Founders Insurance Review & Ratings (2024)

Founders Insurance offers affordable non-standard policies primarily for drivers who struggle to secure standard coverage. If you live where Founders operates and are considered high-risk to insure, consider adding this company to your list while comparison shopping.

However, safe drivers may have better luck earning cheaper rates with more coverage options from some of the other best insurance companies that offer more discount opportunities and policy add-ons.

You’ve learned how to buy Founders car insurance, now secure the best coverage for you by entering your ZIP code into our free rate comparison tool below to receive quotes from the top companies in your region.

What You Should Know About Founders Insurance Company

Founders Insurance Company Insurance Coverage Options

Founders car insurance company is a non-standard insurer that sells car insurance to drivers in Illinois, Indiana, Ohio, and Wisconsin.

This company offers flexible underwriting and personalized coverage with no credit requirements, according to the website.

For coverage, you can purchase traditional car insurance basics from Founders Insurance that meet at least the legally required limits in the states where it operates.

This includes liability, uninsured motorist, collision, and comprehensive coverage. You can also purchase medical payments (MedPay) coverage, at least in Wisconsin, where it is a state-mandated insurance type.

Founders also sells car insurance to high-risk drivers, those needing SR-22 insurance, international licenses, and more.

The company also offers non-owner policies, plus additional accidental death benefits and legal expense coverage.

Founders Insurance does not currently provide a mobile app to customers. However, the company does offer a web link specifically compatible with mobile viewing.

So instead of downloading an app, drivers can visit the mobile web page and use their Founders insurance login to access their customer portal while on the go.

In the customer portal, you can pay your bill, file claims, make changes to your policy, and see further details about your car insurance coverage.

What other insurance products does Founders Insurance sell?

Founders offers a handful of additional insurance products to customers beyond car insurance policies.

However, not every product is available in every state in which the company operates.

If you live in Illinois, Founder offers renters insurance coverage for houses, condos, townhomes, and apartments with rates starting less than $1 per day.

Founders also sells homeowners insurance in the state of Illinois. While you can purchase a homeowner policy without buying car insurance, the company does discount your rates if you bundle both insurance types.

This company also offers commercial car insurance for vehicles that weigh under 16,000 pounds and travel less than a 200-mile radius. In Illinois and Indiana, it also writes policies for snowplows and landscaping.

Finally, Founders Insurance specializes in hospitality industry insurance, including liquor liability and special events coverage. The company covers everything from wedding receptions to farmers’ markets.

According to the website, Founders has been a leading hospitality insurer for over 50 years and supplies coverage for producers in 18 different states.

Founders Insurance Company Insurance Rates Breakdown

Unfortunately, Founders car insurance rates are not publicly available at this time.

But if you do request Founders insurance quotes, you can compare them to the national average and the average rates in the state where you live.

According to the National Association of Insurance Commissioners (NAIC), the average cost of car insurance in 2018 was $99.16 per month or $1,190 annually.

In the table below, see the average annual cost of car insurance in the states where Founders Insurance sells policies.

Average Annual Car Insurance Rates by State

Keep in mind that many different variables impact your car insurance costs, and car insurance regulations and laws vary by state. For example, your ZIP code, age, driving record, car model, and coverage requirements heavily influence the price of your car insurance policy.

So to truly find the best coverage for you, compare quotes online from multiple different companies.

Founders Insurance Company Discounts Available

Founders Insurance does offer some stackable car insurance discounts to drivers. However, savings amounts and availability may vary by state.

At this time, you can earn multi-car, transfer, homeowner, and renewal discounts from Founders Insurance.

Other discounts may be available as well, but you’ll need to ask an agent for more specific information.

Founders Insurance Effortless Claims Process

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

Founders Insurance offers multiple ways for policyholders to file a claim, ensuring a convenient and accessible process. You can submit a claim through their website, either by completing a form or by logging into your account.

Additionally, you have the option to file a claim over the phone, providing flexibility for those who prefer speaking with a representative. However, it’s worth noting that Founders Insurance does not currently provide a dedicated mobile app for claim filing.

Average Claim Processing Time

The average claim processing time with Founders Insurance may vary depending on the complexity of the claim and the specific circumstances. While they do not specify a precise timeline on their website, it’s advisable to reach out to their claims department directly for more information regarding the expected processing time for your specific claim.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is crucial in assessing an insurance company’s claim resolution and payout process. While Founders Insurance does not have publicly available customer reviews on their website, it’s a good practice to research independent sources and review platforms to gauge customer experiences with their claims. This can provide valuable insights into how efficiently and fairly the company handles claims.

