Lexon Auto Insurance Review

Lexon Auto Insurance is not a company that sells the typical auto insurance policy. It does not sell liability coverage for bodily injuries or property damages while people pay yearly premiums to keep the policy active. It also cannot sell optional auto insurance coverage. Even though Lexon Auto Insurance does not sell auto insurance policies, it does sell surety bonds. If you’re looking for great auto insurance companies, make sure you check out our FREE comparison tool.

Some states require that drivers purchase auto insurance, and this is the only way that they will be able to demonstrate that they can pay the medical costs and bills to repair property. These states are known as tort states where someone will need to be found liable for the damages.

The Surety Bond

Other states will allow people to establish financial responsibility for damages they cause with a surety bond. The surety bond is the guarantee that the driver found to be at fault in a car collision will pay the bills for people who suffer bodily injuries and property damages. It is just another way that some states allow their drivers to pay other people’s bills due to a car collision.

Where Lexon Auto Insurance Sells Surety Bonds

Lexon Auto Insurance is located in Tennessee, a tort state as well as a state that allows its drivers to forgo purchasing auto insurance. Instead of auto insurance, they may post a bond with the state’s Department of Safety. Lexon Auto Insurance also sells surety bonds in 48 other states as well as in Washington D.C., the Northern Mariana Islands and every United States territory through the company’s agents.

The 12th Largest Surety Company

The fact that Lexon Auto Insurance has such a large presence all over the world has made it the 12th largest surety company in the country.

The company had its start in 2001 as an underwriting company.

Two years later, it became a part of the Lexon Surety Group and began to sell surety bonds on a large scale.

Strong Financial Stability

Lexon Auto Insurance has been in business for over a decade, a very good sign that it will remain active for years to come. Another great sign of financial stability is the fact that A.M. Best has given this company the credit rating of A-. A- is in the “Excellent” category, just one below “Superior,” and this means that the company has very little chance of not being able to meet its financial obligations.

Overcharging Customers

Although Lexon Auto Insurance does have a strong financial standing and appears to be doing a good deal of business all over the world, it does have a negative associated with it. This company overcharged its clients by $291,000. The company was required to pay a fine in 2010, and the president acknowledged wrongdoing. Currently, the company has a new president.

Finding a Lexon Auto Insurance Agent

Lexon Auto Insurance made finding an agent as easy as possible on its website. The “Find an Agent” tab takes people to a link where they will be able to learn more about surety bonds and purchase one for themselves. The agents that they will come in contact with will be in their own areas, so they will be able to maintain a close relationship with their agents.

The fact that Lexon Auto Insurance uses independent agents to sell its surety bonds means that clients will have a more intimate relationship with their agents than they could if they were dealing with a company located far away from them.

Contacting Lexon Auto Insurance

When people do decide that purchasing a surety bond is the right thing for them, they may obtain a quote from Lexon Auto Insurance by contacting the company directly. The website does not have a quote tool where people can receive one quickly online. People will need to call the company’s telephone number.

The only problem is that the website does not list a toll-free number for those who are outside of the state. If people are unable to call Lexon Auto Insurance on the phone, they may go to the website and send a message with a question that they have. They will need to wait for a representative at the company to contact them after a time.

Purchasing Auto Insurance

Some people may not find the surety bond to be what’s right for them.

Because people do not have the option of purchasing an auto insurance policy from Lexon Auto Insurance, they will need to seek it from other auto insurance companies. They can seek quotes from auto insurance companies right on this website. They only need to enter their ZIP codes, and they can purchase auto insurance that may be more affordable for them than a surety bond. This way you know you’re saving the most money on auto insurance.