Is Omni Good for Auto Insurance?
Omni Insurance is a car insurance company founded in Atlanta, Georgia in 1986. After 30 years under the Omni brand, Omni has operated under the Good2Go brand since 2016.
The company originally operated under the name “Omni” as a subsidiary of American Independent Companies. In 2016, American Independent decided to rebrand all of its insurance companies under a single name: Good2Go Auto Insurance.
Today, Omni is moving forward under the new Good2Go brand name. Several other companies in the American Independent family also operate under that name.
Is Omni good for auto insurance? Find out everything you need to know about Omni Insurance and Good2Go auto insurance today in our review.
Omni Car Insurance
Omni started selling car insurance in 1986 from its headquarters in Atlanta, Georgia. Today, under its new name Good2Go, the company sells car insurance from its headquarters in Blue Bell, Pennsylvania.
Omni/Good2Go is best-known for selling car insurance to high-risk drivers. Many drivers with a problematic history, multiple claims, or other issues, for example, can get car insurance through Good2Go. These policyholders may struggle to get reasonably-priced car insurance from other companies, but they can buy a good policy from Good2Go/Omni. Good2Go/Omni also sells SR-22 car insurance, which is required for certain high-risk drivers.
Whether you’re a high-risk, medium-risk, or low-risk driver, you may be able to access low down payments and cheap rates through Good2Go/Omni. If you’re a high-risk driver who cannot find affordable car insurance through nationwide insurers, for example, then Good2Go/Omni may be one of your only options.
It’s important to note that Good2Go operates as an insurance agency: customers can apply for car insurance through Good2Go/Omni, and the company will refer the customer to one of the American Independent Companies for coverage. If the policyholder is in a state where an American Independent Company is not active, then Good2Go/Omni will refer the customer to an unaffiliated company.
Overall, Good2Go/Omni offers similar car insurance to any other insurer. You can buy basic liability car insurance to meet your legal limits. Or, you can buy collision and comprehensive coverage for added protection for your vehicle.
Good2Go/Omni doesn’t offer the same range of discounts you can find with other companies. Currently, the company’s website only lists a handful of auto insurance discounts, including a defensive driving course, good driver, and good student discounts. Additional discounts are available for homeownership, multiple vehicles, paying policies in full, and renewing your policy.
Omni Car Insurance Endorsements: Additional Coverage Options Available
Good2Go/Omni offers basic car insurance packages that include liability coverage and any other required minimum coverage limits for your state – like medical payments coverage or personal injury protection.
You can also pay extra for comprehensive coverage or collision coverage. Comprehensive coverage covers damage due to fire, theft, vandalism, flooding, and other natural events. Collision coverage covers the cost of repairing damage to your own vehicle after an accident.
Is Omni a Good Insurance Company? Omni J.D. Power Rankings
Good2Go/Omni is not one of America’s largest car insurance companies in any region, which is why the company does not have a J.D. Power ranking.
J.D. Power typically ranks insurance companies based on policyholder claim satisfaction, customer service, pricing, and other metrics. They interview policyholders, including policyholders who have recently made a claim.
As Good2Go/Omni grows, the company may eventually be ranked by J.D. Power.
Is Omni a Good Insurance Company? Financial Strength
We typically use A.M. Best to analyze the financial strength of insurance companies. A.M. Best is one of the leading financial analysis organizations for the insurance industry. The organization checks each insurance company’s outstanding liabilities, financial reserves, and other metrics, then assigns the company a rating based on the company’s perceived ability to handle any future claims.
In the mid-2000s, before Omni become Good2Go, A.M. Best gave the company a financial strength rating (FSR) of A- (Excellent). In 2015, however, A.M. Best revised the company’s outlook to “negative” from “stable”. The company’s FSR dropped to B+ (Good) and to a credit rating of “bbb-“.
Today, Good2Go has requested to withdraw from the financial strength rating process, and Good2Go-branded insurance companies are no longer ranked by A.M. Best.
However, before Good2Go withdrew the request, A.M. Best assigned a rating of C+ (“Marginal”) to the company in March 2017.
We also analyze the financial strength of companies by looking at Standard & Poor’s ratings. Standard & Poor’s reported in early 2018 that Good2Go companies have been losing money, and that some of the affiliated insurance companies were running low on funds they had set aside to pay claims.
All of this information raises significant concerns about the financial stability of Good2Go and Omni. The fact that Good2Go/Omni withdrew from the rating process is worrying, and unless major changes are made, it seems possible that Good2Go/Omni is a few bad claims or natural disasters away from running into serious financial trouble.
Is Omni a Good Insurance Company? Customer Reviews
Customer review aggregator websites generally have very bad things to say about Omni and Good2Go. Customers frequently complain about claims payouts and customer service.
Making things look worse for Good2Go/Omni is that the company has far more than the median number of complaints to state regulators relative to their size for auto insurance. More Good2Go/Omni customers complained to the National Association of Insurance Commissioners than would normally be expected for a company of this size.
Typically, customers only review their insurance company online when they’re unsatisfied with the claims process, which skews the review score for every insurance company in a negative direction. However, Good2Go/Omni still has many more complaints than we would expect.
Good2Go/Omni seems to be a problematic insurance company. The company appears to have significant issues with its financial strength and stability. Good2Go has withdrawn from A.M. Best’s financial strength rating (FSR) process. Before withdrawing, however, the company had received a poor score from the organization.
Customer reviews for the company are also less than stellar. Good2Go/Omni has far more complaints to state regulators than the average insurance company, suggesting that few customers are happy with their claim payouts or settlements.
Overall, it’s hard to find many positives with the company formerly known as Omni. However, if you’re looking for high-risk car insurance, including SR-22 insurance, then Omni, which now operates under the name Good2Go, may be one of the few options available in your area.