Beyond its clever name, Insuramatch is a unique entry in the online insurance marketplace industry. On its website, Insuramatch brands itself as a “national independent insurance agency.” Consumers can source, purchase, and finalize auto insurance policies directly through the site, or enlist the assistance of an expert in-house advisor before completing a purchase.
Insuramatch has been referred to as a “super-agency” that prompts its partner carriers to offer their lowest and most competitive rates. In addition, and unlike many other online marketplaces, Insuramatch also offers users the ability to customize and personalize their quotes by completing a set of optional questions when filling in their profiles.
In this guide, we’ll analyze the Insuramatch model, look at its strengths and weaknesses, and weigh in with our take on its value as a consumer search tool.
Background and Company Information
Insuramatch has created an innovative marketplace model that strives to digitally replicate the experience of consulting a traditional local insurance agent. Its matching system includes both required and optional questions. Required questions represent essential details insurance companies need to calculate your risk profile. Optional questions help Insuramatch create a more complete and accurate set of quotes by taking your personal preferences into account.
A 2015 press release issued by Insuramatch explains further, stating: “InsuraMatch offers today's insurance shoppers a modern take on the kitchen table conversation. Through the use of cutting-edge technologies and informed by one of the largest consumer preference studies conducted in the insurance space, Insuramatch recommends to shoppers the best match of insurance companies able to meet a client's personal needs.”
What Types of Auto Insurance Does Insuramatch Offer?
Insuramatch recommends policies based on the information you provide and how you answer its required and optional questions. Its coverage options include a complete set of mandatory and elective forms of auto insurance, including:
- Liability insurance: required in practically all U.S. jurisdictions
- Medical payments coverage and personal injury protection (PIP) coverage: required in some jurisdictions, optional in others
- Uninsured and underinsured motorist coverage: required in some jurisdictions, optional in others
- Collision coverage and comprehensive coverage: usually optional, though sometimes required by financial institutions issuing car loans
Some of the providers in the Insuramatch network may also offer other types of specialized and optional auto insurance, such as:
- Gap insurance: As cars age, they lose some of their value through the process of depreciation. If you have a “gap” between your car’s full replacement value and its current, depreciated value, gap insurance will cover the difference. This can be a very important form of protection if you have an outstanding loan or lease balance and you are not carrying optional collision coverage.
- Umbrella insurance: Even if you carry multiple forms of insurance to protect all your assets, you may still be exposed to certain financial risks. Umbrella insurance is a personalized form of coverage that closes off any such gaps that may exist in your insurance plan.
- Rideshare insurance: If you drive part-time or full-time for a rideshare service life Uber or Lyft, standard car insurance may not cover your employment activity. Insurance companies have responded to the changing marketplace by developing specialized forms of insurance coverage that address the needs of rideshare drivers.
- Rental car reimbursement coverage: If your car needs extensive repairs after a collision, you may need to rent a temporary vehicle to meet your daily transportation needs. This can get expensive, making rental car reimbursement coverage a worthwhile option to consider.
- Classic car coverage: If you own a collector vehicle, you’ll want to ensure it is fully and properly protected by this special type of insurance coverage.
The more optional questions you answer, the better Insuramatch will be able to find coverage packages that meet your personal preferences and unique needs.
Reasons to Use Insuramatch
Insuramatch gives users many unique incentives to choose the service over its competitors. Key platform-specific benefits include:
- Access to impartial, licensed insurance advisors who can help you navigate your options with confidence
- A wide range of national and regional insurance carriers in its network
- Advanced algorithmic technologies that generate precision matches that cover your unique, personal needs
Insuramatch offers insurance for passenger vehicles, motorcycles, and boats, as well as umbrella insurance packages from renowned, leading carriers including:
- Liberty Mutual
- The General Insurance
- Plymouth Rock
Pros and cons
There’s a lot to like about the Insuramatch model, with consumers and reviewers highlighting the following major benefits:
- It expands beyond standard approaches to online insurance marketplaces by using high-tech tools to personalize results
- Users enjoy access to a wide range of insurance products at favorable prices
- The company works hard to understand each customer’s unique and specific insurance coverage needs
- Insuramatch makes impartial expert advisors available to customers free of charge
On the downside, Insuramatch could stand to improve in a few ways. Downsides and flaws in the service include:
- Not all partner carriers operate nationally
- The availability of certain policy and coverage types varies regionally
- Optional questions take more time to answer
As of September 2020, Insuramatch enjoys a stellar A+ rating from the Better Business Bureau (BBB), with zero active complaints on file. This is a solid indicator that the company generates favorable responses from customers.
Online insurance marketplaces and quote aggregators are a well-represented service in the marketplace, but Insuramatch truly stands out from the pack. It is one of the only high-profile examples of a service that gives users the options to invest a little more time in building their profiles to generate more accurate and more complete insurance policy suggestions.
Another unique aspect of the service is that users have access to unbiased, licensed insurance professionals who can answer questions and guide them to the policy options that best meet their needs. This is another refreshing feature that really helps Insuramatch stand out.
As far as online insurance marketplaces go, Insuramatch is hard to beat.