What happened to Preserver Insurance?

If you have questions about Preserver Insurance Co., you’re not alone. Preserver, a subsidiary of Tower Group insurance companies, used to underwrite insurance policies in 44 states in the past, but has since closed. Very little information can be found online, but we’ve put together everything we know about Preserver Insurance Company in this article.

If you’re looking for car insurance, Preserver won’t be the provider for you. But we can help you find the right provider to underwrite your next car insurance policy. We’ve reviewed the top car insurance providers in the nation to give you the best recommendations for your insurance.

When you’re ready to start the quote comparison process, enter your zip code. Or, for an easier process, call our team at (844) 246-8209 to get free, personalized quotes seven days a week.

In this article:

What Is Preserver Insurance Company?

Preserver Insurance Co. used to be one of 18 subsidiary companies included in the Tower Group of insurance companies. Headquarters were located in New York City, but Preserver also had a location in Jersey City, New Jersey. Preserver was purchased by Tower Group Insurance in 2007 and remained a part of that company until it closed.

Preserver Insurance Co. was licensed to underwrite auto insurance policies in 44 states, plus Washington D.C. The company specialized in package commercial lines of insurance in New Jersey and California and also underwrote fire, marine, and casualty insurance policies.

What Happened To Preserver Insurance Company?

After a major merger of several car insurance providers (including Tower Group Insurance), Preserver Insurance Co. changed its name to Castlepoint Insurance Company. Years after the merger, all of the companies in this insurance group, including Castlepoint, were ordered to liquidate by a Superior Court in San Francisco.

Castlepoint was found to be insolvent, which means it didn't have enough cash flow to pay its debtors and the situation was bad enough to warrant a liquidation.

As of April 1, 2017, none of the Tower Group Insurance companies exist. Customers were relocated to different providers, and claims were transferred as well.

If you’re looking for more information about Preserver Insurance Co./Castlepoint Insurance Company or the liquidation of Tower Group Insurance, you can call 415-676-5084.

Recommendations For Your Next Car Insurance Provider

Even though Preserver Insurance Co. is no longer available, there are plenty of car insurance companies for you to choose from.

Whenever you shop for car insurance, we recommend getting quotes from multiple providers so you can compare coverage and rates. In addition to the insurance company you choose, factors such as your age, vehicle make and model, and driving history can affect your premium, so what’s best for your neighbor might not be best for you.

Use our tool below or call (844) 246-8209 to start comparing personalized car insurance quotes:

Geico: Best Overall

With a thorough Geico review, we rate the provider Best Overall. Comparing Geico’s coverage options, cost, discounts, customer reviews, and other factors against its competitors, we score the auto insurance company 4.5 out of 5.0 stars.

Geico customers have their choice of car insurance coverage plans that range from basic liability insurance to comprehensive coverage in all 50 states. You can also get extras like roadside assistance, rental car reimbursement, and mechanical breakdown insurance.

Geico also has a variety of competitive discounts for:

Good students
Military personnel
Safe drivers
And more

USAA: Best For Military

Our review of USAA auto insurance found that the insurer is the best auto insurance provider for active duty or retired military personnel and their immediate family members.

USAA car insurance is available to eligible parties in all 50 states. Customers get access to good discounts, too. With USAA car insurance, you could qualify for up to 20 percent off of your car insurance rates for parking your car on a military base. Plus, as a USAA customer, you’ll be able to purchase additional coverage for roadside assistance, rental car reimbursement, accident forgiveness, and more.

Progressive: Best For High-Risk Drivers

In our Progressive review, we found that the insurance provider is the best for high-risk drivers, like drivers in their 20s or drivers with a DUI on their driving record. Progressive car insurance is available in all 50 states.

Progressive offers liability insurance, comprehensive insurance, and more forms of protection for your finances, your person, and your vehicle. Plus, Progressive offers competitive discounts and unique industry tools like:

The Name Your Price^® tool: You can choose the price you want to pay to see policies that fit your budget.
Snapshot^® program: This program monitors your driving habits and can award discounts based on good driving.