Some of the best insurance companies are those that offer a versatile lineup of insurance products made to meet several needs.
One company that fits the bill is The Hanover Insurance Group.
Though you may be less familiar with The Hanover than some of its competitors, it’s actually one of the oldest and most reputable names in insurance.
But does that mean it’s the right provider for you?
In the review below, we’ll take a closer look at The Hanover’s history, financial standing, and a few of its most popular lines of insurance.
Table of Contents
- About The Hanover
- Car Insurance
- Home Insurance
- Renters Insurance
- Pros and Cons
- Alternatives to The Hanover
About The Hanover
The Hanover’s story began in 1852, when it opened under the name The Hanover Fire Insurance Company.
After several decades of growth, The Hanover branched beyond fire insurance, adding auto policies and several other lines of insurance to its product offering in 1911. Today, The Hanover offers:
- Auto Insurance
- Business Insurance
- Homeowners Insurance
- Renters Insurance
- Identity Theft Protection
- Recreational Vehicle Insurance
- Umbrella Insurance
- Valuables Insurance
- Watercraft Insurance
With A-level ratings from A.M. Best, Standard & Poor’s, and Moody’s, the financial outlook for The Hanover is strong.
In 2019, the company had $4.9 billion in total revenue, insuring 904,000 businesses and people.
The Hanover is also the 2020 Forbes America’s Best Mid-size Employer, with 4200 employees across its local agencies and a partnership with an additional 2100 independent agents.
Alongside its financial ratings and accolades for being a great employer, The Hanover touts good customer satisfaction ratings.
One indicator of their strong relationship with clients is the Better Business Bureau. The company has been BBB-accredited since 1959 and holds an “A+” rating with them.
You can feel good about doing business with the Hanover, too, thanks to the company’s commitment to environmental and community service efforts.
They’ve been awarded numerous accolades for their efforts, as well as garnering a perfect score on the 2020 Corporate Equality Index.
The Hanover’s reputation as an ethically upstanding, financially solvent, and customer-oriented insurance company is hard to beat.
We’ll take a closer look at some of their biggest lines of insurance below.
Hanover Auto Insurance
The Hanover is a solid choice for car insurance, with positive rankings from the J.D. Power Satisfaction Survey, a low complaint ratio, robust coverage, and simple claims filing.
Its policies offer the basic coverage you might expect, like comprehensive and collision coverage, liability insurance, transportation expenses, and personal injury protection.
While The Hanover’s coverage might start with the basics, it doesn’t end there. The company offers three Platinum policies, each offering varying levels of protection.
Platinum Auto Essential
The Hanover’s most basic platinum plan comes with the following features:
- Child passenger restraint system replacement: Without a required deductible, $300 can be used to replace a car seat.
- Deductible waiver: If a qualifying incident leaves you needing to file claims on multiple pieces of property, you’re only responsible for one deductible.
- Excess custom equipment: If someone other than your manufacturer put in any kind of equipment, you could get $1500 to replace it, with additional coverage available up to $40,000.
- Excess electronic equipment: $1000 is available for electronic equipment that was added to the car after it was purchased, with additional coverage available up to $20,000.
- Key replacement: Was your key stolen? This coverage will pay as much as $250 to replace it.
- Mechanical parts replacement: Car batteries, tires, and other parts outside of the car’s body are covered, without any depreciation.
- Original equipment manufacturer parts: This coverage provides OEM parts for your car’s model year and the two before it.
- Ultimate rental: While your car is being repaired or replaced, this coverage will pay up to $3,000 for a rental.
Platinum Auto Advantage
The Hanover’s next level of coverage adds even more protection:
- Accident forgiveness: The Hanover will forgive your first accident in a 36-month period, so your premiums will not go up as a result of filing a claim.
- Deductible dividends: Every year you go without an accident, $100 is subtracted from your deductible, which can diminish to as low as $100.
- New car replacement: If you total your new car before the earlier of one year or 15,000 miles, The Hanover will replace it without depreciation.
- Newer car replacement: Even if your car isn’t brand new, if it’s totaled, this coverage will pay to replace it with the same make and model that’s one year newer, up to 120% of the car’s cash value.
Platinum Auto Elite
Platinum Auto Elite policyholders get the additional coverage features below:
- Accidental airbag deployment: This coverage will pay to replace your manufacturer-installed airbag when it’s not involved in an accident,m without requiring a deductible.
