Is Allianz Good for Auto Insurance?
Last Updated on June 8, 2020
Allianz is a large global corporation that offers a wide range of products and services, including insurance, investments, and more. Over the years, Allianz has offered a wide range of car insurance products, which have changed frequently. Today, they do not offer traditional car insurance in the US, but they do offer products like international car insurance, rental car insurance, and warranties for car manufacturers. Here’s what you need to know about Allianz’s car insurance products so you can determine whether they are a good fit for you.
Allianz is a German company that is currently based in Munich. They are the world’s largest insurer and financial services group. They were initially founded in Berlin in 1890, and expanded internationally to London just a few years later. Over the course of the next 20 years, Allianz expanded throughout Europe and eventually to Asia, the Americas, the Middle East, Africa, and Australia. The Allianz group owns many smaller local insurance companies around the world. In the United States, Allianz is best known for its life insurance products.
Allianz Car Rental Insurance
One of Allianz’s best-known car insurance products is their car rental insurance. This product is a part of their travel insurance division. Since Allianz is an international company, you can purchase car rental insurance both in the US and abroad. This helps to protect your rental vehicle no matter where you are in the world.
This car rental insurance is very affordable – less than $10 per day, with rates varying depending on where you are renting a vehicle. By purchasing this car rental insurance, you won’t have to rely on your existing car insurance policy. If you use your normal car insurance policy for a rental car and need to file a claim, it could lead to an increase in your car insurance premiums. By using car rental insurance, you can avoid the risk of increased monthly premiums and make sure that you are financially protected in the event of an accident.
Allianz’s rental car policies offer a range of different coverage types. They cover up to $40,000 in damage if your rental car is involved in a collision, stolen, or otherwise damaged. With rental car insurance, you also get additional travel insurance coverage. These policies offer up to $1,000 coverage for baggage loss or other damages to your luggage, as well as up to $1,000 in trip interruption coverage. This can pay for things like rebooking a flight or a hotel if your plans change as the result of an emergency.
Allianz International Car Insurance
The Allianz company also offers car insurance policies internationally, most notably in Australia. If you are moving abroad and need insurance for your car, Allianz could be a good option for you. In Australia, Allianz offers a few different types of car insurance. They offer comprehensive insurance, which covers any damage to your car as well as damage you may have caused to other people’s property. They also offer third party property damage insurance, which is similar but only covers damage you incur to other people’s property – not damage to your own car. Finally, they offer CTP liability insurance, which covers any injuries or other physical damage you incur to other people. If you are traveling abroad long-term or even moving abroad, Allianz may offer car insurance in the country you are moving to. When shopping for car insurance internationally, make sure to get quotes from several different agencies, the same way you would if you were shopping for car insurance in the US. This will help you determine which companies can offer you the best value.
Other Types of Allianz Car Insurance
Allianz used to offer traditional car insurance in the United States but has since suspended those policy offerings. Customers that had a car insurance policy with Allianz in the past now get their car insurance through Chubb, a partner agency. Allianz still offers some car insurance policies in the US, but they are intended mainly for car companies that want to provide warranties on their products or other commercial entities that need car insurance. They also offer some long-term policies for classic cars. Allianz’s focus in the US is more on life insurance and travel insurance.
Is Allianz Reliable?
If you’re planning on using Allianz for your car insurance while traveling or moving abroad, you may be wondering how reliable they are as a company. Financially, Allianz is very secure. They have an A++ rating from AM Best, an organization that ranks the strength of financial institutions. This is the highest rating possible, and it means that you can trust Allianz to always pay their claims, regardless of the current state of the economy.
Allianz’s travel insurance division generally receives good reviews for their customer service (although you wouldn’t know it by looking at their Yelp reviews). In most cases, they pay out claims very quickly, and it is easy to get a hold of a customer service representative on the phone. Because they are such a large company with financial holdings throughout the world, they are able to offer very reasonable rates for their rental car coverage. They also have the Allianz TravelSmart app, which you can use to manage any of their travel insurance plans.
To summarize our findings, we have highlighted the pros and cons of Allianz below:
|Many specialized insurance plans||No longer offers traditional car insurance in the US|
|Many travel insurance options||Poor reviews from BBB and Yelp|
|Strong financial ratings||Financial products can be pricey|
|Has a worldwide presence||Limited customer base|
|Quickly pays out claims||Limited coverage options|