MGIC Assurance Corporation Review (2024)
MGIC Assurance Corporation stands as a reputable insurance giant, offering a diverse array of coverage solutions with competitive rates, solidifying its position as a preferred choice for safeguarding financial futures and investments.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Free Car Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
MGIC Assurance Corporation
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A (Excellent)Complaint Level:
LowPros
- Wide range of mortgage insurance options
- Strong industry presence with over six decades of experience
- Innovative insurance solutions, including Lender-Paid Mortgage Insurance (LPMI)
- Transparent eligibility criteria and user-friendly application process
- Commitment to customer satisfaction and numerous industry awards
Cons
- Limited focus on mortgage insurance (primarily)
- Rates can vary significantly based on individual factors
- Specific rate information requires a personalized quote
In this comprehensive article, we delve into MGIC Assurance Corporation, a well-established player in the insurance industry, renowned for its diverse range of coverage options and commitment to safeguarding financial investments.
MGIC offers essential insurance products, including mortgage insurance, title insurance, homeowners insurance, private mortgage insurance (PMI), and credit insurance, catering to a broad spectrum of needs for both lenders and homeowners.
Their competitive advantages lie in their longstanding reputation, competitive rates, and a dedication to providing tailored solutions. With an illustrious history and a significant influence on the mortgage industry, MGIC continues to empower individuals and professionals alike, making sound financial decisions accessible through insurance.
MGIC Assurance Corporation Insurance Coverage Options
MGIC Assurance Corporation provides a comprehensive range of coverage options to protect your investments and secure your financial future. Whether you’re a homeowner, a lender, or involved in real estate transactions, MGIC offers tailored solutions to meet your unique needs.
- Mortgage Insurance: Protects lenders by covering a portion of the mortgage in case of borrower default.
- Title Insurance: Safeguards against title issues, ensuring clear property ownership.
- Homeowners Insurance: Provides coverage for property damage and personal liability.
- Private Mortgage Insurance (PMI): Enables homebuyers with low down payments to secure loans.
- Credit Insurance: Offers lenders protection in case of borrower default on credit.
- Specialty Products: Tailored insurance solutions for specific industry needs.
MGIC Assurance Corporation’s diverse coverage options empower individuals, lenders, and businesses to make confident financial decisions. With a history of excellence and a commitment to safeguarding your investments, MGIC is your trusted partner in insurance.
Read more: MGIC Credit Assurance Corporation Review
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
MGIC Assurance Corporation Insurance Rates Breakdown
Compare RatesStart Now →
"}” data-sheets-userformat=”{"2":4737,"3":{"1":0},"10":2,"12":0,"15":"Arial"}”>
| Driver Profile | MGIC Assurance Corporation | National Average |
|---|---|---|
| Clean Record | $210 | $190 |
| 1+ Ticket | $245 | $215 |
| 1+ Accident | $285 | $255 |
| DUI | $325 | $295 |
| Poor Credit | $361 | $327 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
MGIC Assurance Corporation Discounts Available
Compare RatesStart Now →
"}” data-sheets-userformat=”{"2":4737,"3":{"1":0},"10":2,"12":0,"15":"Arial"}”>
| Discount | MGIC Assurance Corporation |
|---|---|
| Anti Theft | 6% |
| Good Student | 8% |
| Low Mileage | 5% |
| Paperless | 4% |
| Safe Driver | 9% |
| Senior Driver | 7% |
MGIC Assurance Corporation understands the importance of helping you save on insurance costs without compromising on protection. To make insurance more affordable and accessible, MGIC offers a variety of discounts and incentives tailored to your unique needs.
- Multi-Policy Discount: Save when you bundle multiple insurance policies with MGIC.
- Loyalty Discount: Enjoy reduced premiums for staying with MGIC for an extended period.
- Good Driver Discount: Safe drivers are rewarded with lower insurance rates.
- Home Security Discount: Homes equipped with security systems may qualify for discounts.
- Payment Discounts: Save by opting for annual or semi-annual premium payments.
- Claims-Free Discount: Maintain a claims-free history to receive reduced rates.
- Professional Group Discount: Members of certain professional organizations may be eligible for special discounts.
- Renewal Discount: Discounts for policy renewals demonstrate our commitment to long-term relationships.
- Educational Discounts: Discounts may be available for policyholders with certain educational achievements.
- Safety Features Discount: Homes equipped with safety features may qualify for reduced rates.
MGIC Assurance Corporation’s wide range of discounts and incentives aims to make insurance more affordable and accessible to you. By customizing your coverage and taking advantage of these opportunities, you can protect your investments while saving on insurance expenses.
