Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insuran...

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager Chris Harrigan

UPDATED: Mar 5, 2022

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Key Takeaways

  • Magnum Insurance provides a variety of coverages
  • Magnum Insurance is available in Illinois and Indiana
  • Magnum Insurance has been rated an A+ by the Better Business Bureau

Magnum Insurance offers car insurance quotes to customers in Illinois and Indiana. The company provides a variety of coverages that cover drivers in the United States and Mexico. Additionally, the company has been rated an A+ by the Better Business Bureau.

Let’s take a closer examination of Magnum Insurance.

What is the Magnum Insurance rates?

According to the Insurance Information Institute, multiple personal factors impact car insurance rates. The value of each aspect differs by company, and they attempt to keep how they weigh those factors a secret.

One of the primary factors in determining rates is age. Younger drivers are riskier to insure as they have less experience and are more susceptible to distractions. Therefore, looking at the average rates by age will help you estimate what you can expect to pay.

The following chart shows the average annual Magnum Insurance rates for drivers in Illinois and Indiana by age.

Average Annual Magnum Insurance Rates by Age in Illinois and Indiana
AgeAverage Annual Car Insurance Rates in IllinoisAverage Annual Car Insurance Rates in Indiana
18$4,837$3,919
20$3,634$2,949
25$1,909$1,681
30$1,676$1,465
40$1,485$1,254
50$1,392$1,224
60$1,339$1,189
70$1,470$1,309
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As you can see, rates are lower for drivers in Indiana than in Illinois. Additionally, rates decrease as drivers become older and likely more experienced.

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What coverages are offered by Magnum Insurance?

Car insurance companies sell coverages individually, allowing customers to pick which ones they want. Choosing more coverages will increase your rates, but they also offer more protection.

The cost of insurance is a common concern for customers, but the coverages provided are just as essential. The cheapest coverage might not offer protection if you get into an accident. The following table shows the standard coverages provided by Magnum Insurance.

Magnum Insurance Auto Coverages
Car Insurance TypesCoverage Description
Bodily injury liabilityPays for medical bills for an injured person in an accident you cause.
CollisionCovers damage to your car in an accident.
ComprehensiveCovers damage to your car if someone else is driving.
Medical paymentsCovers all medical costs caused by an accident.
Personal injury protectionCovers medical expenses for you and your passengers after an accident.
Property damage liabilityCovers the cost of any property damage you’ve caused in an accident.
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In addition to these standard coverages, Magnum Insurance provides options that aren’t as common with insurance companies. The following are additional coverages offered by Magnum Insurance.

  • GAP insurance. Covers the amount owed on the vehicle if it’s totaled.
  • Classic car insurance. Specialized car insurance for vintage or classic cars.
  • Rental reimbursement. Reimburses for a rental car if the covered vehicle is damaged.
  • SR-22 insurance. Proves a driver has minimum coverage as required by law.
  • Motorcycle insurance. Provides coverage for a motorcycle in Illinois or Indiana.
  • Mexico auto insurance. Provides required car insurance when driving in Mexico.

Magnum Insurance also offers roadside assistance to customers. The company’s partnership with the Motor Club provides customers with Magnum Insurance 24-hour roadside assistance. Customers that purchase this coverage can receive support that includes:

  • Battery service
  • Flat tire repair
  • Gas delivery
  • Locksmith service

Each of these coverages is available for a specific fee. As a result, adding any of the options will increase your rates.

Does Magnum Insurance offer discounts?

Car insurance can get expensive for high-risk drivers. Most insurance companies understand this and provide discounts so customers can lower their rates. Combining multiple saving opportunities allows customers to obtain the best possible rates.

Magnum Insurance doesn’t display a list of discounts on its website. However, the company likely provides some of the most popular deals. The following table shows some of the most common ways to save on car insurance.

Magnum Insurance Auto Discounts
Auto DiscountDiscount Description
Anti-theftCars include anti-theft devices, like alarms, tracking systems, and kill switches.
Good studentHigh school or college students with at least a 3.0-grade point average.
Multi-car policyInsure more than one car on a single auto insurance policy.
Pay in fullPolicy is paid in one payment.
Safe driverDisplay safe driving habits, like having passengers wear seat belts, low driving speeds, and less aggressive driving.
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While Magnum Insurance doesn’t list discounts, it does talk about the home and auto bundle. Magnum Insurance provides several types of insurance, including home and auto coverage. The company offers a 20% discount for customers that buy a Magnum home and auto policy.

Does Magnum Insurance have good reviews?

Credit rating agencies review insurance companies and provide information on their financial strength. Additionally, the National Association of Insurance Commissioners (NAIC) reviews complaints made about insurance companies.

The above organizations often overlook small companies and have not reviewed Magnum Insurance. Also, the company is independent, so there isn’t a parent company to review.

While most have ignored Mangum Insurance, the Better Business Bureau (BBB) has reviewed the company. At the time of this review, the BBB has rated Magnum Insurance an A+ for its business practices, indicating that it is trustworthy when dealing with customers.

The BBB hasn’t received any complaints about Magnum Insurance but has received one review. That review issued a rating of one out of five stars.

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How can you file Magnum Insurance claims?

Magnum Insurance allows customers to file claims online or by phone. Customers can use their Magnum Insurance login to access the customer portal on the website to file claims. The company requires that customers fill out a form, and an agent will contact you the next business day.

Customers can also file claims by calling the Magnum Insurance phone number at 1-888-539-2102. This number reaches Magnum Insurance customer service, and a representative will guide you through the claims process.

How can you make Magnum Insurance payments?

Most insurance companies provide multiple ways that customers can make payments. According to the company website, customers can make Magnum Insurance payments:

  • Online
  • Phone
  • At a local office

Customers can make online payments through the payment page on the company website. The page asks for your phone number and will send you a verification code to open your account. At that point, you can log in to pay your bill.

Those that prefer to pay by phone can do so by calling the Magnum Insurance customer service phone number at 1-888-539-2102. Representatives are on hand to take your information, allowing you to pay by credit card or debit card.

The third payment option is by paying at a local store. Magnum Insurance has several locations where customers can visit a local agent. However, all sites are in northwest Illinois, and most are in the Chicagoland area.

What is Magnum Insurance?

The Magnum Insurance Agency began in 1981 in Chicago, Illinois. The company has remained independent and employs agents throughout Illinois and Indiana. Over time, Magnum has expanded to provide home, business, and health insurance.

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Magnum Insurance: The Bottom Line

Magnum Insurance serves Illinois and Indiana, providing car insurance to drivers in those two states. The company offers several auto coverages and other types of insurance. Knowing more about the company will help you decide if Magnum Insurance is right for you.