Bear River Mutual ® Insurance Agent of Utah
Bear River Mutual has a reputation of being one of the best Auto Insurance
companies in Utah and the country. In fact, it made Ward’s Top 50 P&C Insurance companies for 5 years straight (2008-2013).
Bear River Mutual Insurance got it’s start in 1909 in Northern Utah. Farmers soon recognized they needed protection against potential damages to their farms, so they formed a mutual company where they could pool their money into a collective account. This strategy proved to be less expensive than other insurance companies in Utah at that time and still holds true today.
These founding farmers realized that they could trust each other to help insure their farms because they shared similar values and high standards. Only those who shared their high values could join the mutual fund. Trust, honesty, integrity, and hard work governed the policies and execution of benefits. Bear River Mutual operates in the same manner today.
Why Are Bear River’s Rates So Affordable?
Bear River is able to keep their rates so low for a few important reasons. First, since it’s a locally owned mutual fund in Utah only, it’s tied to our strong economy and environment. Policy holders don’t have to pay extra for disasters common to other states. Next, policy holders are actual owners of the mutual fund instead of stakeholders or investors. So as a policy holder, you’ll reap the benefits instead of them. Finally, Bear River Mutual adheres to the strict acceptance values upon which the company was founded. This means you’re in good company with other safe, responsible, hard-working drivers like yourself. Higher standards means fewer accidents, fewer payouts, and therefore lower premiums.
What Is A Mutual Company?
A mutual company is one where premiums are pooled into a central fund to cover any claims. Benjamin Franklin actually started the first mutual insurance company in 1752 called the Philadelphia Contributionship (Fire Insurance Company of America). Acceptance into their policies was strict back then, too, with surveyors deployed to assess properties, building materials, workmanship, safety measures, and risks.
Today, mutual insurance funds operate similarly. Bear River Mutual keeps their overhead low and passes on positive earnings to their policyholders through low insurance rates. Also, since they’re local, great emphasis is placed on excellent customer service and accountability.