- Accidental death benefit: If you or a family member are killed in a covered accident while wearing a seatbelt, the family will receive $10,000 per deceased person.
- Home care services: If an accident leaves you unable to keep up tasks at home, like lawn care and housekeeping, your policy will foot the bill, up to $2500 total.
- Pet protection: If your pet is injured in a covered accident, The Hanover will pay up to $500 for their vet expenses, and up to the same amount for final expenses if they die.
- Rental car coverage: Adding to the rental car protection of collision coverage, this portion of the policy helps to pay fees and fund the company’s replacement of the rental car and loss of income caused by your accident.
- Rental coverage upgrade: If your vehicle is being repaired after a covered accident, you can drive a luxury car or a large SUV.
- Trip interruption: If you’re more than 100 miles from home and get in a covered accident, this coverage will reimburse you for your troubles, providing up to $1,000 for transportation back home, food, and other essentials.
If you want a more customizable policy and don’t necessarily need all the features above, you can add individual coverages like pet injury protection or home care services to your basic plan.
The Hanover Auto Insurance Discounts
You can save on car insurance from the Hanover with the following discounts:
- Annual upfront premium discount
- Anti-theft protection discount
- Driving course discounts
- Home and auto bundling discount
- Multi-car discount
- SafeTeen driver discount with the SmarPath app
- Student driver discounts for good grades and leaving your car at home while away at college.
Hanover Homeowners Insurance
Another of The Hanover’s most popular products is homeowners insurance.
By comparison, The Hanover offers more comprehensive coverage options than many of its competitors, with plenty of customization options.
Like the company’s car insurance policies, you can choose from a few levels of coverage.
Here’s what you can expect at each level:
- Waiver of deductible: Similar to The Hanover’s car insurance, you won’t have to pay multiple deductibles for property damaged by the same covered incident.
- Extended dwelling replacement: This feature adds up to 25% of the amount needed to rebuild your home if the cost exceeds your coverage due to increases in the price of materials and labor.
- Fire extinguisher protection: If you have to use your fire extinguisher at home, your policy will pay to recharge it or purchase a new one.
- Lock replacement, If someone steals your house key, your home insurance policy will cover the cost of replacement.
- Mortgage extra expense coverage. If you have to buy a new house after a covered incident, your policy will pay up to $1,000 on loan fees and bridge the gap if the new interest rate is higher than the rate for your destroyed home.
- Personal property replacement cost: The Hanover will pay the full, current replacement cost for your lost, damaged, or destroyed belongings in a covered event.
- Siding and roof restoration. If a portion of the roof or vinyl siding of your home is repaired and the original style of material is out of stock, you have up to $20,000 to replace it altogether.
- Refrigerated food: If the power goes out and the food in your fridge or freezer spoils, your home insurance can help replace it.
Platinum Select Plus
Platinum Select comes with a few more areas of coverages, including:
- Extended dwelling increase: With Select Plus, you get up to 50% more than the maximum policy amount towards rebuilding.
- Identity theft protection: This coverage helps with the cost of restoring your identity if someone steals it, as well as providing you with services to assist you in the process.
- Personal injury: Injury and legal costs for cases involving evictions, break-ins and the like may be covered.
- Water backup: If you incur water damage due to a backup from a sump pump, sewer, or drains or pipes, you get up to $25,000 for repairs.
Platinum Select Premium
Platinum Select Premium enhances coverage even more, providing you with:
- Special personal property: This provision extends the coverage limit for personal property, including protection for misplaced valuables, broken fragile keepsakes, and property damage from motions of the earth outside of earthquakes.
- Deductible waiver: If $50,000 worth of damage is done to your house, The Hanover will completely waive the required deductible.
Whatever level of home insurance you choose, you can tack on some forms of coverage a la carte, including:
- Assisted living protection: Adds coverage for living expenses, personal liability, and personal property protection for your loved ones in nursing homes or assisted care facilities.
- Equipment breakdown: With low deductibles and up to $50,000 of protection, this endorsement covers appliances, air conditioning, and the like damaged by electrical or mechanical malfunctions.
- Guaranteed replacement cost: This covers the full cost of replacing your house, even if prices have gone up, to ensure it is restored to its original quality.
- Water backup/sump pump overflow: This coverage can be added to any Platinum plan, increasing coverage limits and including appliances like washers, dryers, and boilers.
