GAINSCO Auto Insurance Review [2023]

GAINSCO Auto Insurance offers affordable car insurance quotes to customers in 44 states. The company focuses on high-risk drivers, so it has fewer coverage options than many competitors. However, rates are competitive for risky drivers, and the company is rated A- by A.M. Best.

Let’s closely examine GAINSCO Auto Insurance.

Does GAINSCO Auto Insurance have competitive rates?

A driver’s risk is a primary factor in the cost of coverage. Car insurance companies use various characteristics to determine a driver’s risk, and riskier drivers experience higher rates. Some of the common aspects used to assess risk include:

• Age
• Gender
• Location
• Mileage
• Type of vehicle
• Driving history
• Credit history

Most companies that focus on high-risk drivers have lower rates for those with a clean record but higher rates for those with multiple driving infractions. As a result, whether this type of company is the most affordable option largely depends on your driving record.

GAINSCO is one of the companies that focuses on high-risk drivers. Therefore, a rates comparison should involve customers with driving infractions. The following chart reveals the average annual rates for GAINSCO and competing companies relative to a driver with two accidents.

As you can see, the average GAINSCO Auto Insurance quote is competitive compared to some of the top companies for drivers with two accidents.

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What coverages are offered by GAINSCO Auto Insurance?

Most car insurance companies sell coverages individually, allowing customers to customize their policies. Purchasing additional coverage results in more protection should you become involved in an accident.

Most states require drivers to carry a minimum amount of insurance. This requirement usually consists of liability coverage which is referred to as minimum coverage. Maintaining the minimum amount of insurance is the most affordable option.

Carrying a combination of liability, comprehensive, and collision protection is called full coverage. Most lenders require that drivers maintain full coverage until they pay off their loan. After paying off the loan, drivers can elect to decrease their coverage.

Knowing the types of coverages that a company offers will help drivers determine if they provide the best protection. For example, GAINSCO provides six of the seven standard auto insurance coverages. The following table discloses the common coverages offered by GAINSCO and their descriptions.

As expected by a company focusing on high-risk drivers, GAINSCO Auto Insurance offers fewer coverages than many competitors. However, they provide enough standard options to protect drivers in most situations.

GAINSCO also offers nonowner coverage. This type of insurance is for drivers that don’t own a vehicle but plan on driving. Drivers must carry coverage, regardless of whether they are driving their vehicle. And this option covers you when you’re driving someone else’s car.

In addition to coverage, GAINSCO also assists drivers with SR-22 and FR-44 forms. Drivers with revoked licenses must file these documents to get driving privileges reinstated. GAINSCO will file the documents on a driver’s behalf.

Does GAINSCO Auto Insurance have discounts?

Car insurance can be expensive, particularly if a driver is considered high risk. Fortunately, most car insurance companies provide discounts that allow drivers to lower their rates. Since GAINSCO focuses on high-risk drivers, knowing the saving opportunities is essential.

GAINSCO provides various auto insurance discounts that depend on the driver’s payment habits and coverage selections. The following table displays some of the saving opportunities offered by GAINSCO.

Customers can bundle discounts to create the lowest possible rates. When buying coverage, asking a representative about all discount options will ensure that you take advantage of all saving opportunities.

How is GAINSCO Auto Insurance rated?

Credit rating agencies regularly review and rate insurance companies according to their financial strength. Customers can use these ratings to determine the company’s likelihood of providing a payout when they file claims.

GAINSCO Auto Insurance has been rated A- by A.M. Best. While A.M. Best is the only agency to review GAINSCO, it’s the most trusted organization. The A- rating is excellent and indicates that GAINSCO will usually provide a payout when customers file a claim.

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Does GAINSCO Auto Insurance have any complaints?

Reviewing complaints about insurance companies helps customers determine the quality of service they’ll receive. The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints regarding most insurance companies.

At the time of this review, the BBB has received 117 complaints about GAINSCO during the past three years. Of those 117 complaints, 42 have occurred in the last 12 months, and most involve the company’s products and services.

Additionally, 25 customers have completed GAINSCO Auto Insurance reviews on the BBB website. These reviews have an average rating of one out of five stars.

The NAIC hasn’t reviewed GAINSCO but has examined its parent company, State Farm. According to the NAIC, State Farm has 229 complaints and a complaint index ratio of 4.73, indicating far more grievances than the average company of a similar size.

How can you file GAINSCO Auto Insurance claims?

GAINSCO allows customers to file claims by phone and online. When filing a claim, the company will require the following information:

• Your policy number
• Your agent’s name
• Date of the incident
• Location of the incident
• Vehicle information
• Individuals involved in the incident

The easiest way for most customers to file a claim is to use the company’s website. You can access the customer portal by entering your GAINSCO Insurance login information. The portal also allows customers to upload photos and documentation related to the incident.

Policyholders can file claims over the phone by calling the GAINSCO Auto Insurance claims number at 866-424-6726. Representatives will assist customers Monday through Friday from 7 a.m. to 7 p.m. (CST).

Although representatives aren’t available on the weekend or after business hours, customers can leave a voicemail, and a representative will return their call on the next business day.

How can you make GAINSCO Auto Insurance payments?

Most insurance companies provide multiple ways to make policy payments. The best option depends on convenience and processing time. GAINSCO provides four methods for making payments, including:

• Online
• Phone
• Visiting a local agent
• Mail

Additionally, there are four GAINSCO Auto Insurance payment methods, including:

• Debit card
• Credit card
• Check
• Money order

Paying online is typically the easiest option. Customers can use their GAINSCO website login information to access the payment section of the customer portal.

Those that prefer to pay by phone can contact a representative by calling the GAINSCO Auto Insurance phone number at 1-866-424-6726. Similar to the claims department, representatives can assist you Monday through Friday between 7 a.m. and 7 p.m. (CST).

While GAINSCO offers coverage in 44 states, it has physical offices in 17 states. Customers can visit an agent’s office in one of these states to make an in-person payment. The GAINSCO Auto Insurance locations include:

• Alabama
• Arizona
• Arkansas
• Florida
• Georgia
• Illinois
• Indiana
• Missouri
• New Mexico
• Ohio
• Oklahoma
• South Carolina
• Tennessee
• Texas
• Utah
• Virginia
• Wisconsin

Additionally, customers can mail a check to the company at the following address:

GAINSCO Auto Insurance
P.O. Box 199023
Dallas, Texas, 75219-9023

While an online payment is the quickest option, paying by mail will take longer to process.

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Who is GAINSCO Auto Insurance?

GAINSCO was founded in 1978 in Dallas, Texas, to provide coverage to high-risk drivers. GAINSCO offers auto insurance coverage through its MGA Insurance Company subsidiary. However, MGA sells policies under the brand name GAINSCO Auto Insurance.

Originally an independent company, State Farm agreed to purchase GAINSCO in September 2020. The sale was completed on December 31, 2020, making GAINSCO Auto Insurance a subsidiary of State Farm.

GAINSCO Auto Insurance: The Bottom Line

Finding auto coverage as a high-risk driver can be difficult. However, GAINSCO Auto Insurance offers affordable options to high-risk drivers and multiple discounts to lower rates. The State Farm subsidiary has also been rated A- by A.M. Best.

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