Preferred Mutual Insurance Review

Updated October, 2020
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Preferred Mutual has been providing insurance coverage to residents of New York and Massachusetts since 1896. They offer a vast array of auto insurance policies, discounts, and perks. Their team of agents and customer service representatives are eager and willing to help you find your best policy.

Preferred Mutual overview

Preferred Mutual has been providing NY and MA residents with auto, home, and business insurance for over 120 years. Their car insurance coverage protects not only your vehicle, but yourself, others, and your assets. Competitive rates, multiple discounts, and helpful agents make Preferred Mutual the choice of over 232,000 policyholders.

Additional benefits

Preferred Mutual provides additional optional coverages as well as perks you can qualify for, including:

  • Premier Auto Endorsement: Offered to New York residents, this endorsement includes the bundling of 15 coverages, including towing, rental, new vehicle replacement, original equipment manufacturer parts, personal effects such as car seats, airbag, and lock/key replacement, emergency service charges, full glass, and more! Policyholders can add this for a minimal annual cost.
  • Loyalty Credit: Receive a discount based on the number of years a policy is insured with Preferred Mutual. It pays to renew your policy year after year.

Filing a claim is simple

  • Phone: Call (800)333-7642 and follow the prompts to report a claim
  • Email: claims.newlosses@preferredmutual.com
  • Online: Securely file a claim online 24/7 by logging into your MYPreferred account
  • By Agent: Contact your independent agent to file a claim for you

Pros

  1. Easily review your policy, pay your premium, and report a claim online through MYPreferred Portal.
  2. A+ rating with the Better Business Bureau (BBB)
  3. Over 480 agents offering expert guidance and advice to help you find the right insurance coverage for your needs.

Cons

  1. Limited coverage areas, only available in NY and MA

Coverage options

  • Liability Coverage: Protects you for damages to others if you are at-fault in an accident.
  • Medical Payments Coverage: Provides payment for medical treatment for bodily injury caused by a covered accident.
  • Under-insured/Uninsured Motorist Coverage: Protects you for covered damage caused by drivers with no insurance or those who don’t carry enough insurance.
  • Collision Coverage: Pays to repair or replace your insured car after a covered accident.
  • Comprehensive Coverage: Pays for covered damages to your insured car, resulting from a peril other than collision (weather-related damage, theft, etc.)
  • Accident Forgiveness: May help you avoid rate increases following a first at-fault accident.
  • Personal Injury: Covers certain reasonable and necessary expenses.
  • Additional Coverage for towing, labor, and rental reimbursement.
  • New Car Repair/Replacement: Covers the replacement cost of your new vehicle within the first year of purchase (except for fire, theft, or vandalism). *Only available for residents of Massachusetts.

Preferred Mutual car insurance discounts

Preferred Mutual offers a wide range of discounts to help lower your premium.

Here are some discounts you may be eligible for:

  • Defensive Driver Discount: For drivers who complete an approved defensive driving course.
  • Good Student Discount: For full-time high school or college students who maintain a 'B' average or better.
  • Student Away at School Discount: For those students more than 100 miles from home without access to a vehicle.
  • Multi-Car Discount: Save money if you insure more than one vehicle on your policy.
  • Security Discount: For cars with safety features such as airbags, anti-lock brakes, passive restraints, and anti-theft devices.
  • Roadside Assistance Discount: Applies when an insured belongs to a motor club (i.e., AAA members).
  • Annual Mileage Discount: For drivers who drive their vehicle less than 7,500 miles annually.
  • One Pay Discount: Save by paying your entire premium at the beginning of your policy term.
  • Class 15 Discount: People 65 and older are eligible.

Consider Preferred Mutual if...

If you prefer to operate online, then Preferred Mutual is a great choice. With the MYPreferred portal, reviewing your policy, paying your monthly premium, and reporting your claim is quick and easy. They also offer many discounts that help make their already competitive rates even lower.

Consider alternatives to Preferred Mutual if...

Unfortunately, if you live outside of New York or Massachusetts, you're not eligible for coverage with Preferred Mutual.

What is my best insurance option?

When shopping for car insurance it's important to compare several quotes side-by-side. This gives you the best pricing & coverage options.

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