Compare Foremost Signature vs. Mercury: Quotes, Discounts (2023)

Foremost Signature vs. Mercury: A Summary

Foremost Signature is a popular specialty insurance company, and Mercury is a top midsize car insurance provider. Foremost operates in all 50 states and Washington, D.C. By contrast, Mercury serves just 11 states. Each company has its own pros and cons, so this article lines up all the data so you can compare car insurance providers and make the right choice.

ICS Score Explanation:

The Insurify Composite Score (ICS) is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

Foremost Signature

Foremost Insurance Company was started in Grand Rapids, Michigan, in 1952 and later purchased by the Farmers Insurance Group in 2000. Today, the company accommodates high-risk drivers and people with less-than-ideal driving histories. In addition, the company offers benefits such as a mobile app with digital ID cards and motorcycle and recreational vehicle insurance.

Mercury

Mercury sells policies in the following states: Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. The company’s policyholders enjoy perks like roadside assistance, rental reimbursement, and various coverage options. They also save money by combining their auto and home insurance policies.

The Best Car Insurance Companies in 2022

Mercury came in eighth place as the highest-rated company for face-to-face insurance service. And Foremost Signature jumps up to the sixth place for its hassle-free claims experience. Also, the solid financial backing of its parent company, Farmers, is a bonus. Farmers’ J.D. Power ranking for overall customer satisfaction is also higher than Mercury’s.

Compare Foremost Signature vs. Mercury: Which Is Cheaper?

Mercury is the low-cost leader, with more affordable auto policies across the board. From the table at the beginning of the article, you may have noticed that the average monthly rate for Mercury’s car insurance is $102. On the other hand, Foremost Signature costs $26 more, at $128 per month. Compared to the national average of $69, both companies are a tad pricey.

The Cheapest Car Insurance Companies in 2022

Neither company makes the list for the top 10 cheapest companies. Mercury gives the better deal, but both insurers are well above the national average. That said, either company could possess the right combination of customer service, insurance products, and price for some consumers. So it may be helpful to get quotes from both and then pick.

Compare Foremost Signature vs. Mercury Car Insurance by Age

When generating a car insurance quote, insurance agents consider your age because they know that experienced drivers are usually better drivers. Furthermore, older drivers are more likely to own a home and have stellar credit, which results in lower rates. So it’s no wonder that drivers under age 25 pay the highest rates for auto insurance.

When you glance at the table below, you’ll see that teens hand over the highest auto insurance premiums. After that, rates drastically fall when people enter their 20s. Then, it’s smooth sailing till they reach retirement age. In detail, drivers in their 50s get the best deal. They spend $109 per month at Foremost and $82 at Mercury.

Compare Foremost Signature vs. Mercury Car Insurance by Gender

Another factor determining how much you pay for car insurance is your gender. Typically, both men and women spend nearly the same amount on auto insurance. But some insurance agencies and companies place a stronger emphasis on gender. For example, because young men are more likely than women to drive recklessly, companies may bill them a bit more.

Foremost Signature asks men for $2 more than women every month, translating to a two percent variation. Surprisingly, women pay $5 more than men at Mercury, representing a five percent discrepancy. In addition, Foremost and Mercury fly past the national average for both groups. Perhaps men and women should get multiple quotes before selecting.

Which is cheapest for men?

Mercury is the friendliest to the bank account. Picking Mercury saves men $30 per month over Foremost Signature, amounting to a healthy $360 per year. However, compared to the national average, both companies are more expensive. So men might want to get multiple quotes before pulling the trigger.

Which is cheapest for women?

Mercury is the most affordable option for women. It has a monthly average price of $104, which saves women $276 annually compared to Foremost Signature’s annual cost. But the competition is much cheaper than both companies. The $78 national average beats both companies, so women should quote more than just these two insurers before locking in a rate.

Compare Foremost Signature vs. Mercury Car Insurance by Mileage

In general, driving more means paying higher premiums because underwriters calculate risk based on time spent on the road. Moreover, there is a greater possibility of vehicle damage from a car accident when you drive more. However, pricing differences are relative because auto insurance companies do not compute yearly miles in the same way.

Foremost Signature drivers with the highest annual miles pay $2 more than those with the least number of annual miles. Conversely, it doesn’t seem to matter how much you drive at Mercury because the price is uniform. Perhaps Mercury uses a set mileage when quoting despite what potential policyholders may estimate.

Which is cheapest for drivers with high mileage?

Mercury might be your best choice if you have a prolonged daily commute or genuinely enjoy cruising. The monthly charge at Mercury is $104, which is $23 less than Foremost’s $127 price tag. As a result, Mercury saves you $276 annually versus Mercury. That said, both companies fly right past the $78 national average by a wide margin.

