LOOP Insurance Review
Loop Insurance calculates rates in a way that drives down costs for people in minority groups.
Find Cheap Auto Insurance Quotes in Your Area
Loop Insurance doesn’t use your credit score, income or education level to decide your car insurance rate. It’s important because these are often what drives up rates for people in minority groups. Instead, Loop bases your rate largely on your driving.
Pros and cons
Pros
Your credit score, income and education don’t influence your rate.
Minor traffic violations won’t up your rate.
Cons
You must allow Loop to track your driving.
Reckless drivers may lose coverage.
Alternatives to Loop Insurance
Here are other options for the cheapest car insurance in Texas.
Loop Insurance rates
You’ll pay an average of $247 per month in Texas for full coverage car insurance and $87 for liability-only insurance.
Many insurance companies advertise that they have affordable rates. To make sure you’re getting the best rate for what you need, get a few quotes and compare them.
You can also search for the cheapest rates based on where you live, especially if you live in one of the biggest cities in the Lone Star State: Dallas, Houston or San Antonio
Find Cheap Auto Insurance Quotes in Your Area
Discounts with Loop Insurance
You can save up to 20% on your Loop auto insurance rate by paying in full, upfront.
Safe driving discount
Available to drivers with no violations on their driving record for the last three years, no accidents in the last five years and who had at least six months of auto insurance coverage before joining Loop.
Paid-in-full discounts
You can get up to 20% off by paying for your policy in full, up-front. You can get up to 10% if you pay for half of your policy up-front.
Paperless discount
Doing all of your paperwork electronically can net you a discount.
Advanced technology discount
If your car has automatic emergency braking, or if it’s a hybrid or electric vehicle, you can get a discount.
Loop insurance customer reviews and financial strength
Loop has mixed customer satisfaction. It earned a 3.6 star rating out of 5 from TrustPilot but also has an “F” grade from the Better Business Bureau and many bad reviews on Reddit.
The company is also in the process of shutting down. It’s going through what’s called ABC liquidation, which is a type of bankruptcy that doesn’t involve going through courts. Established in 2020, it never earned a financial strength rating from the industry company, AM Best.
Frequently asked questions
Does Loop offer roadside assistance?
Yes, you can get roadside assistance from Loop as an add-on to your insurance policy.
Does Loop Insurance cover rental cars?
You can add rental car coverage to your car insurance policy at Loop. It will increase your monthly rate, but the coverage could be worth it. Loop partners with Enterprise.
Can you get an online quote?
Yes, you can get an online quote with Loop Insurance or call customer service at 844-544-5667.
Methodology
ValuePenguin collected thousands of quotes from ZIP codes across Texas for the largest insurance companies. Car insurance premiums in Texas are for a 30-year-old man with good credit who drives a 2018 Honda Civic EX.
Full coverage rates are for a policy that includes collision, comprehensive and liability coverage. Rates are for someone with a clean driving record, unless otherwise specified.
- Bodily injury liability: $50,000 per person and $100,000 per accident
- Property damage liability: $50,000 per accident
- Uninsured and underinsured motorist bodily injury: $50,000 per person and $100,000 per accident
- Comprehensive and collision: $500 deductible
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurance company filings and should be used for comparative purposes only. Your own quotes may be different.
Auto insurance rate change data was compiled using RateWatch from S&P Global, which uses information from the National Association of Insurance Commissioners (NAIC).
Senior Writer
Jenn Jones is a Senior Writer at LendingTree where she covers auto, home, renters and motorcycle insurance topics.
Previously an editor for USA TODAY Blueprint and a finance manager at World Car dealerships, she has more than a decade of experience in the world of personal finance and a deep interest in sharing knowledge that empowers others. She’s also served as a freelance translator, copy editor, writer and researcher. She graduated from the University of Virginia with a B.S. in commerce and a B.A. in Chinese language and literature.
How insurance helped Jenn
Jenn first came to appreciate pet insurance when annual checkups for her cat and dog totaled more than $700.
Expertise
- Auto insurance
- Renters insurance
- Condo insurance
- Home insurance
Referenced by
- USA TODAY
- MSN
- F&I Magazine
- Automotive News
Education
- BS, Commerce, University of Virginia
- BA, Chinese Language and Literature, University of Virginia
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
