be one major criterion for many insurance shoppers, others are also important. Bankrate takes a multi-faceted approach in this Travelers Insurance review to help you see if the carrier might be a good fit for you.
Travelers car insurance | Bankrate Score: 4.7
New York-headquartered Travelers, was recognized as one of the best car insurance companies in the 2022 Bankrate Awards for being the best budget car insurance company. The company is the sixth-largest property and casualty insurer in the U.S. based on market share and in addition to its cheaper-than-average rates, Travelers car insurance also has many add-on options for drivers to personalize their policy. After selecting basic coverage like liability, collision, comprehensive, personal injury protection and medical payments, drivers can then include options like accident forgiveness, including a plan with a decreasing deductible, and premier new car replacement. Travelers even offers gap insurance and rideshare coverage.
Travelers also earned a high Bankrate Score of 4.7 out of 5. To determine this score, Bankrate’s insurance editorial team reviewed key metrics such as average premiums, policy options, digital accessibility and ratings from third-party agencies like J.D. Power and AM Best. The better a company performed in each of these categories, the higher its final Bankrate Score. Travelers performed well in most categories, but its Score was lowered by its low J.D. Power score for customer satisfaction.
Travelers car insurance cost
A full coverage auto insurance policy with Travelers costs an average of $1,447 per year according to premium data from Quadrant Information Services, which is 18% less than the national average cost of car insurance of $1,771 per year. Minimum coverage with Travelers is also cheaper at around $477 per year. This is about $68 lower than the national average cost of minimum coverage car insurance, which is $545 per year.
Car insurance rates can rise after certain life events, such as driving record incidents and adding a young driver. However, Travelers’ average rates in these situations trend lower than the national average. Keep in mind that average rates may vary, so requesting a quote is the best way to tell what your estimated premium might be with Travelers.
|Travelers average annual full coverage premium||National average annual full coverage premium|
|Clean driving history||$1,447||$1,771|
|Speeding ticket conviction||$1,869||$2,138|
|Adding a 16-year-old driver*||$3,410||$3,852|
*16-year-old rates reflect the total cost to insure the teen, both parents and one vehicle
Travelers car insurance discounts
- Hybrid/electric car discount: You could qualify for this discount whether you own or lease your vehicle.
- Early quote discount: Depending on how early you request a Travelers car insurance quote before your current policy expires, you could be eligible for this discount.
- New car discount: This discount can be added if you purchase a new car or own a vehicle less than three years old.
Travelers car services
Travelers’ IntelliDrive program is a 90-day telematics program that offers drivers a way to earn savings on the first term of their car insurance policy. With the smartphone app, the IntelliDrive program will track driving behaviors like speed, acceleration, braking and distraction, as well as what time of day the car is being driven. Safe driving habits could lead to a savings of up to 22-40% during the next policy term, but it is possible for premiums to be more expensive due to riskier driving habits in some states.
Travelers home insurance | Bankrate Score 3.7
In contrast to its high auto insurance score, Travelers home insurance earned a Bankrate Score of 3.7 out of 5. Similar to auto insurance, the Bankrate Score was earned based on performance in various categories, including average rates, policy options, third-party ratings and mobile accessibility. Travelers’ low Bankrate Score reflects its lower-than-average score in J.D. Power’s home insurance study.
Additionally, Travelers’ add-on options for its home insurance policies are more limited compared to other carriers. However, it does offer some replacement cost endorsements that could be helpful. This includes replacement cost for personal property and additional replacement cost for dwelling. Travelers’ average premium is also less than the national average, which could be attractive for homeowners on a budget.
Travelers home insurance cost
Based on Bankrate’s research of average premiums, Travelers home insurance costs $1,202 per year for $250,000 in dwelling coverage. This is slightly less than the national average cost of homeowners insurance, which is $1,383 for the same amount of dwelling coverage.
|Dwelling coverage limit||Travelers average annual premium||National average annual premium|
Travelers home insurance discounts
- Homebuyer discount: Homeowners who bought their home within the last 12 months could earn this discount.
- Loss-free discount: If you have not filed a home claim within a certain period of time, this discount could be added to your policy.
- Green home discount: Homes that have received a “green home” certification from the Leadership Energy and Environmental Design (LEED) organization could be eligible for a 5% discount.
Travelers home services
Travelers has partnered with BuildFax to create Open House, a service that helps homeowners understand more about their home or a home they may be considering purchasing. By entering in the home’s address, users can see the related permits and repairs history.
Other Travelers perks worth considering
Although Travelers may be well-known for its home and auto insurance policies, the company also offers other insurance products. These include:
- Travel insurance: Depending on the options you choose, this policy could cover trip cancellation, medical costs and lost luggage.
- Wedding and event insurance: Event insurance is used to cover items like lost deposits, event gifts, liquor liability and more.
- Condominium insurance: Condominium insurance is designed for condo owners and specifically covers the interior of the unit.
- Renters insurance: As a renter, this policy could help with insuring your personal belongings and providing loss of use and liability protection.
Travelers social responsibility
Every year, Travelers releases a Community Report as an overview of its philanthropic and volunteer efforts over the past year. In 2021, the company raised $24 million toward nine different community efforts, including education, community and economic development, disaster relief and arts and culture.
Many of Travelers’ initiatives also go beyond donations. In 2020 and 2021, the company donated over 144,000 meals to families in the Hartford, Conn., area in partnership with nonprofit organizations like Hands on Hartford, Community Renewal Team and Open Hearth. Travelers employees are also actively involved in the community, with many participating in mentorship and tutoring programs through Travelers EDGE, which aims to support underrepresented students in college and build careers within the insurance and financial services industry.
Not sure if Travelers is right for you? Consider these alternatives
When shopping for insurance, it’s highly recommended to request insurance quotes from more than one home and car insurance carrier. This gives you an opportunity to compare coverage and premiums, as well as experience each company’s customer service. If interested in Travelers, these companies may also be worth a look:
- Auto-Owners: Like Travelers, Auto-Owners offers lower rates than the national average for its auto and home insurance policies, although its state availability is more limited than Travelers.
- Farmers: Homeowners who want more endorsement options than Travelers offers for car and home insurance could consider quoting from Farmers.
- State Farm: State Farm’s consistently strong performance with customer service ratings could be a draw for customers who want personalized service.
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:
- $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.
- 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
- 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.
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 and homeowners 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 and home 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 and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners 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.