GAINSCO Auto Insurance Review

GAINSCO offers affordable minimum-limits coverage. The company concentrates on helping drivers who need coverage because of suspended, expired, or foreign licenses. GAINSCO also provides insurance for older model vehicles. One of its hallmarks is helping policyholders comply with SR-22 documentation.

Who It’s Best For

• High-risk drivers with accidents or DUIs
• Motorists who need SR-22 coverage
• Drivers who do not own vehicles and want non-owner insurance

Who It’s Not Best For

• Low-risk drivers with good driving histories
• People who don’t like to conduct insurance business through an app or online

Pros and Cons of GAINSCO Auto Insurance

• Bodily injury liability: This coverage pays losses for bodily injury or death of the other driver or passengers in an accident for which you are at fault. Bodily injury liability also covers the cost of your legal fees if you’re sued. The policy coverage ranges from $25,000 to $65,000 per claim.¹
• Property damage liability: If you are found legally liable for an accident, property damage liability pays for damage to others’ property. This coverage also pays for legal defense costs if you are sued.
• Uninsured/underinsured motorist bodily injury: If a driver or vehicle owner who does not have any or enough insurance causes an accident, this will cover the costs if you, family members who live with you, or the occupants of your insured vehicle sustain injuries. The amount of this type of coverage runs from $10,000 to $65,000 per claim.
• Uninsured/underinsured motorist property damage: Like uninsured/underinsured motorist bodily injury, this will cover the damage to your vehicle if you’re involved in an accident with an uninsured/underinsured driver. The coverage amount averages $3,500, with a $250 deductible.
• Medical payments: This coverage kicks in to pay limited medical and funeral expenses if you, a family member, or a passenger in your car is injured or killed in a motor vehicle accident that you caused. Personal injury protection (PIP) includes medical payments but also other documented losses, such as lost wages because of accident injuries. PIP applies no matter who is at fault.
• Comprehensive and collision: The comprehensive portion of your policy encompasses damage to or loss of your automobile from causes other than collisions, such as fire, flood, hail, theft, or vandalism. The collision part of your policy covers damage to your vehicle no matter who’s at fault.
• Towing and labor: The coverage pays for towing charges for your undriveable car.
• Rental reimbursement: If your policy covers damage to your vehicle, the coverage pays a daily set amount for a rental car while yours is in the repair shop.

GAINSCO’s rates depend on many factors, including driving record, age, sex, ZIP code, and vehicle. However, the average annual cost is $1,389, making GAINSCO a relatively inexpensive option for high-risk drivers compared to the insurance industry average of $2,508. To find out your exact rate, contact the company and provide your personal information.

Pay-in-Full Discount (PIF)

GAINSCO offers a competitive PIF discount when you pay in advance for your auto policy.

AutoPay Discount

Lower your premiums by signing up for automatic payments with GAINSCO’s AutoPay program.

Prior Coverage Discount

The company offers a discount if your record shows at least four continuous months of prior auto insurance coverage with a less than a 60-day coverage lapse before your GAINSCO policy goes into effect.

Homeowner’s Discount

If you own a home, including a condo, townhouse, or mobile home, you could receive a discount on your auto insurance.

Multicar Discount

GAINSCO gives customers a discount for insuring more than one vehicle on a single policy.

GAINSCO auto insurance is available in 18 states:

• Alabama
• Arizona
• Arkansas
• Florida
• Georgia
• Indiana
• Illinois
• Missouri
• New Mexico
• Ohio
• Oklahoma
• Oregon
• South Carolina
• Tennessee
• Texas
• Utah
• Virginia
• Wisconsin

GAINSCO offers a team of bilingual agents and customer service representatives who speak English and Spanish to assist potential customers. Customers can call the company at 866-424-6726. Customer service representatives hours are as follows:

• Monday through Friday, 8 a.m. to 7 p.m. CT
• Saturday, 8 a.m. to 5 p.m. CT

These are the  sales agents hours:

• Monday through Friday, 8 a.m. to 8 p.m. CT
• Saturday, 8 a.m. to 5 p.m. CT

You can also email the company at service@gainscoagency.com. File claims through customer service or online at https://www.gainsco.com/customers/report-a-claim/.

GAINSCO provides auto insurance quotes online here: https://www.gainscoagency.com/gainsco-agency/getyourquote/. The online quote process is available in Spanish as well.

The company also has an app for iOS and Android. For iOS users, the GAINSCO Quick Estimate App is rated 2.7 out of five stars. The Quick Estimate app guides you through the claims submission process, including uploading photos of vehicle damage, to receive an estimate for your claim.

The GAINSCO Mobile App for Android users has more options. This app has an average rating of 3.4 stars. Users of the GAINSCO Auto Insurance App can do all of the following:

• Request a quote.
• Make a payment.
• Report a claim.
• Request an agent.
• Contact the company.
• Read the latest GAINSCO news.

GAINSCO has more consumer complaints than average, but it has also received excellent financial strength and credit ratings.

• AM Best: The global credit rating agency AM Best has affirmed the financial strength rating of A- (Excellent) of MGA Insurance Company Inc., which sells insurance under the brand name GAINSCO. AM Best also issued the company a Long-Term Issuer Credit Rating of A- (Excellent). The outlook of these credit ratings is stable.²
• Better Business Bureau: GAINSCO has a one-star rating on the Better Business Bureau based on customer feedback. The BBB itself gave the company a rating of A-.³ GAINSCO has a 99 percent response rate to BBB-filed complaints. The BBB bases its ratings on how likely the business is to interact with its customers.
• National Association of Insurance Commissioners (NAIC): GAINSCO/MGA Insurance Company has a 4.5 rating on the NAIC Complaint Index Score for 2021. This means GAINSCO has a complaint report of more than four times the national average for the auto insurance industry. GAINSCO had 41 complaints, 16 of which originated in Florida.⁴
  
  The index measures filed complaints versus written insurance premiums; the lower the score, the better. Unfortunately, this does not bode well for the company’s customer satisfaction, which is much lower than many competitor car insurance companies.

With a less than 1 percent share of the U.S. auto insurance market as of 2022, GAINSCO Auto Insurance first opened in Dallas, Texas, in 1978. MGA Insurance Company, Inc. underwrites GAINSCO insurance policies. In 2021, State Farm Mutual Automobile Insurance Company finalized its acquisition of GAINSCO for approximately $400 million in cash.⁵

Unlike many other auto insurance companies, GAINSCO does not provide additional insurance options, such as homeowners or renters insurance.

To cancel a car insurance policy with GAINSCO, contact your local insurance agent or call GAINSCO directly at 1-866-GAINSCO. The provider will refund any prepaid portion of your insurance if you cancel during your policy term.