Monroe Guaranty Insurance Company (Indiana): Overview, Contacts, Services, Financials, Claims, Reviews

Monroe Guaranty Insurance Company (MGIC) offers various insurance products to people and businesses across the United States.

It’s based in Indiana, was founded in 1997, and has its headquarters in Carmel.

Monroe Guaranty Insurance Company (Indiana)
MGIC is a member of the National Association of Insurance Commissioners (NAIC) and holds licenses to operate in all 50 states.

Monroe Guaranty Insurance Company (Indiana)

Monroe Guaranty Insurance Company (MGIC), based in Indiana, offers different insurance products such as property and casualty insurance, life insurance, and health insurance.

Founded in 1997, the company is headquartered in Carmel, Indiana.

MGIC is a member of the National Association of Insurance Commissioners (NAIC) and holds licenses to operate in all 50 states.

It boasts a strong financial strength rating of A+ (superior) from A.M. Best and an AA (very strong) rating from Standard & Poor’s.

Contact Details

Address Phone Number
9025 River Rd Ste 300 Indianapolis, IN, 46240-6443, United States (800) 226-3224

Services and Products

Monroe Guaranty Insurance Company (MGIC) provides a range of services and products to meet your insurance needs. Here’s a glimpse of what MGIC offers:

Property and Casualty Insurance:

Commercial Auto Insurance:

Life Insurance:

Health Insurance:

Other Services:

Products: MGIC offers various insurance products tailored to customer needs, including:

  • Sure Step Term
  • Preferred Level Term
  • Whole Life Plus
  • Universal Value
  • Universal Life Plus
  • Medicare Supplement Plans
  • Annuity Solutions

Financial Details and Ratings

As of December 31, 2022, MGIC had:

  • Total assets of $10.2 billion
  • Net income of $1.2 billion
  • Policyholders’ surplus of $4.8 billion

MGIC’s financial strength ratings are A+ (superior) from A.M. Best and AA (very strong) from Standard & Poor’s.

Here is a table of MGIC’s financial performance over the past five years:

Year Total Assets (in billions) Net Income (in millions) Policyholders’ Surplus (in billions)
2022 10.2 1,200 4.8
2021 9.8 1,100 4.5
2020 9.3 900 4.2
2019 8.8 800 3.9
2018 8.2 700 3.6

Claims and Cancellations

Filing a Claim: To initiate a claim with MGIC, call the claims hotline or submit a claim online. Provide the following details when filing:

  • Your policy number
  • Date and time of the incident
  • Incident description
  • Names of other parties involved
  • Incident location
  • Claim amount

Cancellations with Monroe Guaranty Insurance Company (Indiana)

If you wish to cancel your MGIC policy, contact the customer service department or submit a cancellation request online. When canceling, furnish the following information:

  • Your policy number
  • Desired cancellation date
  • Reason for policy cancellation

Upon processing your cancellation request, MGIC will send a confirmation letter. Depending on your policy terms, you may qualify for a premium refund.

Customer Reviews

Customers generally view MGIC positively, as evident from its 4.5-star Google Reviews rating and an A+ rating from the Better Business Bureau (BBB).

While some negative reviews exist, this is normal for any company. Overall, MGIC is a reputable insurance company with commendable customer service.

Benefits of Purchasing Insurance from Monroe Guaranty Insurance Company (MGIC)

  1. Financial Strength: MGIC boasts a robust financial standing with an A+ (superior) rating from A.M. Best and an AA (very strong) rating from Standard & Poor’s, ensuring the company’s ability to fulfill claims.
  2. Wide Range of Products: MGIC provides a diverse array of insurance products, including property and casualty insurance, life insurance, and health insurance, catering to various customer needs.
  3. Competitive Rates: MGIC offers insurance products at competitive rates, allowing you to obtain the necessary coverage at an affordable price.
  4. Excellent customer service: MGIC is recognized for outstanding customer service, with friendly, helpful, and knowledgeable customer service representatives.
  5. Online Resources: MGIC provides valuable online resources, including a claims FAQ, a claims process overview, and a claims forms library, offering convenient assistance to customers.
  6. Strong Track Record: With over 30 years of profitability, MGIC has established a strong track record, ensuring reliability and stability.
  7. Commitment to Customers: MGIC is dedicated to delivering high-quality insurance products and services, continually innovating to meet the evolving needs of its customers.
  8. Variety of Payment Options: MGIC offers diverse payment methods, including online, phone, and mail, facilitating easy and timely premium payments.
  9. Paperless Billing: MGIC supports paperless billing, enabling customers to receive electronic bills and contributing to cost savings on paper and postage.
  10. Auto-Pay: MGIC provides an auto-pay option, allowing automatic monthly premium deductions from your bank account, helping you avoid late payments.
  11. Multiple Policy Discounts: MGIC offers discounts for bundling insurance policies, providing an opportunity for customers to save money through multiple policy coverage.

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