Preferred Mutual Insurance Company Review & Complaints: Auto, Home & Commercial Insurance (2023)

A regional insurance company, Preferred Mutual Insurance provides a selection of personal lines insurance products including auto and home policies, as well as a few types of commercial policy. Preferred Mutual offers insurance solutions and coverage in four eastern states through independent insurance agents.

Who is Preferred Mutual?

Preferred Mutual Fire Insurance Company of Chenango County was founded in 1896, modeled on Ben Franklin’s original insurance company. As a mutual insurer, the company is now owned by policyholders but it was once run by only a team of three people.

The original headquarters located in New Berlin, NY burned down in 1899 but the company was able to bounce back after that difficult time, in spite of the fact that it was made worse by the owner’s ironic failure to carry fire insurance.

Today the company still operates out of New Berlin and has expanded to cover New York, New Jersey, New Hampshire, and Massachusetts. Their products are sold through a network of independent insurance agents across these four states.

What insurance products does Preferred Mutual offer?

Preferred Mutual writes property & casualty insurance for individuals, as well as commercial products for businesses. The products available vary by state and speaking with an independent agent in your area is a great way to see what options for individual and commercial coverage you have.

Homeowners Insurance

Preferred Mutual offers a solid range of home insurance products, although the website does not provide a good breakdown of the details regarding the policies, or any explanation of coverage options. Available home insurance products include:

• Standard homeowners insurance, covering structures, personal property, and liability, along with a host of other options.
• High-Value Homeowners insurance known as the Pinnacle Program, which provides added coverage for high-value homes and their valuable contents.
• Condo insurance, protecting condo owners from liability and for personal property as well as that portion of the structure that is not covered by the homeowners association.
• Renters/Tenants insurance, which provides personal property and liability coverage to tenants who rent a home.
• Mobile Home insurance, offering coverage specific to the needs of mobile home owners.
• Rented Property, or landlord, insurance, covering the specific risks of a rented home, including coverage for the structure, liability, and loss of rents.
• Seasonal Home insurance, a type of homeowners insurance designed for covering properties that are frequently vacant.

Auto Insurance

Preferred Mutual currently writes policies for the auto insurance customer in two states: New York and Massachusetts. The two programs are similar, with adjustments for state laws and some of the discounts also differ. Standard liability and basic options are offered, along with a selection of more specific optional coverage. They also offer commercial auto insurance, which will be discussed later.

In New York, their auto program offers the optional Premier Auto Endorsement, which bundles together several additional coverage options for a single premium. The bundle includes towing, rental coverage, airbag and lock replacement, and new car replacement among others. There does not appear to be a similar program for their Massachusetts auto insurance customers at this time.

Specialty Vehicles

Preferred Mutual provides coverage for several types of specialty vehicles. These include watercraft, snowmobiles, and motor homes.

Watercraft coverage includes a variety of types, such as pontoon boats, sailboats, and both outboard and inboard motors.

Motor home coverage is available for several classes of RVs as well as travel trailers.

Other Specialty Coverage

There are additional policy options available from Preferred Mutual for those who may need specialty insurance. These currently include personal umbrella insurance, identity theft/identity fraud insurance, and several riders that can be added to a home policy such as above ground pool insurance and high-value items coverage.

Business Insurance

Preferred Mutual has business insurance for companies ranging from small to large. They understand that businesses can experience financial hardship and times of uncertainty so they have joined many other providers in the insurance industry to go beyond offering different coverages for individuals, and now provides multiple types of coverages for businesses as well.

Businessowners policies can be customized to meet the needs of specific companies, including liability, property, and other custom coverage. Commercial package policies are also offered for those industries where a typical businessowners policy is not appropriate. You can also opt to purchase a Commercial Umbrella Insurance policy from this provider.

Preferred Mutual also offers commercial auto insurance that can be added to a commercial insurance package or purchased separately. It is unclear if there are any additional policy endorsements available with the commercial auto insurance policies. If an auto insurance customer has any questions about this or any other options, they can speak with their independent insurance agent.

