Fred Loya Insurance

Name of the company: Fred Loya

SECTOR: Financials

INDUSTRY: Insurance

Founded: El Paso, Texas, U.S(1974)

Founder: Fred Loya

INCORPORATED: 06/30/2007

Headquarters : El Paso, TexasU.S.

BBB rating: C

Chairman Emeritus: Fred Loya Sr.

Chief Executive Officer: Fred Loya Jr.
President: Flower Loya

fred loya insurance

Products: Auto insurance

Number of locations: 700 agencies

PHONE: 1-469-904-7260

Claims phone number: 800-880-0472

Customer service phone number: 800-248-8787

WEBSITE: www.fredloya.com

ADDRESS: 5004 Columbia Avenue Suite 102 Dallas, TX 75214 United States

About Fred Loya Insurance Company  

Fred Loya Insurance company’s headquarters are located in El Paso Texas. It is owned by Fred Loya, a Latin American. It all started in El Paso Texas, 1974 with one storefront. Today it is the 18th largest Hispanic-owned and operated company in the United States.

In 2008, Loya combined three San Antonio claims centers into one. 2013 was a record year for the Fred Loya Insurance Group. They paid over $500 million in premiums, insured more than 600,000 drivers and had over 420,000 policies.

The company employed 5,200 people and had 700 offices in Alabama and Arizona, California, Colorado and Texas as of 2016.

EP Loya Group operates the company. This Texas-based auto insurance firm also owns Loya Insurance Company and Young America Insurance. Rodney D. Young Insurance and National Insurance are other companies that might offer Fred Loya policies.

Perks Drawbacks
Drivers considered high-risk because of prior incidents and citations may be able to find coverage with Fred Loya. This large NAIC score suggests it is Fred Loya receives four times more complaints than is normal on the market.
Insurance agents are located at convenient places like shopping centres and grocery stores. The average premiums are higher in comparison to traditional auto insurance companies..
If your car is in the shop you could also receive a complimentary rental vehicle. Can’t get a quote neither file a claim online. They don’t offer 24/7 claim filing.

Our Thoughts About Fred Loya Insurance

  • Fred Loya has some great features like free rental cars and convenient locations in grocery and Walmart stores. However, the policies can be confusing.
  • Insurance provides car insurance for high risk drivers, who may find it difficult to purchase insurance from traditional car insurance companies.
  • Many of these drivers are people with bad credit or no credit. Company’s policies can be issued without or with credit checks. The SR-22 forms may also be available.
  • It is possible to find a local agency of fred loya in your area that can help you with your car insurance needs. However, Some drivers may find Fred Loya’s high auto insurance premiums and poor customer service ratings to be a problem.
  • This company has also been subject to a lot of customer complaints. Fred Loya received more than 400% of the complaints expected from an insurer this size. The company was fined for failing in its duty to protect customers’ interests.
  • The company doesn’t offer a strong digital experience. The Fred Loya website is outdated and difficult to navigate. Online access is available to make a payment for car insurance and view your Fred Loya policy information. However, it’s not possible to get a quote or file an claim. Instead, call the customer service or claims department.
  • It is not clear if Fred Loya has any additional coverage options that aren’t available with other car insurers.
  • Fred Loya’s score is lower than some of the best auto insurance companies due to its limited coverage options, state availability, and high average premiums. This may make Fred Loya less appealing for drivers who value affordability and excellent customer service.

Fred Loya Car Insurance Cost

Based on our research of the Average cost of car insurance Fred Loya car insurance covers drivers for $2,889 per annum for full coverage, and $449 for minimum coverage.

 Fred Loya has an average minimum coverage rate of $565 that is lower than the national average, but its average full coverage rate is higher than the $1,674 national average per year.

  Fred Loya average annual full coverage premium National average full coverage premium
Clean driving history $2,889 $1,674
Speeding ticket $2,863 $2,062
Adding a teen driver $7,747 $2,531
At-fault accident $3,430 $2,311

 In fact, Fred Loya’s average full coverage rates for a range of car insurance scenarios was significantly higher than the national average rates when we were researching rates.

Certain policy exclusions and coverage types are not standard and may not be obvious. It is important to read all the fine print.

 Fred Loya, for example, offers complete coverage. This is a combination of comprehensive and collision coverage. However, it only covers vehicles that have not been damaged. Once a policy has been purchased, all changes (including address and phone number updates) must be made by phone or in person.

Also Know>> What is Gap Insurance and when is it required?

Coverages by the company

Fred Loya only offers a limited range of coverages. Policyholders have the option to add to their Fred Loya policies:

Collision coverage: Covers damage to your car caused by a collision.

Other than Collision (comprehensive).: Covers damage caused by animal or weather damage as well as theft and vandalism.

