Mercury Insurance Review 2023

Yes, Mercury insurance rates are competitive, as the company is one of the 10 cheapest auto insurers nationally, according to WalletHub analysis. Mercury car insurance customers pay an average of $604 per year for coverage. Mercury's car insurance rates are based on your driving record and experience, along with factors like the type of car you drive, your ZIP code, your insurance history, and more. Your coverage and deductible choices also impact your final quote, as does your eligibility for discounts.

Mercury Car Insurance Rates vs. Popular Competitors

Note: Rates are an approximation based on a 45-year-old driver in California. Actual rates will vary. For more information, check out the methodology section of our Mercury car insurance review.

Other Factors That Make Mercury Insurance Competitive

• Mercury offers 9 auto insurance discounts.
• Mercury offers 9 different types of insurance.
• Mercury customer service representatives are available 24/7.

To learn more, read WalletHub's complete review of Mercury.

Mercury is rated 2.8 out of 5 by WalletHub's editors, based on factors such as customer reviews and watchdog-group ratings. For example, Mercury has a rating of 3.63 from he National Association of Insurance Commissioners (NAIC), meaning it has more customer complaints than the average insurer its size.

Mercury Insurance Ratings

• WalletHub Editors: 2.8
• A.M. Best: BBB+
• J.D. Power: 3.9
• NAIC: 3.63
• BBB: A-
• Moody's: A2
• Average User Rating on WalletHub: 2.1/5

To learn more, check out WalletHub's complete Mercury car insurance review.

Mercury is so cheap because the company offers a wide variety of discounts that almost anyone can get. A minimum coverage policy from Mercury costs an average of $56 per month, and Mercury premiums can be made even cheaper by taking advantage of discounts such as paid-in-full discount and anti-theft device discount. Plus, Mercury rewards customer loyalty with discounts for insuring more than one car and bundling multiple policies, such as home and auto.

Average Monthly Rates for Mercury vs. Top Competitors

Note: Premiums are representative of a 45-year-old good driver in CA; individual premiums will vary.

Your final premium is based on a variety of factors, though, such as your driving record, insurance history, and more. Every insurance company determines their rates differently, so even though Mercury is among the cheapest car insurance companies, the only way to confirm you've found the lowest price is to compare quotes from multiple companies.

To learn more, check out WalletHub's review of Mercury and see Mercury's full profile.

To file a complaint about Mercury, go online and submit your issue to the Better Business Bureau as well as your state's insurance regulator, then write a review of Mercury on WalletHub. This will either allow Mercury to fix their mistake or it will warn other consumers of potential problems with Mercury's service.

How to File a Complaint About Mercury

1. File a complaint with the Better Business Bureau (BBB). Use the Bureau's online claim submission process to file your claim. The Better Business Bureau forwards complaints within two days, and customers will be notified of any response from Mercury or if they fail to respond.
2. Submit a formal complain to your state's insurance regulator. Click here to find the database of the state insurance departments. Select your state and complete the online consumer complaint form.
3. Write a review on WalletHub. Mercury customers can voice their opinion by going to Mercury's profile on WalletHub and clicking "Write a Review". At the very least, this will help other consumers thinking about doing business with the company.
   
4. Complain on social media. Use whatever social media platforms you have to your advantage. This can help build awareness for your issue, including from Mercury. If you have the ability to contact the company directly via social media, that's a good idea too.

What You Need to File a Complaint About Mercury With Regulators

• Your name, address, and phone number
• The name of any specific agent/broker
• Your policy number
• Any relevant claim number
• The details of your complaint/concern

So, if you're disappointed with any element of Mercury's service, you can rest easy knowing that you have several options for filing a complaint.

The main Mercury NAIC number is 16810. Mercury's NAIC number is the five-digit code given by the National Association of Insurance Commissioners (NAIC), which assigns numbers to authorized insurance providers in order to track customer complaints and ethics violations across state lines.

With Mercury's NAIC number, anyone can learn more about the company's financial data, the kinds of complaints that have been filed by customers, and any enforcement actions taken against the company. Customers will need Mercury's NAIC number to report fraud or file an insurance claim, as well.

Although the main Mercury NAIC number is 16810, the NAIC has assigned a separate code for each of Mercury's affiliate companies, which are listed below. You can find the number that applies to your particular policy on your Mercury insurance card. 

Mercury NAIC Numbers

Mercury's NAIC number is not the same thing as the three-digit code assigned by each state's department of motor vehicles. These numbers, issued by state insurance commissioners, are given to the companies that have been authorized to sell insurance policies in a particular state. However, they are not standardized across state lines, like NAIC numbers are.

