Magnum Car Insurance Review [2024]
Magnum Insurance provides coverage to customers in Illinois and Indiana. Drivers can find affordable Magnum car insurance for the standard coverages and additional options. Customers can also combine multiple discounts to lower their rates further. Learning more about Magnum Insurance will help you determine if it’s the right company for you.
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Kalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
UPDATED: Oct 20, 2024
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- Magnum Insurance provides the standard car insurance coverages
- Magnum Insurance provides coverage in Illinois and Indiana
- Magnum Insurance offers flexible payment options
Magnum Insurance provides liability auto insurance coverage to drivers in Illinois and Indiana. In addition to the standard options, Magnum offers other insurance types and roadside assistance. The company has also been rated well by the Better Business Bureau.
Knowing more about Magnum Insurance will help you decide if the company fits your auto insurance needs.
Before starting this Magnum Insurance review, enter your ZIP code to find free car insurance rates in your area.
What are the Magnum Insurance rates?
Insurance companies that provide auto coverage determine rates in various ways. The companies combine multiple factors to assess a driver’s risk, with riskier drivers experiencing higher rates. Some of the factors used to determine rates include:
- Age
- Gender
- Location
- Driving history
While most companies use the same factors, they weigh each one differently. For this reason, each driver needs to answer specific questions to get an accurate quote. However, comparing the average rates in each state will help you determine the approximate cost.
The following chart shows the average annual rates for car insurance in Illinois and Indiana based on age. Comparing the two states will give you an idea of where you’ll find the most affordable Magnum car insurance rates.
Average Annual Magnum Insurance Rates by Age in Illinois and Indiana
| Age | Average Annual Car Insurance Rates in Illinois | Average Annual Car Insurance Rates in Indiana |
|---|---|---|
| 16 | $2,313 | $1,954 |
| 18 | $4,837 | $3,919 |
| 20 | $3,634 | $2,949 |
| 25 | $1,909 | $1,681 |
| 30 | $1,676 | $1,465 |
| 40 | $1,485 | $1,254 |
| 50 | $1,392 | $1,224 |
| 60 | $1,339 | $1,189 |
| 70 | $1,470 | $1,309 |
As you can see, car insurance is usually cheaper in Indiana than in Illinois, and rates typically decrease as the driver ages.
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What coverages are available from Magnum Insurance?
While the coverage price is often a determining factor when choosing a car insurance company, understanding your car insurance policy is also essential. This knowledge includes what coverages are available from any company you’re considering.
The Magnum car insurance company provides the standard options and prices them individually. The Insurance Information Institute says that the minimally-required coverage in most states is liability insurance, but it’s usually best to have more protection.
When you purchase all standard coverages, it’s called full coverage. The following chart shows the coverages provided by Magnum Insurance.
Magnum insurance Auto Coverages
| Auto Insurance Types | Purpose of Coverage |
|---|---|
| Bodily injury liability | Pays for medical bills if someone else suffers an injury in an accident caused by you. |
| Collision | Covers damage to your car after an accident. |
| Comprehensive | Covers damage to your car when you’re not driving. |
| Medical payments | Covers medical costs caused by an accident regardless of who is at fault. |
| Personal injury protection | Covers medical expenses for you and your passengers after an accident. |
| Property damage liability | Liability coverage that covers the cost of any property damage you’ve caused in an accident. |
In addition to the standard coverages, Magnum Insurance provides some other options. These add-ons will help you in specific situations but aren’t necessary for all drivers. The common add-ons from Magnum Insurance include:
- GAP insurance: Covers the amount of the vehicle still owed if it’s totaled.
- Classic car insurance: Specialized car insurance for vintage or classic cars.
- Rental reimbursement: Reimburses for a rental car if the covered vehicle is unusable.
While more coverage provides more protection, it also increases Magnum car insurance quotes.
Magnum Insurance also offers roadside assistance that customers can add to any policy. The company provides this support through an affiliation with Nation Safe Drivers, who has provided this assistance since 1962. Customers who add Magnum Insurance towing can also receive help with:
- Battery service
- Flat tire repair
- Gas delivery
The Magnum Insurance 24-hour road coverage is offered through the Motor Club roadside assistance program. Members can pay an annual fee to receive support whenever they suffer car trouble while on the road.