Personal Injury Protection (PIP: This covers your injuries, lost wages, care-giving and funeral expenses following an accident.

MedPay (Medical Payments): Insures you for your injuries, regardless of who is at fault.

The company also covers rental cars. Renter’s reimbursement coverage can be purchased. Your liability coverage will also cover rental cars while your car is being repaired. This company has agreements with several mechanic shops that it calls Direct Repair Facilities. Auto repairs performed at these shops are covered for as long you own the car or lease it.

The company doesn’t have roadside assistance coverage. This means you are responsible for your own roadside assistance if you require it. The company won’t help you to hire a tow truck, or fix a flat. This company is not like many other insurance companies that offer towing services. This is another reason to look for another insurer.

Also Know>> Different Types Of Insurance Companies

Fred Loya car Insurance Discounts

The company advertises on its website that it offers discounts to save money on car insurance . However, it does not specify which discounts are available.

The company’s Insurance was penalized in 2012 for failing to follow the underwriting guidelines regarding customer discounts that were filed with Texas Department of Insurance. You can still find discount coupons on third-party websites.

Talking to an agent about discounts may be the best way for you to find out how to apply them in your car insurance policy.

Fred Loya Discounts may include:

  • Multiple car discount.
  • Discount on automatic seat belts or air bags
  • Anti-theft discount.
  • If you have successfully completed a defensive driving course, you may receive a discount.
  • Driver’s education discount.
  • Discount for taking a course in alcohol and drug awareness.

Also Know>> Different Types Of Insurance Companies

Owners of the company

The chief executive officer of EP Loya Group is Fred Loya Jr, the private company of which Fred Loya Insurance Agency is a subsidiary. Other subsidiaries of the EP Loya Group franchise include:

  • Loya Casualty Insurance Company
  • Rodney D. Young Insurance Group
  • Fred Loya Insurance Agency
  • Loya Insurance Company
  • Young America Insurance Company

Also Know>> Different Types Of Insurance Companies

Fred Loya Insurance car service

Fred Loya Insurance Agency, Inc. provides insurance services. The company offers vehicle and auto insurance products and services. The company provides services to customers in the United States.

This company  has a Direct Repair Program (DRP), which connects policyholders to approved auto-body shop partners. The vehicle’s repair costs are covered for the duration of the driver’s ownership or lease. Drivers can also rent a car while their vehicle is being repaired, regardless of whether this coverage is part of their auto policy.

Also Know>> Different Types Of Insurance Companies

Fred Loya Insurance customer reviews

The company’s customer service reputation is very poor.

It was actually fined 2012 for failing to follow the underwriting guidelines for customer discount that it had filed with Texas Department of Insurance. Instead, it imposed other requirements that kept premiums higher.

According to data from the National Association of Insurance Commissioners covering three years, the company received far more complaints than expected about auto insurance to state regulators relative to its size.

NAIC data shows the company has received 475% more complaints that would be expected from an insurance company of this size. FredLoya’s auto insurance is the subject of complaints. They are complaining about delays and denials. Reviews from Reddit and the Better Business Bureau (BBB), also mention similar issues.

The bottom line:

High-risk drivers might be able find coverage. However, company’s past legal issues and customer complaints make it difficult to recommend this company.

Also Know>> What are the best homeowners insurance near me

Methodology

Insuranceyesterday uses Quadrant Information Services for analysis of 2021 rates for all ZIP code and carriers in all 50 US states and Washington D.C. The following coverage limits are included in the quoted rates:

  • Per person, $100,000 bodily injury liability
  • $300,000. Liability for bodily injuries per accident
  • $50,000 per accident property damage liability
  • $100,000 bodily injury to a motorist uninsured per person
  • $300,000. Uninsured motorist bodily Injury per Accident
  • $500 collision deductible
  • $500 comprehensive deductible

Insuranceyesterday determined minimum coverage limits to meet each state’s requirements.  Base profile drivers have a 2019 Toyota Camry and commute five days per week. They also drive 12,000 miles each year.

Insurer complaints methodology

Insuranceyesterday reviewed complaints received from state insurance regulators. The National Association of Insurance Commissioners reported the findings to Insuranceyesterday in 2018-2020.

The NAIC calculates an annual complaint index for each subsidiary to assess how they compare with one another. This measures its share of total complaints relative its size or its share of industry total premiums.

How can I file a claim for damages?

You can file claims by calling 800-880-0472. You can only report them during Fred Loya’s office hours (Monday through Friday, 7 a.m.-8 p.m. MST; Saturday, 7 a.m.-4 p.m. MST).

Which states does Fred Loya offer car insurance?

Auto policies from Fred Loya are available in Alabama and Arizona, California, Colorado. Georgia. Illinois. Indiana. Missouri. New Mexico. Ohio.

Also Know>> What are the best homeowners insurance near me