Yes, Mercury has a grace period for payments, with specific timeframes varying by state law. During the grace period, policyholders can pay their past-due premium in order to avoid a lapse in coverage. If the grace period ends without the necessary payment being made, Mercury will cancel the policy. Even if the policyholder pays the balance within the grace period, Mercury will still charge them an amount that varies by state.

If you miss a car insurance payment, Mercury will usually send you a notice of cancellation that includes the final date that they will accept payment before your coverage lapses. Since almost every state requires you to have car insurance, a lapse in coverage could lead to serious consequences, including fines and even a license suspension if you're caught driving. Additionally, going without insurance designates you as a high-risk driver and can make car insurance more expensive in the future, so it's important that you pay your car insurance premium prior to the final cancellation date.

Mercury insurance rates go up by an average of 80% after an accident. Even though an accident will cause Mercury to raise your car insurance premium when you renew your policy, the added cost will only be temporary. An accident will usually affect your Mercury premium for just 3-5 years.

The exact amount that Mercury premiums go up after an accident depends on a few factors, including who was at fault, how much damage was caused, the policyholder's driving and claims history. In general, at-fault accidents or severe accidents that lead to expensive insurance claims increase rates more than minor or not-at-fault wrecks. Additionally, premiums increase more for drivers who have had previous accidents or moving violations.

To learn more, check out WalletHub's complete review of Mercury car insurance, as well as our guide to how much insurance goes up after an accident.

Mercury is owned by its shareholders, as it is a publicly traded company. The biggest shareholders are The Vanguard Group, BlackRock, and Renaissance Technologies which have a combined ownership stake of almost 10%, according to public records, as of Q1 2020.

Mercury was founded in 1961. For more information, check out WalletHub's full Mercury review.

To cancel Mercury insurance, the policyholder notify their agent directly by calling, mailing, or meeting in person. You will need to provide basic information about yourself, your Mercury policy number, and the date you would like your policy to end. Mercury may also ask for the details of your new car insurance policy to verify you won't be driving without insurance. If you've already paid your premium for the policy period in full, Mercury will refund the unused portion, minus any cancellation fees.

How to Cancel Mercury Insurance Policies

• Cancel by phone by calling your agent directly at the phone number listed on the back of your insurance card
• Cancel my mail by writing a letter that includes your name, policy number, and the date you want your policy to end. Sign, date, and mail your letter to: Mercury Insurance / 555 W Imperial Hwy / Brea, CA 92821-4802
• Cancel in person by visiting your nearest Mecury Insurance office and speaking with an agent
• Pay the cancellation fee. Mercury charges a cancellation fee of 10% of your remaining premium, so if you still owe $300 on your policy, you'll pay a $30 penalty fee to cancel coverage.

It's important to remember that you don't need to cancel your policy just because you're going through some life changes. For example, you should have Mercury update your mailing address or vehicle information if you're moving or buying a new car.

In addition, if you're canceling your current policy in order to switch to another company, be sure to activate your new policy before canceling the old one. This prevents a lapse in coverage, which would lead to higher premiums in the future.

To learn more, check out reviews and other information about Mercury on WalletHub.

Mercury is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $604 per year, the average Mercury car insurance policy is actually cheaper than coverage from most competitors. In fact, Mercury is one of the cheapest car insurance companies nationally.

Even though Mercury offers cheaper-than-average rates, its premiums can get expensive for drivers with certain characteristics. For example, teenagers pay an average of $1,848 per year for Mercury insurance, compared to $604 per year for older drivers. Additionally, drivers who recently had an at-fault accident pay an average of $1,087 per year for Mercury coverage, which is 80% more than drivers with a clean record.

Factors That Can Make Mercury Insurance More Expensive

• Being a young or inexperienced driver
• Purchasing a full coverage policy versus minimum coverage
• Causing an accident or being convicted of a moving violation
• Living in a high-risk ZIP code
• Driving an expensive vehicle
• Having a poor credit-based insurance score

If you're struggling to afford your Mercury insurance, there are ways for you to lower your rate. For example, you can take advantage of Mercury discounts or reduce your coverage.

In some cases, it might be better to switch insurers altogether. It's usually a good idea to compare quotes from at least three different insurers to see if you can find a better deal elsewhere. Each insurer uses its own algorithm to calculate premiums, so even if Mercury is charging you a high premium, you may be able to find a cheaper policy with another insurer.

To learn more, check out WalletHub's Mercury review.