Founders Insurance Review & Ratings (2024)

Founders Insurance offers a wide variety of flexible policy options to choose from. The affordable plans are customizable and can be tailored to your needs.

Some of the best features of Founders Insurance include:

Easy to get. Founders Insurance does not require a credit check to qualify for its policies, and it accepts most foreign, out-of-state, expired, suspended, and unverifiable driver’s licenses.

Affordable renters insurance. Founders offers renters insurance policies starting at 40 cents per day.

Electronic filings and account access. Founders gives you the option to save time and conserve paper by filing your SR-22 forms digitally. You may also access your account via the Founders Insurance login.

Personalized plans. Insurance policies with Founders are highly customizable and can be tailored to fit your needs.

Although Founders Insurance policies are affordable and easy to acquire, the company is not doing everything right. Founders Insurance does not perform well in the following areas:

Online information. Founders Insurance could improve its website by adding more information about its rates online.

Customer service. The most negative trait of Founders Insurance appears to be its customer service, and it has received many poor customer reviews and complaints online.

Financial credibility. Founders has been favorably rated by A.M. Best but is not rated by any other major rating agencies. Additionally, customers complain that Founders does not always honor its policy promises.

As with any big decision, it’s important to research all your options. Before deciding on a Founders Insurance plan, enter your ZIP code into our free quote comparison tool to see rates from the top-rated companies today.

What You Should Know About Founders Insurance Company

Welcome to our comprehensive guide on Founders Insurance, where we delve into the key aspects of this insurance provider. In this article, we will cover topics such as Founders Insurance services, including auto, home, and renters coverage, as well as its financial strength and customer reviews.

• Founders Insurance is a less well-known insurance company
• It provides both commercial and residential coverages
• Founders offers affordable policies with customizable plans, however, it has many negative customer reviews

To ensure you make an informed decision, we encourage you to enter your ZIP code and compare rates from the top insurance providers in your area. Let us help you find the best coverage options tailored to your needs.

Founders Insurance Company Insurance Coverage Options

Founders Insurance Company provides both commercial and residential coverage options.

Founders is perhaps best-known for its automotive insurance, but it provides additional coverages in the forms of renters insurance, homeowners insurance, liquor liability and special events coverage, and commercial auto insurance.

Founders Insurance Automotive Policies

Founders offers three different types of automotive insurance policies.

Personal Automotive Insurance

With a Founders Insurance automotive policy, plans can be personalized to meet your needs. There is no credit check or proof of prior insurance required for coverage. Founders accepts foreign and international licenses, and it is possible to obtain a policy even if you have prior losses.

Founders personal automotive insurance is available to drivers in Illinois, Indiana, Ohio, and Wisconsin. All policies include flexible underwriting and competitive prices. Monthly installment plans are available with low-cost down payment options.

Comprehensive auto insurance plans with Founders give you the ability to file SR-22 documents electronically. Collision deductibles are available up to $1,000, and Founders provides optional discounts for multi-car, transfer, homeowner, and renewal.

Founders Non-Owner Policies

For people that don’t own or regularly use a vehicle, Founders Insurance offers non-owner policies.

These plans include many of the same features as Founders personal automotive insurance, and it’s possible to qualify even if your license is expired, suspended, foreign, out-of-state, or unverifiable.

Non-owner policies also feature expanded coverage options, such as accidental death benefits and legal expenses coverage.

Founders Commercial Auto Insurance

Founders Insurance provides commercial automotive coverage for vehicles that weigh less than 16,000 pounds and travel within a 200-mile radius.

Commercial auto insurance is available to drivers in Illinois and Indiana, and benefits are available from the state minimum up to $300,000. For an additional charge, commercial auto policies are available even if you have an out-of-state, foreign, or unverifiable license.

Founders commercial auto plans are ideal for businesses that use vehicles such as snow plowers, landscapers, and contractors.

Founders Renters Insurance

Renters insurance is a great investment and a wise choice if you pay rent. Renters insurance through Founders Insurance Company is available to anyone who rents an apartment, house, condominium, or townhome in Illinois.

Founders renters insurance automatically includes liability insurance.

