Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Drivers looking for lower-cost auto insurance in New York and Massachusetts can consider Preferred Mutual Auto Insurance. The company has competitive prices, many driver discounts, and an AM Best financial strength rating of A (Excellent).
But due to a limited number of online customer reviews, it’s difficult to find information on how satisfied customers are with the company’s claims service. When looking for coverage, you should always compare quotes from multiple insurance companies.
Here’s what you need to know about auto coverage options from Preferred Mutual.
Quick Facts
The average monthly cost of a Preferred Mutual auto policy is $73 for liability coverage and $150 for full coverage, which is slightly cheaper than its competitors.
Preferred Mutual offers other insurance products, including home, renters, and commercial business insurance, in New York, Massachusetts, New Jersey, and New Hampshire. It only sells personal auto coverage in New York and Massachusetts.[1]
Preferred Mutual sells coverage through independent agents.
How Preferred Mutual compares to other insurance companies
Compared to similar insurers that cover small geographic areas — like 21st Century, Anchor, Commonwealth Casualty, and Hallmark — Preferred Mutual has cheaper average rates and more discounts. It has less availability and reach than its competitors but has a similar financial strength rating.
The table below shows how Preferred Mutual compares to its competitors.
Factor
▲▼
How Preferred Mutual Compares
▲▼
Rates
Cheaper
Discounts
More than competitors
Availability
Less than competitors
Financial strength
Similar to competitors
Our editorial team spent 350 hours developing the IQ (Insurify Quality) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. Criteria are weighted by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. We update ratings once a year or as more recent information becomes available.
Third-party financial ratings: We use data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also considered third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the United States, as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer’s transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify identified the number of states in which insurers offer coverage and company size by market share to score availability and reach.
How Preferred Mutual rates compare to competitors
The average cost of full-coverage insurance from Preferred Mutual is $150 per month. This is cheaper than some competitors and the national average of $204 per month.
See average rates for companies similar to Preferred Mutual below.
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Average cost of Preferred Mutual auto insurance
How much you pay for car insurance depends on a number of factors, including your driving record and age. Drivers with a clean record pay much lower rates than people with past speeding tickets, accidents, or DUIs. Insurers view drivers with past incidents as higher-risk and more likely to file claims, so they charge higher rates.
Your age also plays a significant role. Teenagers and drivers younger than 25 face the highest rates on average due to less driving experience. Drivers between 35 and 69 pay lower rates than younger drivers, but drivers older than 70 may see a slight increase in premiums.
Here’s how average liability insurance rates from Preferred Mutual compare to national average rates.
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
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Preferred Mutual car insurance cost by state
Car insurance requirements and prices depend on where you live. When determining your auto insurance premiums, insurers will consider your ZIP code and state insurance requirements.
The vehicle crime rates in your neighborhood, whether you live in a city or small town, and whether you park on the street or in a secure garage can affect the cost of your car insurance.[2] The type and amount of insurance you need can also influence the cost and will vary between states.
Compared to other companies selling insurance in Massachusetts and New York, Preferred Mutual has affordable average coverage. See how much liability coverage costs from Preferred Mutual compared to the state averages.
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Preferred Mutual car insurance discounts
Insurance discounts are an important factor to consider when comparing insurance companies because they can help you save a significant amount of money. Preferred Mutual offers several discounts, but availability varies based on the state you live in.
You can search using your ZIP code on Preferred Mutual’s website to find an independent agent who can tell you which discounts you qualify for. See the specific discounts offered in Massachusetts and New York below.[3][4]
Discount
▲▼
State Availability
▲▼
Description
▲▼
Annual mileage
MA
For people who drive less than 7,500 miles per year
Class 15
MA
Available to insured drivers who are 65 and older
Defensive driver
NY
Available to drivers who complete a defensive driving course
Driver’s training
MA and NY
For novice drivers who take an approved driver’s training course
Good student
MA and NY
For full-time high school and college students who maintain an average of B or above
Loyalty credit
MA
Based on the number of years you’ve had coverage with Preferred Mutual
Multi-car
MA and NY
For policyholders who insure more than one car
Multi-policy
MA and NY
For policyholders who have multiple policies, such as vehicle, homeowners, or mobile homeowners insurance
New business credit
MA
Get a premium credit for being a new customer
One pay
MA
When you pay your entire premium at the beginning of your policy term
Preferred risk premium
MA
Applies to all vehicles meeting underwriting criteria
Roadside assistance
MA and NY
Savings available to members of AAA or another motor club
Security
MA and NY
Save if your car has safety features, like airbags or an anti-theft device
Student away at school
NY
Available to students who live 100 miles or more from home without a vehicle
How customers feel about Preferred Mutual
Preferred Mutual has relatively limited online customer reviews.
