Young America Insurance is a property and casualty insurance company that was originally founded in 1929. Headquartered in Minneapolis, Minnesota, Young America provides insurance products like auto, home, renters, business, and life insurance across the United States.
The company’s mission is to provide quality insurance products and excellent customer service. Young America aims to make insurance simple and straightforward for policyholders by offering comprehensive coverage options at competitive rates. The company prides itself on being easy to work with and responsive when customers need to file claims or have questions.
With 90 years of experience in the insurance industry, Young America has built a reputation for financial strength and reliability. The company has an A- rating from A.M. Best, indicating excellent financial health. Young America insures over 1 million policyholders across the country.
Products Offered
Young America Insurance offers a wide range of insurance products to meet the needs of individuals and businesses. Here is an overview of the main types of insurance coverage available:
Auto Insurance
- Coverage options for liability, collision, comprehensive, medical payments, uninsured motorist, and more
- Add-on coverage like rental reimbursement and roadside assistance
- Discounts available for good drivers, anti-theft devices, multiple policies
Home Insurance
- Protection for house, condo, mobile home, rental property
- Coverage for dwelling, personal property, loss of use, personal liability
- Options like water backup, identity theft, earthquake
Life Insurance
- Term and permanent life insurance policies
- Options for whole, variable, and universal life plans
- Riders for chronic illness, waiver of premium, accelerated death benefits
Business Insurance
- General liability, commercial property, business income, commercial auto
- Professional liability, workers’ compensation, cyber liability
- Industry-specific policies for retail, restaurants, offices, contractors
Specialty Insurance
- Boat, motorcycle, classic car, renters, umbrella, pet
- Flood, earthquake, identity theft, travel medical
- Tailored plans for unique assets and risks
The company aims to offer a comprehensive suite of insurance solutions for both individuals and businesses. With an array of options, Young America seeks to provide the right protection for each customer’s unique needs and assets.
Coverage Options
Young America Insurance offers a wide range of coverage options to meet the diverse needs of customers. Their auto insurance policies allow customers to customize their coverage by selecting from different levels of liability, collision, comprehensive, uninsured motorist, medical payments, and other options.
For liability coverage, customers can choose state minimum limits or higher amounts like 100/300/50 or 250/500/100, which cover higher dollar amounts for injuries per person, per accident, and for property damage. Collision and comprehensive coverage can also be selected, with various deductible amounts from $250 up to $1000 or more.
Uninsured and underinsured motorist coverage protects customers if they are hit by a driver who doesn’t have sufficient insurance. Customers can also add medical payments coverage in case injuries are sustained in an accident. Rental reimbursement and roadside assistance are additional options customers can purchase for extra protection.
Young America’s home insurance offerings allow customers to select dwelling coverage limits to match their home’s rebuilding costs. Personal property coverage and other options like water backup, identity theft, and earthquake coverage can also be added. Customers can choose a basic HO-2 policy or a more comprehensive HO-3 policy.
Overall, Young America aims to provide personalized options so customers can build auto and home insurance policies tailored to their budget, assets, and risk tolerance. Their agents work with customers to determine appropriate coverage limits and options.
Claims Process
Filing an insurance claim with Young America Insurance is straightforward. Here’s an overview of how their claims process works:
Claims can be filed by phone or online. To start the claims process, call Young America’s claims center at 1-800-123-4567 or visit their website and click on “File a Claim” to submit it electronically.
When reporting a claim, have information about the loss ready including date/time, location, and details about what happened. Photos and documentation like police reports are also helpful to provide.
A claims adjuster will be assigned to investigate the claim. They may request additional documentation or ask clarifying questions. Be responsive to their inquiries to expedite processing.
Once the adjuster has all the necessary information, they will make a determination on the claim. For approved claims, payment is typically issued within 5-7 business days by check or direct deposit.
Some claims like theft or liability may take longer to investigate before a decision is made. The adjuster will keep you updated on the status during this time.
Young America has an online claims portal where you can track the status of a claim 24/7. Documents can also be uploaded here for convenience.
If any part of the claims process is unclear or you have questions, contact your claims adjuster directly for assistance. Their job is to help policyholders through this process.
The key to a smooth claims experience with Young America is providing complete, accurate information upfront and maintaining communication with your adjuster. Their claims team aims to resolve covered losses fairly and efficiently.
Customer Reviews
Young America Insurance receives positive reviews from customers regarding their claims process, customer service, and overall value. Many customers highlight the ease of filing claims either online or over the phone, with quick turnaround times on payments.
The customer service team receives praise for being friendly, knowledgeable, and responsive. Customers mention having a dedicated agent to contact with questions or policy changes, which helps build rapport. Several reviews specifically call out agents by name for providing excellent ongoing support.
In terms of value, customers say their premiums are competitive, especially for the level of coverage provided. Young America is seen as an affordable option compared to other major insurers. Customers comment that they receive strong coverage for home, auto, life, and business policies without paying high rates.
The few negative reviews relate to denial of claims, where customers felt the insurer interpreted policies overly strict to avoid payment. However, these instances appear to be the minority, as most customers say claims are handled fairly based on their policy terms.
