Kingsway Financial Services Insurance Review & Complaints: High-risk Auto Insurance (2024)

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Claims
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Financial Strength

Kingsway Financial Summary

Kingsway Financial is a Canadian holding company based out of Toronto, Ontario. The company was founded in 1989 and grew quickly. Their primary business in the United States is in non-standard insurance services. The company owns a large number of high-risk insurance companies, and between them they cover most of the United States, making the family of companies a major player in their niche market.

Among the subsidiary companies are Kingsway America, Mendota Insurance Company, and Universal Casualty Company. All of the policies offered through each subsidiary company are considered to be for high-risk drivers, who have had trouble obtaining insurance elsewhere due to a poor driving record or other issues. Kingsway America is headquartered in Illinois, with the other companies located in various other states.

Kingsway has acquired a large number of small non-standard insurers across the nation, which allows them to offer coverage in most states. Policies are sold individually through each company, most of which use agents to market them, particularly those specializing in non-standard insurance.

Read more:

• Mendota Insurance Company Review & Complaints: Auto Insurance
• Universal Property and Casualty Insurance Review & Complaints

Insurance Products

Kingsway writes high-risk auto insurance exclusively through a wide variety of subsidiary companies.

These products are frequently sold as liability-only policies since drivers who require high-risk insurance, although most non-standard insurance companies also offer full coverage options. These companies frequently offer the basic options; they rarely have the more trendy perks and benefits that standard insurance companies offer due to the higher cost of non-standard coverage.

In order to determine which coverage options are available in each state, insurance customers will have to compare the companies that are offering insurance in their home state. It’s best to see an agent that specializes in non-standard coverage, if that is what you require, to go over the companies and policies that are available to you.

Kingsway Financial Rates

We are unable to obtain a price comparison for Kingsway; for one, they sell through so many different companies, and they also write only high-risk insurance, which means that their rates will not be comparable to rates from a standard insurance company.

Non-standard insurance is, by nature, pricey. Drivers who have serious problems on their record including multiple tickets, accidents, and major violations represent a higher risk to insurance companies. Those who represent the highest level of risk are often denied coverage on the standard market, and those are the drivers looking to Kingsway companies to obtain the coverage they legally require to drive.

Even among non-standard insurers there is price competition, so it is worth it for high-risk drivers to compare a few rates. Still, those rates will be high, and the best way to get a lower rate is to improve the factors that cause the driver to be rated as a high risk.

Quotes from Kingsway companies can be obtained from each individual company, usually through an agent. Some companies may offer online quoting, although this is rare for small non-standard insurance companies, particularly since the reasons for being considered high risk complicate the quoting process.

Claims

Kingsway Financial is a holding company and thus does not handle any claims directly. Each of the subsidiary companies will handle their own claims through their own claims department.

Customers will need to locate claims information on the documentation provided or on the company’s website to determine where their claim should be filed.

Non-standard claims are handled in much the same way as standard; policyholders can expect to have an adjuster assigned to the claim, and investigation completed, and a settlement reached. The time period and process will vary from company to company as well as based on the nature of the claim itself.

Consumer Research and Complaints

There is no Better Business Bureau record for Kingsway Financial Services that we could locate. As the holding company, their reviews are not likely to have any bearing on how subsidiaries are rated.

Kingsway America, however, is rated by the BBB, and holds an A+ rating with a total of 19 complaints in the past three years. Three of those complaints, six were closed in the past 12 months. That is a low number for a large non-standard insurer – such companies are often subject to greater complaint volume because they insure drivers who area already likely to have problems based on their history.

Each of the subsidiary companies will have its own reviews and complaints, which makes it harder to develop an overall picture of how the family of companies is perceived at large. Considering that Kingsway Financial really doesn’t handle any of the insurance business directly, it’s best to research the particular subsidiary that you’re considering for your insurance individually to ascertain what that company’s reputation looks like.

Financial Strength

Kingsway Financial Services Insurance Claims Process

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

Kingsway Financial Services offers a variety of subsidiary companies that handle insurance policies for high-risk drivers. When it comes to filing a claim, the process varies depending on the subsidiary company you are insured with. Kingsway Financial, as a holding company, does not directly handle claims.

While the exact claims process may differ among subsidiary companies, customers can generally expect to have an adjuster assigned to their claim, an investigation to determine fault or liability, and a settlement reached. It’s important to note that the timeline and procedures for claims may vary from one company to another.

Average Claim Processing Time

The average claim processing time for Kingsway Financial Services’ subsidiary companies may vary based on the specific circumstances of the claim and the subsidiary handling it. Since each subsidiary operates independently, the time it takes to process and settle a claim can differ.

Policyholders should contact their respective subsidiary company or refer to their policy documentation for information on claim processing times.

Customer Feedback on Claim Resolutions and Payouts

Kingsway Financial Services operates through multiple subsidiary companies, and customer feedback on claim resolutions and payouts may vary depending on the subsidiary. While there is no Better Business Bureau (BBB) record for Kingsway Financial Services as a whole, some subsidiary companies, like Kingsway America, have BBB ratings and customer reviews.

For example, Kingsway America holds an A+ rating with the BBB and has received a total of 19 complaints in the past three years. While this is a relatively low complaint volume for a non-standard insurer, it’s essential for potential policyholders to research the specific subsidiary they are considering for insurance to gauge its reputation and customer satisfaction.

Kingsway Financial Services Insurance Digital and Technological Features

Mobile App Features and Functionality

Kingsway Financial Services offers a range of subsidiary companies specializing in non-standard insurance services. The availability of mobile apps and their features may vary depending on the subsidiary company you choose for your insurance needs.

Policyholders interested in mobile app functionality should check with their specific subsidiary company to determine if a mobile app is available and what features it offers. It’s essential to ensure that the app aligns with your insurance management preferences.

Online account management capabilities

Online account management capabilities also differ among Kingsway Financial Services’ subsidiary companies. Many insurers offer online account portals where policyholders can log in to view and manage their policies, make payments, update personal information, and track claims.

The availability and functionality of these online account management tools depend on the specific subsidiary company you are insured with. If online account management is essential to you, it’s advisable to inquire about the capabilities of the subsidiary company’s online portal and whether it meets your needs for policy management.

Digital tools and resources

Digital tools and resources can enhance the overall customer experience with an insurance provider. These tools may include educational resources, insurance calculators, and digital resources to help policyholders understand their coverage better. The availability of such tools and resources can vary among Kingsway Financial Services’ subsidiary companies.

For policyholders seeking digital tools and resources to assist them in making informed insurance decisions, it’s recommended to explore the offerings of the specific subsidiary company they are considering. Each subsidiary may provide unique digital assets to support their customers’ insurance needs.

Bottom Line

Kingsway offers non-standard insurance through a list of subsidiary companies scattered across the United States. Each of these companies offers their own rates, products, and has their own reputation. As a result, it’s best to take a closer look at the company itself before you take out a policy, as there is no overall rating or review for the company as a whole.

Kingsway America does seem to have a pretty low complaint volume, and they are a major insurer of non-standard drivers in the nation, so they are probably worth a look if you need that type of coverage. Standard drivers who are not considered high-risk are likely to find all of the Kingsway family of companies to be over-priced, and will find better coverage and rates with a standard insurance company.