Liability insurance protects you from being sued if someone is hurt on your property. It is included in all Founders renters insurance policies. Additionally, all policies include medical payment coverage, which will pay for injuries to other people whether or not you are liable.

Plans are affordable and may start as low as 40 cents per day.

Renters insurance policies through Founders do not require a credit check or prior insurance. Pets are allowed, although exceptions may apply. Personal property coverage benefits range from $10,000 to $50,000, and personal liability coverage benefits start at $25,000 and go up $300,000.

Founders Insurance for Homeowners

If you own a house in the state of Illinois, you may qualify for Founders Insurance homeowners coverage. These policies can be written monthly, but it’s more affordable to bundle homeowners insurance with a Founders auto insurance plan.

Founders offers three types of homeowners insurance policies:

• HO3 special or standard policy. This plan is for homes up to 100 years old and provides benefits from $75,000 to $500,000.
• HO8 policy. With this plan, there is no age restriction and benefits range from $30,000 to $300,000.
• HO6 policy. This plan is designed for people who own a condo or townhome.

There is no credit check or prior insurance requirement for Founders homeowners insurance. Risk factors, such as pets and space heaters, are accepted.

Liquor Liability and Special Events Insurance

Founders Insurance also provides coverage for risks associated with liquor licenses or special events like wedding receptions, fundraisers, and fairs.

Founders Insurance has been providing commercial coverages for special events and venues since 1901 and lists these policies as one of its specialties.

Founders Insurance Company Insurance Rates Breakdown

When assessing the cost of insurance policies from Founders Insurance, several key factors come into play. These factors can significantly influence the premiums you pay for coverage. It’s essential to understand these elements to make informed decisions and potentially find ways to save on your insurance costs.

Here are the primary factors affecting the cost of Founders Insurance policies:

• Coverage Type and Limits: The type of coverage you choose, whether it’s auto, home, renters, or commercial insurance, will impact the cost. Additionally, the coverage limits you select, such as liability limits and deductibles, play a crucial role in determining premiums.
• Location: Your geographic location is a critical factor in calculating insurance premiums. Different states and regions have varying risk profiles for factors like accidents, theft, and natural disasters, influencing the overall cost of insurance.
• Driving History: For auto insurance, your driving history is a significant factor. Drivers with a clean record and no history of accidents or traffic violations typically qualify for lower premiums compared to those with a less favorable driving history.
• Credit Score: In some cases, insurers consider your credit score when determining insurance premiums. A higher credit score may result in lower premiums, as it is often correlated with responsible financial behavior.
• Discounts: Founders Insurance offers various discounts that can impact the overall cost of your policy. Safe driver discounts, multi-policy discounts, and discounts for safety features in your home are examples of potential cost-saving opportunities.
• Type of Vehicle (for Auto Insurance): The make and model of your vehicle, as well as its age and safety features, can influence auto insurance premiums. Generally, newer and safer vehicles may qualify for lower rates.
• Claim History: Your history of filing insurance claims can affect your premiums. A track record of frequent claims may lead to higher costs, as it suggests a higher risk for the insurer.
• Coverage Add-Ons: Additional coverage options and add-ons, such as comprehensive coverage, collision coverage, or additional endorsements, will contribute to the overall cost of your insurance policy.
• Property Characteristics (for Home and Renters Insurance):
• Specifics about your home or rental property, including its age, construction materials, and security features, can impact the cost of homeowners or renters insurance.
• Business Characteristics (for Commercial Insurance): For commercial insurance, factors such as the size of your business, industry, number of employees, and the nature of operations can influence the cost of coverage.

Understanding these factors and how they apply to your specific situation can empower you to make well-informed decisions when choosing insurance coverage from Founders Insurance. It’s recommended to explore discounts, compare coverage options, and adjust policy features to find the right balance between comprehensive coverage and cost-effectiveness.

Founders Insurance Company Discounts Available

Founders Insurance offers discounts on their insurance products, such as safe driver discounts, multi-policy discounts, and discounts for certain safety features in your home.

Streamlining Experience With Founders Insurance Claims Process

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

Founders Insurance offers multiple options for filing a claim, ensuring convenience for policyholders. You can easily file a claim online through their website, over the phone by contacting their claims department, or even through their mobile apps, providing flexibility in the claims reporting process.

