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Gainsco Insurance Review 2020

March 2, 2020
Auto Insurance, Insurance
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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Gainsco insurance reviews and ratings

  • Offers car insurance for high-risk drivers.
  • Had more than the expected number of complaints to state regulators relative to its size for auto insurance.
  • Available in 11 states.

Headquartered in Dallas, Gainsco specializes in nonstandard auto insurance for high-risk drivers. Established in 1978, Gainsco car insurance is sold through its subsidiary, MGA Insurance Co.

Gainsco sells policies through comparison websites and independent agents in 11 states: Alabama, Arizona, Florida, Georgia, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah and Virginia.

Gainsco auto insurance

3.0 NerdWallet rating

Gainsco auto insurance earned 3.0 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account pricing and discounts, ease of filing a claim, website transparency, financial strength, complaint data from the National Association of Insurance Commissioners and more.

Gainsco offers standard car insurance options, including liability coverage, and comprehensive and collision insurance, and focuses on offering the minimum car insurance required by state.

In addition to these typical coverages, other options include:

SR-22 form: Many states require that your insurer file an SR-22 form to prove you have the minimum amount of car insurance after a DUI or other offenses. Similarly, Florida and Virginia require an FR-44 form to prove you have sufficient coverage. Gainsco can file these forms on its customers’ behalf, unlike many companies.

Non-owner insurance: Provides liability insurance if you don’t own a car. A non-owner policy can prevent you from being labeled as a high-risk driver due to a lapse in coverage if you don’t have a car. Drivers who need an SR-22 form may also need this type of policy to get a driver’s license reinstated.

Gainsco’s auto insurance discounts may include:

  • Discount for signing up for automated payments or paying your premium upfront, in full.
  • Discount if you own a home, condo, townhouse or mobile home.
  • Discount if you didn’t receive a cancellation notice for nonpayment in the past year.
  • Early signing discount for buying a policy at least three days before it starts.
  • Multiple-car discount.
  • Loyalty discount.
  • Discount if you had auto insurance prior to Gainsco (six months of proof, with no more than a 30-day lapse).

» MORE: Compare car insurance rates

Complaints about Gainsco

Gainsco had more than the expected number of complaints to state regulators relative to its size for auto insurance, according to three years’ worth of data from the National Association of Insurance Commissioners.

More about Gainsco

Website: Gainsco’s website provides an FAQ section and a glossary of insurance terms, but no coverage option details. Existing customers can make a payment, report and track claims and request an agent.

Mobile app: Similarly to its website, here users can get a quote, report a claim, request an agent and make a payment through Gainsco’s mobile app. The app is available for both Apple and Android devices.

Recap: Gainsco pros and cons

ProsCons
Provides coverage for high-risk drivers who may not be able to get sufficient insurance elsewhereMore than the expected number of complaints to state regulators for auto insurance
Can provide an SR-22 form if neededWebsite gives no coverage details
Online quote available

Auto insurance ratings methodology

NerdWallet’s auto insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, website transparency and affordability. Using our editorial discretion, we also consider customer satisfaction surveys. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home and life insurance.

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