Lancer Insurance Company, Illinois: Company Details, Services, Finances, Coverage, Claims, Company Culture, Reviews

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Anchoring Trust and Excellence: Lancer Insurance Company – Your Reliable Insurance Partner.

An image illustration of Lancer Insurance Company
Guardians of Coverage: Lancer Insurance Company – Your Shield in the World of Comprehensive and Reliable Insurance Solutions.

Are you searching for a reliable and budget-friendly insurance provider in Illinois?

If so, consider Lancer Insurance Company, a leading specialty insurance carrier in the United States.

In this blog, we’ll dive into Lancer Insurance Company Illinois, offering insights into its:

History, products, services, financial aspects, coverage options, claims process, legal compliance, renewals, cancellations, company ethos, and customer feedback.

By the end of this article, you’ll be better equipped to decide if Lancer Insurance Company Illinois is the right choice for your insurance needs.

Company Details

Founding Year:

Lancer Insurance Company, established in 1985 as a division of Core Specialty Insurance Holdings, Inc., offers tailored insurance solutions to businesses and commercial transportation companies across the United States.

With a network of over 2,000 broker relationships, Lancer is known for delivering exceptional customer service and claims handling.

CEO and Leadership Team:

The leadership team includes President Timothy H. Delaney, Executive Vice President and Chief Underwriting Officer Wayne S. Ricci, and Senior Vice President of Claims Mark P. Libertine.

Company Size and Market Share:

Lancer Insurance Company boasts a market share of 0.02% and employs between 201-500 people.

Company Contacts

Here’s some fundamental information about Lancer Insurance Company Illinois:

Services & Products

Lancer Insurance Company offers a wide array of commercial insurance products for various business types and vehicles, including:

  • Auto Rental: Covering auto rental businesses, providing liability, physical damage, loss of income, and general liability coverage.
  • Commercial Auto & Garage: Catering to businesses that own, operate, or service vehicles such as taxis, limos, tow trucks, ambulances, or car dealerships.
  • Commercial Driving Schools: Designed for businesses offering driving instruction or driver education to students or employees.
  • Commercial Excess Automobile Liability: Providing excess liability coverage over the underlying policy limits for businesses.
  • Limousine: Covering businesses operating limousines or luxury sedans for hire.
  • Long-Haul Trucking: Tailored for businesses transporting goods or materials over long distances using trucks or trailers.
  • Motorcoach: Targeting businesses operating buses or coaches for charter, tour, transit, or school purposes.
  • Nobel Insurance Services – Commercial Explosives: Covering businesses involved in manufacturing, storing, transporting, or using commercial explosives.
  • Vanpool & KidsKab: Serving businesses providing transportation services for commuters or children using vans or minibuses.

Financial Details

Lancer Insurance Company provides competitive premium costs for its products, with pricing influenced by various factors like coverage type, vehicle type, coverage limits, deductible, location, and more.

Payment options include monthly, quarterly, semi-annually, or annually, with payment methods including check, money order, credit card, debit card, and electronic funds transfer.

Discounts are available, including multi-policy, multi-vehicle, safe driver, and safety equipment discounts.

The company boasts a claim payout ratio of 87%, signifying its financial stability and ability to meet policyholders’ obligations.

Coverage Details

Lancer Insurance Company offers customizable coverage options, including:

  • Policy exclusions
  • Coverage limits
  • And add-ons or riders.

Policy exclusions encompass situations not covered by the policy, while coverage limits dictate the maximum payout for covered claims.

Add-ons or riders offer additional benefits, enhancing your policy. You can adjust these options to align with your specific needs and budget.

Claims

Lancer Insurance Company simplifies the claims process:

An infographic illustration of Claim Process

  1. Report the Claim: Notify the company as soon as possible, providing comprehensive details of the incident.
  2. Assign the Claim: A dedicated claims adjuster will be assigned to handle your claim.
  3. Investigate the Claim: The adjuster will gather relevant information, inspect damaged vehicles, interview involved parties, and make determinations.
  4. Settle the Claim: The adjuster will negotiate a fair settlement, considering your policy terms and conditions. The company aims to handle claims quickly and fairly.

Required documents for claims vary based on the product and claim type.

These may include:

  • Policy copies
  • Driver’s licenses, police reports
  • Repair estimates
  • Medical bills.

The average claim approval time for Lancer Insurance products is 10 business days.

Legal & Compliance

Lancer Insurance Company adheres to all legal and compliance requirements.

Its [privacy policy] (Lancer Insurance Privacy Policy) explains data handling practices, while its [terms and conditions] (Lancer Insurance Terms and Conditions) outline rules governing product and service usage.

Renewals & Cancellations

Policy renewal with Lancer Insurance Company is flexible and user-friendly.

A renewal notice is sent before your policy expires, outlining premium, coverage, and payment details.

Cancellation can be requested at any time, subject to a potential cancellation fee.

Grace periods are provided to allow late payments without coverage lapses.

Company Culture

Lancer Insurance Company fosters a positive and supportive company culture.

It upholds core values such as:

An infographic illustration of the company's culture

The company values diversity, inclusion, and social responsibility, supporting various charitable causes and community initiatives.

Customer Experiences

Lancer Insurance Company enjoys high customer satisfaction, with positive reviews and ratings across platforms like Google Reviews, Yelp, Better Business Bureau, and Trustpilot.

Here’s a glimpse:

  • I have been with Lancer Insurance for over 10 years, and I have never had any issues with them. They are always professional, courteous, and helpful. They have great rates, coverage, and service.

I highly recommend them to anyone looking for commercial insurance.” – John D., Google Review, 5 stars

They were very responsive, friendly, and knowledgeable. They paid me fairly and promptly. I am very happy with their service.” – Lisa M., Yelp Review, 5 stars

FAQs

Q: How can I get a quote for Lancer Insurance products?

A: You can get a quote for Lancer Insurance products by contacting a Lancer Insurance broker or agent near you.

Q: How can I make changes or updates to my policy?

A: You can make changes or updates to your policy by contacting your Lancer Insurance broker or agent.

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