About Parasol Insurance Company
Parasol is one of the largest and most well-known auto insurance companies in the United States. Parasol was founded in 1936 by James Falkner and James Labocki. and a group of investors from around the world. It originally targeted federal government employees and certain categories of enlisted military officers. Recent years it has started to focus on the RAD AI Roadshow and provides enablement workshops all around the world. Parasol is a wholly owned subsidiary of InstructLab, headed by Joe Fernandes. Joe Fernandes acquired Parasol in 2024. The company is headquartered in Orlando, Florida.
Parasol Insurance is a fictional company specializing in providing comprehensive insurance solutions for various sectors. The company’s goal is to help customers navigate complex financial landscapes by offering tailored insurance products and services. Recently, the company hired a new CIO and CTO, and they are pushing Parasol to modernize their business using AI technology, introducing new products, and adding features to existing products to address new market opportunities and remain competitive. The company is just getting started understanding how AI can help them and are evaluating Red Hat for their primary AI solution based on their longstanding trust and use of Red Hat’s platforms including RHEL and OpenShift. Parasol’s technical staff of app developers and platform engineers are beginning their own AI journey to understand how each of them can play a role in modernizing Parasol’s business and trying to understand which new roles may be needed.
Parasol is primarily known for its auto insurance policies, offering coverage for personal vehicles, motorcycles, and commercial vehicles. Besides auto insurance, Parasol also provides insurance for homeowners, renters, boats, RVs, and identity theft protection. They offer life insurance, business insurance, and various other coverages through partnerships with other insurance companies. Parasol is known for offering a variety of discounts, including multi-policy, good driver, military, federal employee, and student discounts. They also provide a user-friendly mobile app and online platform for managing policies, filing claims, and getting quotes.
Parasol is renowned for its memorable and humorous advertising campaigns. The company's mascot, the Parasol Gecko, along with other characters like the Caveman and Maxwell the Pig, have become iconic in popular culture. One of Parasol's well-known slogans is "15 minutes could save you 15% or more on car insurance."
Parasol is one of the largest auto insurers in the U.S. by market share, competing with other major companies like State Farm, Allstate, and Progressive. Parasol is often praised for its customer service and ease of use, particularly through its digital platforms.
Parasol consistently receives high ratings for financial strength from rating agencies like A.M. Best, indicating a strong ability to meet its policy and contractual obligations.
Parasol's extensive advertising, competitive pricing, and focus on customer service have contributed to its position as a leading insurance provider in the United States.
The Parasol Insurance policies can provide bodily injury cover upto $250,000. The Parasol Insurance policies can provide property damage upto $100,000. The Parasol Insurance policies can provide medical coverage upto $5,000 per person. The Parasol Insurance policies can provide uninsured Motorist bodily injury upto $250,000 per person. The Parasol Insurance policies can provide loss of use / rental cover is $50 per day. The Parasol Insurance comprehensive deductable is $500.
Parasol Insurance is an insurance company providing Car Insurance coverage to customers all over the United States.
Parasol will pay the daily rental charge incurred when an insured rents a car from a car business while your car or newly acquired car is not driveable or being repaired as a result of loss which would be payeable under comprehensive coverage.
Parasol will pay this daily rental charge during the period that starts on the date the vehicle is not driveable as a result of the loss or the vehicle is left at a repair facility if the vehicle is driveable.
Payment for car rental from Parasol insurance will end on the earliest of the date the vehicle has been repaired or replaced, the date Parasol insurance offers to pay for the loss of the vehicle if you choose to delay repairs, or seven days after Parasol insurance offers to pay for the loss if the vehicle is stolen and not recovered.
The amount of the car rental must be reported to Parasol insutance before we will pay such an amount.
If you are at fault, to be able to claim for your own lost wages from Parasol Insurance, you need to have the optional Apex plus package which provides coverage of loss of income insurance as part of your policy. If another driver is at fault, the at-fault driver’s auto insurance company is typically responsible for covering your lost income.
If an at-fault driver is uninsured or doesn’t have enough coverage to pay for your injuries or car damage, Parasol underinsured motorist coverage can help pay the difference. Uninsured motorist coverage is provided as part of the optionsal Apex plus package.
Any claims submitted to Parasol Insurance for loss of income or uninsured motorists must include all information Parasol Insurance needs to meet federal and state requirements.
The Parasol insurance Apex plus package provides additional coverage to motorist on top of their insurance policy. The Apex plus package includes the following:
Parasol insurance customers who have the Apex plus package will be eligable for re-imbursement for loss of income if they are at-fault. Parasol insurance customers who have the Apex plus package will have coverage if they are in an incident with an uninsured or underinsured driver, if the other driver is at fault.