As you search around the internet for auto insurance, you might see the same car insurance companies pop up over and over again. Names like Progressive, State Farm, Liberty Mutual, Nationwide, American Family, Allstate, Esurance, and Travelers are some of the more well known and reputable auto insurance providers in the United States.
You might think that these companies are all the same, or at least similar. And that no matter what company you choose to insure with, you will probably get the same quality coverage and service. When shopping for auto insurance, however, it’s important that you know the differences between these companies and especially the differences between coverage options. What seems like something insignificant could actually be something that would save you thousands of dollars in the event you need to file a claim.
Before purchasing insurance for your vehicle, you are encouraged to perform similar research into the prospective insurance company that they will perform on you. After all, you would not want to spend hundreds or even thousands of dollars on insurance and then discover that your policy could not be covered when the time came to file a claim. The first step is to take a look at the insurance ratings provided by companies who specialize in examining the financial status of insurance companies.
Car Insurance Company Ratings
Below we have given you an overview of some of the major insurance company rating agencies.
This is perhaps the most basic of financial ratings companies. Simple financial ratings are provided, along with other limited information. The additional information available is mostly through links to published headlines. Visit them at www.fitchratings.com.
Standard & Poor (S&P)
This financial rating index includes nearly four thousand companies, and includes detailed financial profiles. S&P ratings include useful information, although it is often intended more for investors than consumers. Visit them at www.standardandpoors.com.
This is the most comprehensive of the insurance company ratings firms. In addition to an easy to interpret rating system, this company provides financial news and reviews for the companies it lists. This company has emerged as the hallmark agency for insurance company ratings, including insurers of all types, not just auto insurance. Visit them at www.ambest.com.
Other Things To Consider
In addition to determining a company’s financial ability to stand behind claims, you should also look at peer reviews. Ask your friends and co-workers if they have had dealings with the company in question. Perform online searches for such red flag incidents as lawsuits filed against companies, problems with having claims honored, and the process involved in fulfilling those claims.
Your auto insurance is protecting a very important investment. Don’t blindly enlist in a long term contract unless you are confident of the companies ability to pay, and their dependability in making the repairs or replacements involved. There are many thousands of insurance providers available, and some of them have been shown again and again to be little more than a superficial money collector. The best companies undertake to achieve and maintain the highest financial ratings, as well as making certain that their customers are treated with the respect and importance they deserve.
After all, your insurance company works for you. It is their responsibility to be attentive and speedy in dealing with your problems. After all, that company was eager to accept your hard-earned money. Before you purchase a policy, investigate how dependable the company will be when it comes time to stand behind their promises and obligations.
Auto Insurance Company Profiles
Continue reading below to learn more about the companies mentioned above. Knowing that you are insured with a reputable company that suits you is about as important as anything when it comes to auto insurance. Make sure to check out each company’s website and read reviews before signing a policy with them.
The customer satisfaction score we used is based on insure.com’s ratings which take a look at the average score for each insurance company’s claims processing, customer service, value for price, and additional factors.
Website – http://www.progressive.com
Customer Satisfaction Score – 73.69
Website – http://www.statefarm.com
Customer Satisfaction Score – 80.50
Website – http://www.libertymutual.com
Customer Satisfaction Score – 76.14
Website – http://www.nationwide.com
Customer Satisfaction Score – 74.68
Website – http://www.allstate.com
Customer Satisfaction Score – 78.10
Website – http://www.esurance.com
Customer Satisfaction Score – 71.19
Website – http://www.travelers.com
Customer Satisfaction Score – 77.57