Gramercy Insurance Company Car Insurance Review 
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.
Free Car Insurance Comparison
Secured with SHA-256 Encryption
UPDATED: Jan 28, 2021
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
- 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.
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.