Average Claim Processing Time

The average claim processing time with Founders Insurance can vary depending on the nature and complexity of the claim. However, the company aims to provide efficient and timely claim resolutions to its policyholders. For specific details on claim processing times, it’s recommended to contact Founders Insurance directly.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable indicator of an insurance company’s performance in handling claims. Founders Insurance has received mixed reviews regarding claim resolutions and payouts.

While some customers have reported positive experiences with prompt payouts and fair resolutions, others have expressed dissatisfaction, citing issues with customer service and claims processing. It’s advisable for potential customers to consider these reviews and assess their specific needs before making a decision.

Unleashing Innovation With Founders Insurance Digital and Technological Features

Mobile App Features and Functionality

Founders Insurance offers mobile apps that provide policyholders with convenient access to their insurance information. These apps may include features such as policy management, claims reporting, and payment processing. The exact features and functionality of the mobile apps may vary, so it’s recommended to explore the app or contact Founders Insurance for detailed information.

Online Account Management Capabilities

Policyholders can manage their insurance accounts online through the Founders Insurance website. Online account management typically includes options for reviewing policy details, making payments, updating personal information, and accessing important documents. The ease of use and functionality of online account management can contribute to a smoother customer experience.

Digital Tools and Resources

Founders Insurance may offer various digital tools and resources to assist policyholders in making informed decisions and managing their policies effectively.

These resources could include educational content, coverage calculators, and other online tools designed to enhance the insurance experience. To explore the specific digital tools and resources available, it’s advisable to visit the Founders Insurance website or contact their customer support.

How Founders Insurance Company Ranks Among Providers

Founders Insurance has established itself as a prominent player in the insurance industry, offering a range of personal and commercial coverage options. However, the market is competitive, and Founders faces challenges from several other insurance companies.

Here are some of the main competitors of Founders Insurance, exploring why they pose competition:

• State Farm: State Farm is a giant in the insurance industry, providing a wide array of coverage options, including auto, home, and life insurance. Their extensive network of agents and strong financial stability makes them a formidable competitor.
• Allstate: Allstate is a major competitor with a strong focus on auto and homeowners insurance. They emphasize innovative tools and technologies to enhance customer experience.
• Progressive: Progressive is well-known for its aggressive marketing and competitive rates, especially in the auto insurance sector. Their online-first approach appeals to a digitally connected customer base.
• Geico: Geico, with its direct-to-consumer model, is a strong competitor, particularly in the auto insurance space. Their advertising campaigns and competitive pricing make them a popular choice.

In the fiercely competitive insurance landscape, Founders Insurance faces formidable rivals in State Farm, Allstate, Progressive, and Geico. Each competitor brings its own strengths, whether it’s a vast agent network, innovative technology, competitive pricing, or strong brand presence.

Consumers looking for insurance should carefully consider the unique offerings of each competitor to find the best fit for their needs.

Founders Insurance Financial Ratings & Customer Reviews

Financial ratings and customer reviews are important sources of information when you’re searching for an insurance company. Financial ratings are third-party, impartial appraisals of an insurance company’s ability to meet financial obligations, and they offer insights into a company’s financial stability.

Third-Party Financial Ratings

Out of the major financial rating agencies, only A.M. Best has rated Founders Insurance Company.

Founders Insurance has an “A” (excellent) rating for financial strength with A.M. Best, and its outlook is classified as stable. Founders Insurance Company’s long-term issuer credit rating is “A” (excellent) and the outlook is also stable.

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Founders Insurance Customer Reviews

Customer reviews are one of the most important sources of information that you should consult when searching for an insurance company.

Founders Insurance is not Better Business Bureau (BBB) accredited, but it does have a BBB rating of A-, based on 107 customer complaints. Founders also has a 1/5 star rating based on 49 customer reviews with the BBB.

Founders Insurance is reviewed similarly on Google, where it has an average rating of 1.9/5 stars based on 591 customer reviews.

On Clearsurance, Founders has been reviewed more positively. The average rating based on 25 customer reviews is 3.79/5 stars.

Most customers leaving a negative review of Founders Insurance cite poor customer service and a failure to follow through on insurance commitments as the reasons for their dissatisfaction.