Among the specific businesses that Preferred Mutual has experience covering are retail stores, offices, food service, religious institutions, contractors, and wholesale and distributors.

What are the rates?

Preferred Mutual does not offer online quoting and instead has a quick form that can be used to contact an independent insurance agent. This is fairly standard for a smaller, regional insurer, but often results in unwanted solicitation efforts directed at consumers who are trying to compare rates.

As a regional insurance company, we do not expect that Preferred Mutual will have the best rates on auto insurance when compared to national direct-buy companies in the insurance industry. This type of insurance company generally relies more on added value options for individual customers and creating a user-friendly experience through excellent customer service rather than low rates to attract customers.

Preferred Mutual Insurance Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Preferred Mutual Insurance Company offers multiple convenient options for filing a claim. Customers can file a claim online through their customer service center, making the process quick and hassle-free.

Alternatively, if you prefer not to use the online portal, you can also complete an email claim submission. Furthermore, there is a toll-free phone line available for reporting claims, ensuring that customers have flexibility in how they choose to initiate the claims process.

Average Claim Processing Time

While the specific average claim processing time is not provided in the available information, Preferred Mutual Insurance Company strives to streamline the claims process. Their online claims reporting and easy access to claims forms by state help expedite the process.

Additionally, the company partners with Safelite Auto Glass for handling glass-only claims, enhancing efficiency in this particular area. Overall, their online claims assistance appears to be on par with much larger insurance companies.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on claim resolutions and payouts for Preferred Mutual Insurance Company is a mixed bag, as indicated by reviews on Google. The company holds an overall rating of 2.9 out of 5 stars, with both positive and negative reviews.

Complaints often revolve around difficulties in accessing customer service and issues with claims. However, it’s noteworthy that the company actively responds to all reviews on Google, demonstrating a commitment to addressing and rectifying customer concerns.

Digital and Technological Features of Preferred Mutual Insurance

Mobile App Features and Functionality

The available information does not provide specific details about Preferred Mutual Insurance Company’s mobile app features and functionality. However, it mentions that the company has a customer service center accessible through their website.

This suggests that they may offer mobile app features to enhance the customer experience, but further information would be needed to assess the app’s capabilities.

Online Account Management Capabilities

Preferred Mutual Insurance Company provides online account management capabilities through their customer service center. Policyholders can access their policy documents, make payments, file claims, and request changes to their policies through this online platform.

This feature offers convenience and flexibility for customers to manage their insurance accounts at their convenience.

Digital Tools and Resources

While specific digital tools and resources are not detailed in the provided content, Preferred Mutual Insurance Company appears to emphasize online customer service and accessibility.

Their website offers a range of services, including claims reporting, access to policy documents, and contact information. These digital tools likely contribute to providing customers with the information and assistance they need when interacting with the company online.

What do the ratings and consumer reviews say about the company?

Preferred Mutual has an A+ rating with the Better Business Bureau (BBB), and there are only four customer complaints on file in the past three years. None of those complaints were closed in the past 12 months.

Reviews on Google are mixed, with some glowing and some very negative. The overall star rating is 2.9 out of 5. Complaints seem to focus on difficulty accessing customer service and issues with claims. It is always a positive to see that the company responds to each and every review on Google, both positive and negative, indicating a desire to correct issues and remain aware of problems.

Preferred Mutual does not appear on any of the major national consumer review sites, which is fairly common for smaller, regional insurance companies.

What is the bottom line?

Preferred Mutual is a regional insurer with a long history, which may appeal to those who prefer to support a small, local company. They will be best choice for insurance for those who prefer more interactive service since you’ll need to work with an independent insurance agency. Their products are solid, with many options for added coverage, although without rates it is difficult to determine what sort of value this company offers. Their reputation is fairly solid, with a low complaint volume and enough positive reviews to make a dent in the complaints.