Which is cheapest for drivers with low mileage?

Mercury is the right choice again because the data is nearly identical, excluding the minor changes at the 5,000-mile level. In addition, choosing Mercury’s $104 price saves you at least $252 per year compared to Foremost Signature. But infrequent drivers and telecommuters may want to check what quotes rival insurance providers offer to get closer to the national average.

Compare Foremost Signature vs. Mercury Car Insurance by Credit Score

Drivers with stellar credit snag some of the best auto insurance rates companies offer. On the other hand, those with poor credit have fewer opportunities for inexpensive coverage. So, while credit score is crucial, those with imperfect credit can still secure a reasonable price. Simply go to Insurify to compare auto insurance quotes from top providers in one straightforward interface.

A similar pattern emerges once you observe the tables for the various credit scores. Drivers with excellent credit receive the best rates, and premiums rise as credit scores drop. Again, Foremost, Mercury, and the national average follow the same trajectory, albeit with different figures. At every level, Mercury and Foremost Signature exceed the national average.

Which is cheapest for good credit?

People with great credit might want to give Mercury a chance. Mercury’s $79 per month price tag for those with excellent credit beats Foremost by $24 a month, amounting to a yearly difference of $288. Mercury bumps those savings up slightly to $25 per month versus Foremost if you have good credit. Yet both insurers are markedly above the national average.

Which is cheapest for bad credit?

Mercury is the safer choice if you’re fixing your credit or paying down debt. Mercury represents a $21 per month, price reduction off Foremost’s average credit rate. Similarly, you’ll realize savings of $22 per month, or $264 per year, versus Foremost’s poor credit price tag. Once again, both companies surpass the national average at each credit tier.

Compare Foremost Signature vs. Mercury Car Insurance by Driving Record

Insurance agents and companies base their rates on the prior three or five years of your driving history. As a result, keeping a clean driving record entitles you to some of the most significant price cuts, such as the good driver discount. Although a citation or at-fault accident increases the difficulty of finding a budget-friendly rate, you can still find one when getting multiple quotes at Insurify.

Some drivers may be apprehensive about finding low-cost insurance coverage with a less-than-ideal driving record. Fortunately, unlike some companies, Mercury and Foremost Signature recognize the challenge and still offer protection. But if you want the absolute lowest prices, make sure these two aren’t the only companies on your shopping list.

Which is cheapest for good drivers?

Mercury offers the best deal to safe drivers. The company’s $104 monthly cost represents a $252 annual savings over Foremost. However, even Mercury surpasses the national average. When even the cheaper option of the two is above the national average, getting multiple quotes is almost a necessity.

Which is cheapest after a speeding ticket?

Probably, the most common reason for receiving a speeding ticket is ignoring your alarm clock or forgetting to set it. If you end up with a citation, choose Mercury. Its $129 per month premium is $28 cheaper than Foremost Signature. Nonetheless, the $104 national average means the competition, in general, offers a better deal.

Which is cheapest after an accident?

After an accident, your best bet is to try Mercury. Mercury’s average monthly quote of $164 is $66 less expensive than Foremost Signature, resulting in a fantastic annual savings of $792. Although Mercury offers a substantial discount versus Foremost, it’s no match for the $113 national average.

Which is cheapest after a DUI?

DUIs typically cause the most drastic rate increases at most insurance companies. Foremost and Mercury have relatively cheap premiums compared to their costs for drivers after an accident. It’s the closest the two insurers get, with a single dollar making Mercury a better choice. Even with the relatively small difference, both companies are cheaper than the $155 per month national average.

Foremost Signature vs. Mercury Car Insurance: What discounts does each offer?

Foremost Signature Discounts

• Electronic payment

• Go paperless

• Homeowner

• Multi-policy (bundling car insurance with other insurance products like homeowners insurance or life insurance)

• Multi-vehicle

• Pay in full

• Preferred driver

• Safe driver

Mercury Discounts

• Anti-theft feature

• Autopay

• E-signature

• Good driver

• Good student

• Multi-car

• Multi-policy

• Pay in full

• RealDrive

Our Methodology and How We Compared Foremost Signature and Mercury

The car insurance quotes provided in Insurify’s insurance company comparison guides are based on the analysis of over 50 thousand insurance quotes from 500 ZIP codes nationwide. Insurify’s data science team performs a comprehensive analysis of factors car insurance providers weigh to calculate rates, including driver demographics, driving record, credit score, desired coverage level, and more to give representative samples.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating calculated by weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers a window into how insurance providers compare to one another in terms of both cost and quality.

Frequently Asked Questions