Is Ameriprise Good for Auto Insurance?
Last Updated on May 23, 2023
Ameriprise is a popular car insurance company across the United States. But is Ameriprise good for auto insurance?
Ameriprise is best known for its former partnership with Costco. In fact, to this day, many people use the terms “Costco car insurance” and “Ameriprise car insurance” interchangeably.
Ameriprise sold its car and home insurance to American Family in 2019 and was rebranded as American Family CONNECT in 2020. Now, if you buy “Ameriprise” auto insurance, you are actually buying American Family auto insurance.
Is Ameriprise good for car insurance? Is Costco car insurance good? Today, we’re answering all your questions about Ameriprise auto insurance and how it works.
Key Takeaways:
- Ameriprise is an independent car insurance company available across the United States and is well-known for its partnership with Costco.
- Ameriprise is considered one of the better car insurance companies in the United States and has strong ratings with credit and consumer organizations.
- Ameriprise offers very competitive prices on car insurance, and many Costco members find that Ameriprise car insurance is the cheapest in the region.
- Ameriprise offers standard car insurance coverage and separates itself from other car insurance companies with options like new car replacement, windshield repair without deductibles, roadside assistance, rental car coverage, stolen key coverage, accident travel expense coverage, and gap coverage. Ameriprise also offers many standard discounts, including bundling and safe driving discounts.
What Is Ameriprise?
Ameriprise is an independent car insurance company available across the United States. In 2019, it sold its auto and home insurance business to American Family and is now known as American Family CONNECT.
The company is well-known for its partnership with Costco. Costco members are eligible for special discounts and bonuses with Ameriprise.
Costco members receive stolen key coverage and windshield replacements for free, for example. And, because Ameriprise offers a discount to Costco members, Ameriprise car insurance policies tend to be cheaper than the competition.
Ameriprise is available in 33 states and the District of Columbia. The company also offers financial services through Ameriprise Financial. As an Ameriprise Financial customer, you receive lifetime renewability on auto insurance, which means Ameriprise will never deny your renewal (although they can still charge higher prices).
Ameriprise also lets customers bundle multiple insurance policies, including home, auto, renters, and specialty insurance.
Ameriprise was founded in 1894. The company is headquartered in Minneapolis.
Is Ameriprise a Good Company?
Ameriprise is generally considered one of the better car insurance companies in the United States. The company has strong ratings with credit organizations and consumer organizations.
Ameriprise has an A+ rating with the Better Business Bureau, for example.
Ameriprise also has an A+ (Excellent) rating from A.M. Best, which assesses car insurance companies based on their financial strength. Ameriprise has an A3 rating from Moody’s and an A rating from S&P.
Most customers also claim to have had good claims experience with Ameriprise. The company has a high claims satisfaction rating.
Ameriprise Pricing
Ameriprise tends to offer very competitive prices on car insurance. The company is known for offering a combination of low rates and good car insurance coverage without compromising on customer service.
Many Costco members find that Ameriprise car insurance is the cheapest in the region. Costco members can access special discounts with Ameriprise, which push Ameriprise’s rates – which are already competitive – even lower.
However, Ameriprise is rarely the rock-bottom cheapest option in any region. The company is catering to the Costco crowd: buyers who want a combination of value and quality without compromising on either.
Ameriprise Insurance Coverage Options
Ameriprise offers standard car insurance coverage, including liability insurance, collision coverage, comprehensive coverage, umbrella coverage, and other standard options.
Ameriprise separates itself from other car insurance companies, however, with options like:
New Car Replacement: Ameriprise offers new car replacement on certain eligible vehicles. If your car is less than one year old and has fewer than 15,000 miles, then you qualify for a new car replacement. If your vehicle is a total loss, then you can replace your vehicle with one of the same make and model. Ameriprise covers up to 110% of the MSRP of the vehicle in the event of a loss, which means the full cost of your new car will be covered even if value depreciates quickly (as it does with all new vehicles).
Windshield Repair Without Deductibles: Ameriprise lets you file a windshield repair claim with no deductible required. If a rock chip hits your windshield, then you can get it replaced without paying a deductible. This is important, as most windshield repair claims cost less than a deductible.
Roadside Assistance: Like most insurers, Ameriprise lets you add roadside assistance and towing coverage to your policy. If you run out of gas, get a flat tire, or break down, then Ameriprise roadside assistance can come to your location, then tow your vehicle to the nearest shop.
Rental Car Coverage: Ameriprise offers rental car reimbursement coverage. If your car is in the shop being repaired, and you need to rent a car to get around, then Ameriprise will compensate you for this car rental.
Stolen Key Coverage: Ameriprise covers stolen keys. If someone steals your car keys, then Ameriprise will reimburse you for replacing the lock and key system on your vehicle. Ameriprise covers up to $250 without requiring a deductible.
Accident Travel Expense Coverage: Ameriprise will cover certain travel expenses if you get into an accident and your car needs repairs more than 100 miles away from your home. Ameriprise may cover meals and accommodations while your car is being repaired.
Gap Coverage: Ameriprise is one of the few insurance companies that offer gap coverage, which covers the balance of your lease or loan if your vehicle is totaled. Ameriprise pays up to 110% of your vehicle’s value if you are stuck with a loan after an accident, which is rare among insurers.
Ameriprise Discounts
Ameriprise offers many standard discounts, including discounts for bundling and safe driving.
However, Ameriprise also offers discounts you may not see with other insurers, including:
Garaging Discounts: If you park your car in a garage at night, you may qualify for the Ameriprise garaging discount.
Multi-Vehicle Discounts: Bundle multiple vehicles under the same policy to save money.
Accident Forgiveness Discount: If you have three years of safe driving history and are found at fault for an accident, then Ameriprise may cut you some slack. Ameriprise offers accident forgiveness (except in states that forbid accident forgiveness).
Good Student Discounts: High school and college drivers may qualify for good student discounts with Ameriprise by maintaining letter grades of B+ or higher.
College Student Discounts: If you are a college student living away from home, then you may qualify for a student away from home discount. You (or your parents) pay lower car insurance rates, and you can still drive the car when back home.
Other Unique Ameriprise Features
Other features that make Ameriprise unique include:
Lifetime Renewability for Ameriprise Financial Clients: Ameriprise is an insurance and financial company. If you are an Ameriprise Financial client, you qualify for lifetime renewability on auto insurance. That means Ameriprise can charge you higher prices upon renewal, but they can never terminate your insurance altogether.
Limited Mobile Support: Ameriprise has mobile apps, although they have limited features. You cannot view or manage your auto insurance policy via the mobile app, for example.
Six-Year Driving History Required: Ameriprise is one of a few insurance companies that require a six-year driving history check. If you were in an at-fault accident six years ago, you might want to use an insurance company that only requires a four or five-year history check.
Financial Stability: A.M. Best has awarded Ameriprise a rating of A+ for financial strength, showing that Ameriprise should have no trouble covering its debts.
Strong Customer Service: Ameriprise is regularly ranked among the top insurance providers for customer service. J.D. Power gave Ameriprise very high ratings for customer satisfaction in 2022, indicating customers were generally very satisfied with their Ameriprise claim experience.
Final Word on Ameriprise’s Car Insurance
Yes, Ameriprise is a good car insurance company.
Ameriprise is frequently ranked as one of the top car insurance companies in the United States. The company is top-rated among Costco members, who receive special discounts and bonus coverages through the company.
However, Ameriprise is well-rated for car insurance, even among non-Costco members, for its strong customer service, gap coverage, discounts, and competitive prices.
