Loya Insurance Company
Loya Insurance Company
Loya Insurance Company, El Paso, Texas. The company has been selling and underwriting auto insurance policies since 1974, and it is now one of the fastest growing auto insurance groups in the U.S. It started as a single branch office in Texas, but now it has more than 526 agencies throughout the country. Loya Insurance Company has the license to conduct business in at least ten states including Texas, Arizona, California, Alabama, New Mexico, Missouri, Colorado, Indiana, Nevada, and Georgia. In 2013, the company wrote more than 420,000 insurance policies with a total premium worth over $500 million.
With more than 500 agencies in 10 states, Loya Insurance has an average of 10 branch offices in each state to cover many areas in different cities. The headquarter remains in Texas, yet anyone can apply for policies or file claims in the nearest branch office. Unlike most major insurers, Loya Insurance retains its identity as a local company by placing its subsidiaries in public locations such as department stores, street corners, office buildings, supermarkets, grocery stores, and familiar places that people visit on daily basis. There are two advantages in this marketing strategy:
1. Local branch offices in public areas allow policyholders and potential customers to visit the agency in no time. Direct communication line between company’s representative and insurance buyers in a friendly place allows for better and more comfortable atmospheres to discuss insurance issues and questions.
2. Local agents understand every location’s characteristics and implement their knowledge in the policy underwriting process. Every place has different perils and risk of financial losses due to road accidents, meaning every branch office offers more personal approach respective to precise location or state.
Loya Insurance complements this marketing strategy by placing advertisements in more conventional media as well. Instead of using aggressive ads in online pages, Loya Insurance chooses traditional campaign via television ads, yellow pages, billboards, radio, and newspapers. It also takes advantage of social media to develop a long-term relationship with customers.
Both existing and potential customers have accepted the company (through its branch offices) as part of the community. Despite the implementation of traditional marketing approach, Fred Loya Insurance runs and maintains a professional business website in which customers can ask for free quotes, file claims, and make payments as well. The company has managed to create a balance between modern business conducts and traditional approaches within the community.
Coverage with Loya Insurance Company
The company specializes in providing basic auto insurance policies and extra coverage options for a complete protections. In most states, the basic auto insurance policy must include at least liability coverage. There are two types of coverage in this category including:
• Bodily Injury Liability: it is the coverage that provides financial protections in case policyholders cause injuries to someone else in an accident. Medical expenses including the cost of therapy are within the scope of Bodily Injury Liability coverage.
• Property Damage Liability: similar to Bodily Injury, but this coverage is for property damage rather than physical injury. When policyholder causes damage to someone else’s properties (including cars and buildings), Property Damage Liability provides the payout to cover the cost of repair or replacements.
Liability coverage from the Loya Insurance is a proof of policyholder’s financial responsibility for owning and driving a car. Minimum coverage limit can be different from state to state, depending on each one’s insurance regulations. Fred Loya Insurance makes sure that every policy complies with specific rules by every state. Minimum coverage limit is the amount that the state suggests, but policyholders can ask the insurance company to give higher limits for better protections.
A small number of states implement no-fault insurance regulation
In those states, the mandatory coverage includes PIP (Personal Injury Protection) and Property Damage Liability. With Personal Injury Protection, Loya Insurance provides financial protections for policyholder following an accident regardless of who is at fault.
Loya Insurance Company has been focusing on auto insurance for more than 40 years and expanding the business to more states. It has no option for bundling option, for example, home and auto insurance in one policy. Bundling different coverage into one policy gives the benefits of easier management for the insurer and payment schedule for policyholders. There is, however, a tendency that the insurer fails to deliver proper focus on handling each coverage package.
Homeowners insurance involves a complex underwriting process that requires a lengthy database of all properties in a house or building, which may also include vehicles such as cars and boats. Unless the insurer has expert underwriters for each insurance category, policyholders should consider keeping the policies separate. Bundling often appears as tempting options due to the amount of savings, but Loya Insurance Company offers a different way for subscribers to save on premium by bundling multiple drivers in the family under one policy.
Loya Insurance Company – Additional Coverage
Apart from Liability and Personal Injury Protection coverage options, Loya Insurance also offers optional coverage to provide mode complete financial protections for policyholders. Optional coverage is not mandatory, yet it gives additional benefits including:
• Medical Payments: the amount of payout available from PIP or Bodily Injury is often not enough to cover the total expense of medical treatments after an injury. In case the cost for treatment that exceeds the amount of either coverage, medical payments take over. It is not a separate coverage from stand-alone health insurance, but it is possible to use them together.
• Collision: it covers the cost of repair or replacement in the event policyholder’s vehicle sustains damages due to accidents.
• Comprehensive: a form of complementary coverage to give financial protections for repair or replacements due to non-accident causes. Some perils under the protection of this coverage are falling objects, theft, vandalism, natural disasters, and contact with animals. Comprehensive does not cover financial losses due to lost items from the vehicle.
Direct Repair Facility
To streamline the claim and repair processing, Loya Insurance Company offers an optional Direct Repair Facility affiliation with select repair shops in policyholder’s local areas. Direct Repair Facility gives some advantages as follows:
• Rental Reimbursement: in case the vehicle is immobile due to damages, Direct Repair Facility shops arrange car renting process for policyholders, even when the policyholder does not have rental reimbursement coverage in the policy.
• Lifetime Guaranty: all repairs come with a lifetime guaranty. Loya Insurance Company does not provide this benefit for normal wear and tear or improper vehicle maintenance.
• Easy Payment: all Direct Repair Facility shops bill the insurer, so the payment process does not require any action on policyholder’s part.
Appraisal options to determine the cost of repairs or replacements are available in each local branch office and Direct Repair Facility shops. When the vehicle is impossible to drive because of severe damages, Loya Insurance Company has the obligation to contact the vehicle owner within 72 hours upon filing a claim or outsource the appraisal process to an independent service.
Loya Insurance Company does not require all personal information from applicants to start the approval process. Furthermore, policyholders can ask for flexible payment methods or schedule, allowing them to manage insurance expense in a better way. In the company’s official website, customers can make use of the Location Finder feature to locate the nearest branch office, and policyholders can check their policies or make payments via the My Policy portal.