Unveiling Cutting-Edge Digital and Technological Features by Founders Insurance

Mobile App Features and Functionality

Founders Insurance does not currently offer a dedicated mobile app for policyholders. However, they have designed a mobile web page that is compatible with smartphones, allowing customers to access their accounts on the go. While it may not have the full functionality of a mobile app, it provides essential features such as bill payment, claim filing, and policy management.

Online Account Management Capabilities

Policyholders with Founders Insurance can manage their accounts conveniently through the company’s website. The online portal allows users to make policy changes, access policy details, and pay bills. While it lacks the convenience of a mobile app, the online account management system offers the necessary tools for customers to stay in control of their insurance policies.

Digital Tools and Resources

Founders Insurance provides digital tools and resources to assist policyholders in understanding their coverage and making informed decisions. These resources may include educational articles, FAQs, and information on insurance products.

While they may not have an extensive suite of digital tools, these resources can be valuable for customers seeking information and guidance related to their insurance policies.

How Founders Insurance Company Ranks Among Providers

In a dynamic insurance landscape, Founders Insurance operates as a regional provider, offering a range of coverage options for drivers in Illinois, Indiana, Ohio, and Wisconsin. While Founders Insurance caters to non-standard insurance needs with flexible underwriting, it faces competition from well-established players in the industry.

Here are some of the main competitors and understand why they pose a challenge to Founders Insurance:

• State Farm: State Farm is one of the largest insurance providers in the United States, offering a wide range of insurance products, including auto, home, and life insurance. With a vast network of agents and a strong financial position, State Farm competes with Founders Insurance by providing comprehensive coverage options and discounts.
• Progressive: Progressive is known for its innovative approach to auto insurance, offering features like usage-based insurance and a robust online platform. As a major player in the insurance industry, Progressive competes with Founders Insurance by providing competitive rates and a user-friendly experience for customers.
• Geico: Geico is a well-known insurance provider that focuses on delivering affordable auto insurance. With a strong online presence and a reputation for competitive pricing, Geico competes with Founders Insurance by offering a straightforward and cost-effective insurance solution.
• Allstate: Allstate is a major insurance company offering a variety of insurance products, including auto and home insurance. With a focus on personalized coverage and a range of discounts, Allstate competes with Founders Insurance by providing comprehensive options for customers seeking reliable coverage.
• Nationwide: Nationwide is a diversified insurance and financial services company with a strong presence in auto insurance. Known for its variety of coverage options and discounts, Nationwide competes with Founders Insurance by offering a comprehensive approach to insurance needs.
• Farmers Insurance: Farmers Insurance is a well-established insurance provider offering a range of coverage options, including auto and home insurance. With a network of agents and a focus on customer service, Farmers Insurance competes with Founders Insurance by providing personalized solutions for customers.

As customers navigate the insurance market, Founders Insurance contends with formidable competitors like State Farm, Progressive, GEICO, Allstate, Nationwide, and Farmers Insurance. Each competitor brings its unique strengths and offerings, making the decision-making process crucial for individuals seeking reliable and affordable coverage.

By considering factors such as coverage options, discounts, and customer service, policyholders can make informed choices that align with their specific insurance needs.

What are the Founders Insurance financial ratings and customer reviews?

Looking at an insurance company’s financial rankings and customer reviews helps you determine if a company is reliable and easy to work with before actually committing to a policy.

Fortunately, Founders Insurance Company earned an A (Excellent) score from A.M. Best, implying that it is in a solid financial position. You can rely on Founders to close open claims and not default on obligations.

Founders Insurance is not accredited by the Better Business Bureau (BBB) but did earn an A- score. This means the company likely interacts positively with its customers.

According to the NAIC, Founders Insurance has a complaint index score of 7.20. The median complaint index is always set to 1.00, and lower scores are better. So a 7.20 does suggest that Founders Insurance receives substantially more customer complaints than the median.

It’s ubiquitous for car insurance companies to receive primarily negative reviews online, so keep this in mind while analyzing the Founder Insurance customer experience.

However, some customers mention a slow claims process while others say the prices fluctuate. But interactions with the actual customer service representatives seem primarily positive.