Overall, Young America Insurance scores well in customer satisfaction due to pleasant experiences obtaining quotes, working with agents, filing claims, and securing robust coverage at reasonable prices. The company maintains a loyal customer base who recommend them for insurance needs.
Financial Strength
Young America Insurance has consistently received high financial strength ratings from independent rating agencies like A.M. Best. This indicates that the company has sufficient financial resources to pay out claims and remain solvent even in challenging economic conditions.
According to A.M. Best, Young America Insurance currently holds an “A” (Excellent) rating for financial strength. This means the company has an excellent ability to meet its ongoing insurance obligations. A.M. Best uses a scale ranging from A++ (Superior) to F for financial strength ratings.
Young America’s “A” rating reflects its strong risk-adjusted capitalization, consistent operating performance, prudent reserving practices, and effective management team. The rating also indicates that Young America has a favorable business profile as a niche insurer focused on specific market segments.
Policyholders can feel confident choosing Young America Insurance knowing the company has received strong ratings for financial stability from independent agencies. The ratings provide assurance that Young America will have the ability to pay out future claims even if economic conditions become more difficult.
Discount Programs
Young America Insurance offers several discount programs to help lower your premiums. Here are some of the key discounts to ask about:
Multi-Policy Discount
You can save up to 15% on your auto insurance premium when you bundle multiple policies together, such as home and auto insurance. This encourages customers to purchase multiple insurance products from Young America for added convenience and savings.
Good Driver Discount
Drivers with a clean driving record free of accidents or violations can qualify for up to 20% off their auto insurance. This rewards safe drivers with lower rates.
Safety Feature Discounts
Discounts are offered for certain safety features like airbags, anti-lock brakes, automatic seatbelts, and anti-theft devices. Adding safety features to your vehicle can earn you a break on your premiums.
Defensive Driver Discount
If you complete an approved defensive driver safety course, you may be eligible for up to 10% off your premium. This encourages drivers to enhance their skills and drive more cautiously.
Good Student Discount
Full-time high school or college students who maintain a B average or higher can receive a discount on their policy. This is designed to reward good students with lower rates.
Taking advantage of these discounts from Young America Insurance can add up to significant savings on your auto insurance premiums each year. Be sure to ask your agent which discounts you may be eligible for.
Contact Information
There are a few ways to get in touch with Young America Insurance for sales inquiries or customer support.
Phone
Young America Insurance has dedicated phone numbers for sales and customer service support.
To speak with a sales representative about policy options, call 1-800-123-4567. Sales team members are available Monday-Friday from 9am-5pm EST.
For policy support, billing questions, and claims assistance, call the customer service line at 1-800-987-6543. Agents are available 24/7 to help existing customers.
To email the sales team, send your inquiry to sales@youngamerica.com.
For customer support, email customerservice@youngamerica.com. Responses are typically provided within 24 hours.
Live Chat
Young America Insurance offers live chat for quick assistance.
On the company website, look for the chat widget in the bottom right corner. Chat with a sales rep during business hours or connect with customer service 24/7.
Competitors
Young America Insurance competes with other major insurance companies like State Farm, Allstate, Geico, and Progressive. Here’s how it stacks up:
Rates: Young America is known for having competitive rates, especially for drivers with clean records. They offer discounts for things like safe driving and bundling home and auto policies. Their rates are generally lower than Allstate and State Farm, but can be higher than Geico or Progressive for some driver profiles.
Products: Young America offers standard auto insurance products like liability, collision, comprehensive, uninsured motorist, and medical payments coverage. They have add-ons like rental reimbursement and roadside assistance. Their product offerings are similar to competitors, with no unique offerings.
Service: Young America is rated well for customer service and claims handling. They have knowledgeable agents and fast claims processing. Their service quality is on par with State Farm and better than Geico or Progressive, which rely more on online service. Allstate also has highly rated service.
Availability: Young America operates in 20 states, while State Farm, Allstate, Geico and Progressive have national availability. So Young America has less nationwide presence.
Financial Strength: Young America has an A- rating from A.M. Best, indicating excellent financial strength. This is comparable to State Farm and Allstate (both A++ ratings) and better than Geico and Progressive (both A+).
So in summary, Young America competes well on rates and service but has less availability than national insurers. They offer standard products but no real unique advantages. Their financial strength is excellent but a bit below leading insurers like State Farm and Allstate. They can be a good option for drivers looking for competitive pricing and good service from an agent-focused regional company.
Conclusion
Young America Insurance is a smaller, regional provider of auto, home, and life insurance primarily serving the Midwest and Southern United States. Compared to larger national insurers, they offer competitive rates and develop strong relationships with local independent agents. Their smaller size can be seen as an advantage through more personalized service. However, they have fewer financial resources and may not be equipped to handle very large or complex claims.
Overall, Young America Insurance is a good option for basic insurance needs for residents of their coverage area. Their affordable rates and local agent support stand out as benefits. Just be aware that in the event of a major catastrophe, response times and claim processing could be slower compared to an insurer with more resources. Weigh your options, but don’t rule them out if you want to support a smaller company with good rates. As with any insurer, be sure to read all policies carefully and understand exactly what is and is not covered.