The Hanover Home Insurance Discounts
The Hanover provides homeowners with plenty of ways to save, some of which build up over time.
- Multi=policy discount: Again, you can save on coverage by bundling your home and auto insurance with The Hanover.
- Newer home credit: The newer your home is, the less likely a claim is to occur, which can help you to save on premiums.
- Renewal credit: The Hanover honors its loyal customers by awarding credits when you renew your homeowners policy with them.
- Security discount: If your home has added safety features like an alarm system or even fire detectors, you’ll get a discount.
- Zero claims discount: The longer you go without filing a claim, the lower your premiums could be.
Hanover Renters Insurance
Similar to its homeowners insurance, The Hanover offers affordable renters insurance policies.
You’ll have three levels of coverage to choose from, giving you the option to fit your policy to your needs and your budget.
Between their three plans and optional policy endorsements, you can truly customize your coverage.
- Liability: If someone makes a claim against you after getting hurt on your property or you’re responsible for damage to their belongings, liability coverage can help with the claims.
- Loss of use: If you can’t live in your home following a covered incident, your policy will pay for lodging and other living expenses.
- Medical payments: When someone is accidentally injured at your house or apartment, this coverage can help fund their medical expenses.
- Personal belongings: This standard coverage allows you to insure items like jewelry, appliances, clothing, and furniture.
The Hanover’s Select renters insurance adds a few more layers of protection, much like its home insurance coverage.
- Lock replacement: This coverage will pay for new locks if your keys get stolen.
- Personal property replacement cost: You can get the full replacement cost of your broken or stolen items, with no depreciation.
- Identity fraud: Identity theft protection helps cover legal expenses, document sharing, and mailing costs for restoring your identity.
- Refrigerated products: Again, this coverage kicks in if your food is spoiled thanks to a power outage.
Select Plus adds a few features and extends the policy limits on some of the basic plan’s coverage.
- Deductible waiver: Your deductible is waived if you lose over 50% of the value of the personal property at your home.
- Personal injury: This policy extends the standard personal injury coverage to include unlawful evictions, home invasions, and more lawsuits, covering legal fees and loss of wages from time off.
- Special personal property: Select Plus adds coverage for all but a small list of exclusions like corrosion, freezing, and general wear and tear, expanding coverage to misplaced possessions and broken fragile items.
- Sump pump overflow/water backup: This level of coverage provides up to $10,000 for replacement and repair due to these two types of water damage.
In addition to the three plans above, you can further customize your policy with endorsements for collectors, home business operators, and individuals with loved ones in assisted living environments.
Likewise, your agent may be able to help you to increase specific coverages like water backup.
You can also buy umbrella insurance from The Hanover, ideal for high income earners who might be more susceptible to lawsuits.
The Hanover Renters Insurance Discounts
The Hanover’s renters policies are affordable to begin with, but you can save even more with a few discounts.
The company may offer savings for:
- Bundling renters and car insurance policies
- Having safety and security features installed at home
Pros and Cons
Keep in mind the advantages and disadvantages of buying insurance from The Hanover.
- Versatile Products: With so many lines of insurance and financial products, you can protect your family, belongings, pets, and business all in one place.
- Reputation: The Hanover has a longstanding history of success, with strong credit ratings and reviews.
- Extensive Coverage: The Hanover’s policies go beyond the basic coverage offered by many of its competitors, with plenty of policy options to choose from.
- Discounts: The company’s home, renters, and auto insurance policies come with several discounts for everything from loyalty to security features.
- No Online Quotes: If you want to know what coverage will cost, you’ll have to get in contact with an agent.
- Availability: Most of The Hanover’s policies are only available in 18 states.
Alternatives to The Hanover
It’s always a good idea to compare multiple companies.
As you shop around for car, homeowners, or renters insurance, consider the alternatives below:
Is The Hanover for You?
With close to 170 years of experience, a wide array of insurance options, and customizable coverage, The Hanover is worth considering for property and auto insurance.
If you live in an area where The Hanover operates, you’ll get top-notch service and an insurance policy you can depend on.
Your choice may ultimately come down to price.
Whether or not The Hanover has the lowest rates for you depends on your location, coverage needs, and deductibles.
The best way to secure low rates is to compare quotes from multiple providers.
The Hanover Insurance
- A.M. Best: A
- Standard & Poor’s: A
- Moody’s: A
- BBB: A+