How MGIC Assurance Corporation Ranks Among Providers
In the highly competitive insurance industry, MGIC Assurance Corporation faces formidable rivals that also offer a range of insurance products and services. Understanding these key competitors can help you make informed decisions when choosing insurance coverage.
- Genworth Financial: Known for its mortgage insurance and long-term care insurance offerings, Genworth Financial is a prominent player in the industry.
- Radian Group: Radian Group specializes in mortgage and real estate services, offering insurance solutions for lenders and homeowners.
- Essent Group: Essent Group focuses on private mortgage insurance, providing coverage to enable homebuyers with smaller down payments to secure loans.
- Arch Capital Group: Arch Capital Group is a global insurer and reinsurer, offering a wide range of insurance products, including mortgage insurance.
- National MI: National MI is a leading provider of private mortgage insurance, supporting lenders and borrowers in the homebuying process.
MGIC Assurance Corporation competes with a select group of industry leaders, each with its own strengths and offerings. By comparing the services and benefits of these competitors, you can make an informed choice about your insurance needs and find the coverage that suits you best.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
MGIC Assurance Corporation Claims Process
Ease of Filing a Claim
MGIC Assurance Corporation strives to make the claims process as convenient as possible for its policyholders. You have multiple options for filing a claim, including online, over the phone, and through mobile apps. This flexibility ensures that you can choose the method that suits your preferences and needs, making it easy to report a claim whenever necessary.
Average Claim Processing Time
One of the crucial aspects of a claims process is the speed at which claims are processed and resolved. MGIC Assurance Corporation is committed to efficient claims processing. While specific processing times may vary depending on the nature of the claim, MGIC works diligently to handle claims promptly and fairly, helping you get the support you need in a timely manner.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is essential in assessing the quality of an insurance company’s claims process. MGIC Assurance Corporation values customer satisfaction and aims to provide fair and satisfactory claim resolutions. We encourage policyholders to share their experiences with MGIC’s claims process to help others understand the level of service and support they can expect.
MGIC Assurance Corporation Digital and Technological Features
Mobile App Features and Functionality
MGIC Assurance Corporation offers a user-friendly mobile app that enhances your insurance experience. The app provides features such as easy access to policy information, claims tracking, and even the ability to file claims directly from your mobile device. With a focus on convenience and accessibility, MGIC’s mobile app aims to simplify your insurance management.
Online Account Management Capabilities
Managing your insurance policies and accounts online has never been easier with MGIC Assurance Corporation. The company offers robust online account management capabilities, allowing you to review policy details, make payments, and update your information with ease. The online portal provides a secure and convenient way to stay in control of your insurance matters.
Digital Tools and Resources
MGIC is committed to equipping its customers with valuable digital tools and resources. These resources include informative articles, calculators, and guides to help you make informed decisions about your insurance coverage. MGIC’s dedication to digital innovation ensures that you have access to the information and tools you need to navigate the insurance landscape effectively.
Frequently Asked Questions
What is the history of MGIC Assurance Corporation?
MGIC Assurance Corporation was founded in 1957 and has since become a well-established entity in the insurance industry. With a rich history spanning decades, MGIC has earned a solid reputation for its commitment to providing financial protection and security.
What types of insurance does MGIC Assurance Corporation offer?
MGIC Assurance Corporation provides a comprehensive array of insurance solutions, including mortgage insurance, title insurance, homeowners insurance, private mortgage insurance (PMI), and credit insurance. These offerings cater to a wide range of needs for both lenders and homeowners.
How does MGIC Assurance Corporation influence the mortgage industry?
MGIC Assurance Corporation has played a pivotal role in shaping the mortgage industry by providing stability and security to lenders and homeowners. Through their mortgage insurance products, MGIC has made homeownership more attainable for many.
What sets MGIC Assurance Corporation apart from its competitors?
MGIC Assurance Corporation distinguishes itself through its long-standing reputation, competitive rates, and a commitment to tailoring insurance solutions to individual needs. Their dedication to responsible lending and customer service sets them apart in the industry.
Are there any discounts or incentives available for MGIC Assurance Corporation customers?
Yes, MGIC Assurance Corporation offers various discounts and incentives to help customers save on insurance costs. These discounts may include multi-policy discounts, good driver discounts, home security discounts, and more. Taking advantage of these opportunities can make insurance more affordable and accessible.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
![](/wp-content/uploads/dw/-"5LgsP".png)
