The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site.
BestMoney.com
Loop Review
LOOP Car Insurance
Visit Site
Michael Graw
Jan. 03, 2023
2 min read
Michael Graw
LOOP Car Insurance summary
Loop is an insurance startup that’s using driving data and artificial intelligence to provide fairer pricing for car insurance policies. You must activate the Loop mobile app when driving in order to provide data about your driving habits. Policies are only available in Texas right now, but the company has plans to expand to 10 more states. Loop is reinsured by Hannover Life Reassurance Company of America, one of the world’s largest reinsurers.
Pros
  • Pricing based on your driving habits, not your credit score
  • Reinsured by a company with an A+ financial stability rating
  • Bilingual customer support team
Cons
  • Only available in Texas
  • Must keep Loop app activated while driving

LOOP Car Insurance LOOP Car Insurance Visit Site

Types of Auto Insurance You Can Get from Loop

Loop offers all standard car insurance coverage types, including the following.

Bodily injury liability

If you injure another driver or passengers in another vehicle during an accident, this coverage will pay for their medical expenses. Bodily injury liability coverage is required in most states.

Personal property liability

If you damage property during an accident, this coverage will pay for the damage. Personal property liability coverage is required in most states.

Uninsured and underinsured motorist

If another driver is responsible for an accident but doesn’t have insurance or reaches their insurance limit, this coverage will help pay for expenses.

Medical payments

If you or passengers in your vehicle are injured during an accident, this coverage will help pay for your medical expenses.

Comprehensive

If your car is damaged due to fire, theft, vandalism, and hail, comprehensive coverage will help pay for the damage. Comprehensive coverage includes a deductible.

Collision

If your car is damaged during an accident, collision coverage will help pay for the damage. Collision coverage includes a deductible.

Additional Features

Loop also offers several types of add-on coverage, including the following.

Roadside assistance

If your car breaks down and you need mechanical help or a tow, this coverage will help cover the cost.

Car rental coverage

If you rent a car while traveling in the US, Loop will extend your coverage to the rental vehicle.

Gap insurance

If you have a loan on your vehicle and it’s totaled during an accident, you could end up owing more than the depreciated value of the vehicle that your insurance covers. Gap insurance covers this difference.

How to Apply

Loop insurance is currently available only in Texas. The company has plans to roll out in 10 additional states in the near future.

You can apply for coverage through Loop online or through the Loop mobile app (iOS and Android). You’ll need to provide your name, address, and driver’s license number so that Loop can check your driving record. Loop does not check your credit score when pricing policies.

Loop will generate a quote that you can customize with the coverage amounts and deductibles you prefer. Your premium is updated instantly to reflect changes in your coverage.

When you’re happy with your quote, you can check out online to complete your purchase. Loop insurance policies typically take effect starting at midnight on the day after they are purchased.

Once you’re insured with Loop, you’re required to keep the Loop app active for at least 21 days per month. The app keeps track of when you’re driving and collects data about your speed, braking habits, how many miles you drive, and what time of day you typically drive. You can deactivate tracking if you’re a passenger in another vehicle rather than the driver.

Loop uses this data to more accurately price your policy when it’s time to renew after your first six months. Note that this means your premium may change significantly upon your first renewal.

Filing a Claim

You can file a claim with Loop online, through the mobile app, or over the phone. You’ll need to provide details about what happened, and you may be asked to take photos of your vehicle. Loop’s claims team is available 24/7.

Loop is reinsured by Hannover Life Reassurance Company of America, the third-largest reinsurance company in the world. Hannover Life Reassurance Company of America has an A+ financial stability rating from A.M. Best.

Contact Details

Loop offers customer support in English and Spanish by phone and email. The support team is based in Austin, Texas and is available from 9am-7pm Monday-Friday and 9am-6pm Saturday-Sunday, Central Time. The claims support team is available 24/7.

Loop also has detailed FAQs pages that explain how to purchase a policy, how tracking through the Loop mobile app works, and how to file a claim.

Phone: (844) 544-5667

Summary

Loop is a new insurer that aims to use driving data and artificial intelligence to price car insurance more fairly and more accurately. You can purchase a policy online, then drive with the Loop mobile app activated to start collecting data about your driving habits. Loop uses this data when pricing your policy at renewal.

Loop is only available in Texas for now, but has plans to expand into 10 additional states. Policies are reinsured by Hannover Life Reassurance Company of America, which has an A+ financial stability rating from A.M. Best.

LOOP Car Insurance LOOP Car Insurance Visit Site

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
Top 5 Car Insurance
CarInsurance.net-DL
CarInsurance.net-DL
Read Review|Visit Site
Read all reviews
Must Reads
Read all articles