Gramercy Insurance Company Car Insurance Review [2020]

Gramercy car insurance is no longer sold because Gramercy Insurance was liquidated. Compare car insurance quotes online using our free tool below and save up to 20% on your rates.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 28, 2021

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Company Details
Address: 333 Earle Ovington Boulevard Suite 502
City: Uniondale
State: NY
ZIP Code: 11553
Phone Number: 516-750-9364
Year Founded: 1979
Company Rating 0 (0 reviews)

Here's what you need to know...

  • Gramercy Insurance Company is no longer in business
  • They participated in some illegal activity
  • There are many reputable car insurance companies waiting for your business

This company has been liquidated. The following is their history when still in business.

Gramercy Insurance Company, a commercial insurance company, was founded in 1979. They were a subsidiary of Benchmark Holdings Inc., which purchased the company in the year 2000.

Gramercy offered commercial coverage for trucking companies, contractor’s equipment, and builder’s risk coverage. In addition, they offered builder’s risk insurance, extended warranty/specialty risk insurance, and surety insurance.

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Why did Gramercy Insurance close?

According to A.M. Best, Gramercy was financially stable with a good long-term outlook.

Their financial rating in 2010 was B+, which is good.

The BBB (Better Business Bureau) had given Gramercy a rating of F. This rating is due to the fact that Gramercy had received one complaint and the company didn’t resolve it.

According to the Texas Department of Insurance, Gramercy had three complaints in three years. All three complaints were regarding non-payment of claims.

In addition, the Department of Insurance fined Gramercy twice in five years. One penalty was for $50,000 because the company loaned one of its officers’ money.

The other fine was for $35,000 because the company did not have the minimum capital required by the state in the bank and did not meet their surplus requirements.

The bottom line is that they were involved in some practices that led to them being fined by their state’s Department of Insurance, and eventually led to them going out of business.

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