Magnum also offers SR-22 insurance. States require an SR-22 form for a driver that loses their license and needs reinstatement. The company will help you fill out and file the form, allowing you to get back on the road.
What discounts are offered by Magnum Insurance?
Car insurance can be expensive for risky drivers. Fortunately, most insurance companies provide saving opportunities that can help lower rates. Combining multiple discounts is one of the best ways to find affordable coverage.
Magnum Insurance doesn’t list discounts on its website. However, the company likely provides similar discounts to most competitors. Therefore, looking at the most common deals is a good way of determining which ones are available from Magnum.
Magnum Insurance Auto Discounts
| Auto Discount | Discount Description |
|---|---|
| Anti-theft | Cars include anti-theft devices, like alarms, tracking systems, and kill switches. |
| Good student | High school or college students with at least a 3.0 grade point average. |
| Multi-car policy | Insure more than one car on a single auto insurance policy. |
| Multi-policy | Purchase more than one type of insurance with the same company. |
| Paid in full | Policy is paid in one payment. |
| Safe driver | Display safe driving habits, like having passengers wear seat belts, low driving speeds, and less aggressive driving. |
When buying Magnum Insurance, asking a representative about all available discounts will ensure you get the best possible rates.
How has Magnum Insurance been reviewed?
Credit rating agencies regularly review and rate insurance companies based on their financial strength. However, these agencies often overlook small companies. As a result, the most popular rating agencies haven’t rated Magnum.
The Better Business Bureau (BBB) has completed a review of Magnum Insurance, rating the company on its business practices. The BBB has given Magnum an A+, indicating that the company is transparent and trustworthy when dealing with customers.
Part of this rating is due to the lack of complaints about Magnum. The BBB has only received three complaints about Magnum during the past three years. All three of the complaints are about the company’s products and services.
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How can you file a claim with Magnum Insurance?
Magnum Insurance allows customers to file claims by phone and online. The easiest way to file a claim is through the website or mobile app. Your Magnum insurance login provides access to the claims form. After filling out the form, a representative will contact you.
Policyholders that prefer to speak with a representative can call the Magnum Insurance customer service phone number at 1-888-539-2102. The representative will ensure that the company has all the necessary information, but you still might need to send in further documentation.
How can you make a Magnum Insurance payment?
Customers who buy Magnum car insurance can make payments online, by phone, or through local stores. Drivers can make online payments through the company website or the mobile app. Using your customer login provides access to the payment portal.
Customers that prefer to pay by phone can call the Magnum Insurance phone number at 1-888-539-2102. Like paying online, drivers can make phone payments with a debit card or credit card.
The third way to make payments is by visiting a local store. The company has various Illinois and Indiana locations that allow customers to pay in person. To find a location near you, check the company’s website.
Who is Magnum Insurance?
Magnum Insurance began in Chicago, Illinois, in 1981. The company has continued in Chicago since then and has grown its insurance options to include:
- Auto insurance
- Home insurance
- Renters insurance
- Boat insurance
- Motorcycle insurance
The company grew to include services in Indiana and offers insurance to customers in those two states today.
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Magnum Insurance: The Bottom Line
Magnum Insurance provides auto insurance to drivers in Illinois and Indiana. The company offers the standard coverages as well as some add-ons. Magnum has been rated well by the Better Business Bureau and has flexible payment options.
Learning more about Magnum Insurance will help you decide if the company is the right choice.
Now that you know about Magnum Insurance, enter your ZIP code to get free car insurance quotes in your area.
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Frequently Asked Questions
Where does Magnum Insurance provide coverage?
Magnum Insurance provides coverage to customers in Illinois and Indiana.
What types of coverages are available from Magnum Insurance?
Magnum Insurance offers standard coverages such as liability insurance, as well as additional options like roadside assistance and SR-22 insurance.
Does Magnum Insurance offer any discounts?
While specific discounts are not listed on the website, Magnum Insurance likely provides similar discounts to other companies. It is recommended to ask a representative about available discounts.
How has Magnum Insurance been reviewed?
Magnum Insurance has received an A+ rating from the Better Business Bureau, indicating transparency and trustworthiness in their business practices.
How can I file a claim with Magnum Insurance?
Customers can file a claim with Magnum Insurance either by phone or online through their website or mobile app. Further documentation may be required after contacting a representative.