Wells Fargo Insurance Review – The Opportunity to Cover with Ease

Wells Fargo Insurance Review – The Opportunity to Cover with Ease

Wells Fargo
Screenshot Wells Fargo Insurance Home Page

It’s hard to imagine that a few centuries ago, consumers weren’t even aware of the existence of insurance as an option. The loss of goods spelled disaster, not to mention the disruption a major tragedy caused to a deceased’s estate. With the enormous amounts of cargo that could cause the end of a business or seriously damage trade and commerce, insurance came about. Cargo hauled across the oceans by ships and important figures whose death could result in major financial loss were some of the first to have cover underwritten for them. Today, there is an insurance product for just about anything. Wells Fargo Insurance provides customers with a number of options. This review takes a look at the insurance products on a global scale to see how it compares with some of the best insurance products in the industry.

About Wells Fargo

Wells Fargo
Screenshot of Wells Fargo Logo

If there is ever a bank that epitomizes the banks of a bygone era – the Wild West – then Wells Fargo is it. It started in 1852 as part of a gold rush community and provided the locals with the opportunity to sell their gold. They also sold paper bank drafts, but it wasn’t any of these two services that provide the bank’s claim to fame. The bank also happened to pioneer rapid delivery of gold and everything of value. This soon branched out and the Overland Mail Company and Pony Express soon followed.

The rapid gold delivery system necessitated the bank to form other points of operation. These extended to New York, Chicago, Alaska, and more. By 1910, this network was over 6,000 strong and it was during this time when the operations moved to San Francisco. San Francisco experienced a natural disaster that wreaked havoc on the economy and did a lot of damage to the infrastructure. The bank survived it and was able to help get their customers back on their feet.

Modern banking soon followed and the bank adjusted their products and services in order to remain relevant. Mergers and successful acquisitions soon followed and the bank was able to increase both market share and profits. This was until the 2008 market crash that managed to affect worldwide economies. This was another disaster that Wells Fargo was able to weather thanks to sound financial banking decisions. Unfortunately, this did not exclude the bank from the investigations that followed, as sub-prime deals and possible discrimination followed.

We recently did a full review of Wells Fargo. Read more on that here.

Tips for Finding A Good Insurer

Insurance installments can tally up over the lifetime of the insured, therefore, it is crucial that the insured do their research. It is not enough to shop around for the cheapest premium, however, a well-priced insurance product goes a long way.

Customers will want to have a look at the financial and reputational position of an insurance firm. Although there are already very strict regulations in place for insurers, there are also those who will try to stretch those regulations as far as possible. The reputation of an insurer is about more than just the complaints. It is also about the ratings from ratings agencies. These agencies compare the various insurers to set standards, and their performance extends beyond just their profits.

Another aspect customers need to consider, is the percentage of claims honored. This is crucial, as customers will be able to determine whether the insurer is a reluctant payer. When this happens, it means that they will nitpick claims and try to find reasons not to pay. A high payout percentage means that customers can rest assured that they will the cover when it matters most.

Finally, a good insurer will ensure they have all the information before they underwrite the policy. If the policy determines risk at payout, there is a high likelihood that the claim might not be honored as this opens the door to non-disclosure.

Wells Fargo Product Offerings

Wells Fargo
Screenshot of Insurance Options Wells Fargo

Homeowners Insurance

This type of insurance provides coverage for not only the structure of the home but also the contents. Furthermore, customers also have the option to insure other valuable possessions.

  • The insurance covers the replacement cost of the home. This means the cost to rebuild the house and excludes the land.
  • Customers also benefit from content insurance. This is the personal property of the customer and could include furniture, some electronics, clothing, and other valuables.
  • Also, the insurance covers the cost of living elsewhere should the customer’s home get damaged.
  • Furthermore, customers also benefit from liability insurance should someone get accidentally injured on their property. It will also cover accidental damage to someone else’s property, for instance, a baseball through a neighbor’s window.
  • Finally, customers also have access to optional coverage such as contents replacement cost coverage, valuable items, and water back-up of sewers and drains.

For a comprehensive review on the mortgages at Wells Fargo, read here.

Auto Insurance

Auto insurance covers more than just the damage to a vehicle in the event of an accident or theft. It also includes additional coverage and customers can also include optional coverage items.

  • The basic auto insurance also includes bodily injury liability. This covers injuries caused to someone else.
  • Furthermore, the policy includes property damage liability which occurs when the policy owner or someone with permission to drive the car, does to someone else’s property.
  • Collision cover is for those moments where the customer gets into a collision with another vehicle or object.
  • Customers who opt for comprehensive coverage, receive reimbursements for losses due to theft or damage caused by something other than a collision with another car. This could be an object such as fire, falling objects, hail vandalism, or contact with animals such as birds or deer.
  • There is also a feature that covers the insured or listed family members if they are hit by an uninsured, underinsured, or hit-and-run driver. Furthermore, this coverage also includes if the customer is hit as a pedestrian.
  • Finally, customers can apply for optional insurance such as personal injury protection (PIP) coverage, full glass coverage, towing and labor coverage, and rental reimbursement coverage.

Umbrella Liability Insurance

This is the perfect addition to any existing policy, as it provides customers with added liability protection. This is over and above the limits of their homeowners, auto, and specialty vehicle insurance policies. Customers are able to purchase an additional $1 to $5 million in liability protection. Finally, this type of cover protects a customer’s assets in the event they are sued.

Speciality Vehicle Insurance

Customers who have invested in additional vehicles or crafts will want to have them covered. Furthermore, this cover provides protection for items that are damaged by an accident, fire, flood, or vandalism. Also, the insurance may also pay for medical bills of there’s an accident involving their vehicle. Items that can be covered, include:

  • Boats and Personal Watercraft
  • RVs and Motor Homes
  • Motorcycles
  • Golf Carts, Snowmobiles, and more.

What We Like About Wells Fargo Insurance

There are simple insurance options for those who want to ensure that their assets and personal property are covered in the event of an accident. These products provide a few extra options, and customers rest assured that their policies are comprehensive.

Furthermore, the ease of applying for the policies make Wells Fargo a good choice for those who don’t want to spend hours in the application process.

Finally, Wells Fargo has a long history and a stable financial reputation, which makes it a good fit for many customers.

What We Don’t Like About Wells Fargo Insurance

With a history as long and decorated as Wells Fargo’s, the range of options on their insurance product page is a little anti-climatic. There are only four options to choose from in an industry that is filled to the brim with products. This would leave clients wide open in terms of risk, which means they would need to look to other financial providers for assistance. Wells Fargo is wide open to losing market share because of their poor product spread.

Critical Reviews Rating Wells Fargo – 9 of 10

Wells Fargo
Screenshot of Insurance Education Wells Fargo

There are a number of things with this insurance range. The products on offer provide customers with comprehensive and great quality insurance. What’s more, the products also have many add-ons customers can benefit from to suit their personal needs.

As far as home insurance is concerned, Wells Fargo offers one of the best on the market. It provides peace of mind that the structure and the contents are covered.

Unfortunately, there is a big hole where a few key insurance products need to be. Some of the products that the bank could consider offering to customers, are travel insurances and cover for gadgets on the go. This will allow customers to have more peace of mind when they take to the road.

This score can be a perfect 10 if the bank increases the product range a bit. This is to cater more to the full range of needs their customers may experience.

For a full review on one of Wells Fargo's online competitors, Ally Bank, read here.