The company has a customer review rating of 1.67 out of 5 stars on its Better Business Bureau (BBB) page, though the page only has six customer responses. Preferred Mutual doesn’t have a page with customer reviews on Trustpilot. It has received around 240 customer reviews on Google reviews with an average rating of 3.4 out of 5 stars.
When it comes to financial strength, Preferred Mutual has an A (Excellent) rating from AM Best. The company also has fewer customer complaints than average filed with the National Association of Insurance Commissioners (NAIC).
Preferred Mutual ratings
You can refer to several ratings to measure the financial security and customer satisfaction of an insurance company.
AM Best is a large credit-rating agency that rates the financial stability of insurance companies. The NAIC collects and shares customer complaint information against insurance companies. Preferred Mutual doesn’t have a ranking from J.D. Power, an analytics company that offers consumers insights into an insurance company’s performance.
See how Preferred Mutual rates below.
Rating
▲▼
Score
▲▼
What This Means
▲▼
AM Best
A (Excellent)
The company can afford to pay customer claims
NAIC Complaint Index
0.22
Less-than-average number of customer complaints
Preferred Mutual car insurance coverage options
Preferred Mutual car insurance offers the standard state-required car insurance coverages in New York and Massachusetts — including liability, medical payments, personal injury protection, and uninsured motorist coverage — as well as collision and comprehensive coverage.
Preferred Mutual offers the following optional types of car insurance:
Collision
Pays for repairs to your car if you have an accident, regardless of fault
Comprehensive
Covers damages to your car resulting from perils other than a collision, such as theft, vandalism, or severe weather
Accident forgiveness
Can help you prevent a rate increase after your first at-fault accident
Towing and labor
Includes coverage for some towing, labor, and rental reimbursement expenses
New car repair/replacement
This can cover the cost to replace or repair your new vehicle within the first year of purchase. It doesn’t include coverage for fire, theft, or vandalism.
While Preferred Mutual offers a good selection of insurance coverage options, some of its competitors in the auto insurance industry offer a wider range of coverage, including gap insurance and rideshare coverage.
Cheapest recent rates
Drivers using Insurify have found quotes as cheap as $37/mo for liability only and $40/mo for full coverage.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 20, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 20, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 20, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 20, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Other options for Preferred Mutual customers
In addition to auto insurance, Preferred Mutual also offers customers other coverages, including:
Homeowners insurance: You can protect the structure of your home against many covered perils, including fires, hurricanes, tornadoes, and lightning. But Preferred Mutual home insurance doesn’t cover floods or earthquakes.
Boat and trailer insurance: If you have a boat or trailer, you can add additional insurance onto your existing auto, homeowners, or renters insurance policy.
Above-ground pool insurance: Preferred Mutual also offers some specialty insurance coverage, including above-ground pool insurance you can add onto an existing homeowners policy.
Retail shop insurance: The company sells business insurance and commercial insurance for all types of retail shops.
Preferred Mutual insurance FAQs
If you still have questions about whether Preferred Mutual is the right choice for you, learn more with the following information.
Is Preferred Mutual legitimate?
Yes. Preferred Mutual is a legitimate insurance company with a long history. Founded in 1896, the company has its headquarters in New Berlin, New York. Preferred Mutual offers insurance products in only a small area of the U.S., including Massachusetts and New York. For specific information about what type of insurance or service is available in each state, you should contact a Preferred Mutual independent agent.
What is the average cost of Preferred Mutual car insurance?
The average cost of Preferred Mutual car insurance is $73 per month for liability and $150 for full coverage. Your coverage cost will depend on your driving record, age, ZIP code, and more. The best way to secure a lower cost for your next policy is to compare quotes from multiple insurers.
Is Preferred Mutual good at paying claims?
Preferred Mutual has an AM Best financial strength rating of A (Excellent). This means the company can afford to pay claims. It also has a below-average number of customer complaints filed with the NAIC for the company’s size, which indicates some customer satisfaction. That said, some online customer complaints cite issues with claims processing and reimbursement.
What state does Preferred Mutual write in?
Preferred Mutual sells personal auto insurance only in New York and Massachusetts. It sells other personal and commercial insurance products in New York, New Jersey, New Hampshire, and Massachusetts.
How do you cancel your Preferred Mutual insurance policy?
Preferred Mutual doesn’t list any instructions on its website for how to cancel an insurance policy. To learn more about how to request to cancel your coverage, you can contact the company’s customer service at [email protected] or call the corporate phone number at 1 (800) 333-7642.
Methodology
Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.
Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).
Liability-only premium averages correspond to policies with the following coverage limits:
Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
Property damage limits between $10,000 and $50,000
No additional coverage
Full-coverage premium averages correspond to the same bodily injury and property damage limits in addition to:
Comprehensive coverage with a $1,000 deductible
Collision coverage with a $1,000 deductible
Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Edited byKatie PowersAuto and Life Insurance Editor
Katie PowersAuto and Life Insurance Editor
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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