Meritplan Auto Insurance Review (2024)

Meritplan Insurance received an A- rating from AM Best. Compare quotes to save up to 20% on your auto insurance rates and find the coverage you need.

UPDATED: Oct 13, 2023Fact Checked

Laura D. Adams

Insurance & Finance Analyst

Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...

Insurance & Finance Analyst

Dani Best

Licensed Insurance Producer

Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...

Licensed Insurance Producer

UPDATED: Oct 13, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

UPDATED: Oct 13, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Oct 13, 2023Fact Checked
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Meritplan Auto Insurance

Average monthly rate for good drivers:

N/A

A.M. Best rating:

N/A

Complaint level:

Low

Pros

  • Meritplan Auto Insurance is a wholly owned subsidiary of Balboa Insurance Group
  • Meritplan Auto Insurance is a wholly owned subsidiary of Balboa Insurance Group

Cons

  • No AM Best rankings

Final Verdict: Review of Meritplan Auto Insurance

Bank of America acquired Balboa as part of the Countrywide Financial Corp. acquisition in 2008.

Balboa is one of the country’s biggest players in forced-placed insurance. Force-placed insurance is sometimes necessary when a homeowner with a mortgage stops making homeowner insurance payments.

Force-placed insurance protects the lender’s financial interests. Unfortunately, the property owner must pay for the force-placed insurance at higher rates, sometimes several times more expensive than ordinary homeowner insurance.

[su_box title="Things to Remember..." style="default”]
  • Meritplan Auto Insurance is a wholly owned subsidiary of Balboa Insurance Group
  • Balboa is one of the country’s biggest players in forced-placed insurance
  • Customer service is provided for current policyholders of Meritplan auto insurance by Arrowhead General Insurance Agency
[/su_box] Updated: Meritplan Insurance, previously owned by Balboa Ins. Group, is now owned by QBE Insurance Group Ltd. This Meritplan Auto Insurance Review looks at Meritplan Insurance Company of Irvine, California. Merit plan, and sister company Newport Insurance Company of Phoenix, Arizona, are wholly owned subsidiaries of Balboa Insurance Group. Balboa Insurance Group is owned by Bank of America’s BA Insurance Group, Inc, according to this Balboa Auto Insurance review. Bank of America announced the intention to sell the insurance companies to Australia-based QBE Insurance Group Limited in 2011. Bank of America is one of the world’s largest financial institutions. The company’s shares are publicly traded on the New York Stock Exchange, BAC. If you’re thinking about auto insurance rates, seize the moment and request free auto insurance quotes from auto insurers by typing your zip code! On February 3, 2011, Bank of America signed an agreement on selling Balboa Insurance Group assets to QBE Insurance Group Limited. As a result, rating agencies such as AM Best considered the negative implications of Balboa Insurance Group’s risk-adjusted business profile. Continue reading about Meritplan Auto Insurance to determine how the company’s auto insurance plans meet your needs for auto insurance.  

What You Should Know About Meritplan Insurance Co.

According to financial documents filed by QBE and Bank of America, Balboa’s current liabilities of about $1.2 billion will be assumed by QBE. QBE is paying $700 million in cash to complete the transaction.

Bank of America acquired Balboa as part of the Countrywide Financial Corp. acquisition in 2008.

For that reason, force-placed insurance can increase the financial burdens of the homeowner and increase the likelihood of foreclosure by the lender. The force-placed insurance doesn’t protect the borrower.

Bank of America decided to sell approximately $19 billion of companies in their portfolio in 2010. Bank of America sold Meritplan Auto Insurance Company and Balboa Insurance because the companies’ business doesn’t align with BofA’s plans for the future.

Meritplan Auto Insurance Customer Service

Because of the transition of the Balboa Insurance Group and alleged fraud by some parties against the Balboa Insurance Group, some agents no longer offer Meritplan auto insurance coverage.

Customer service is provided for current policyholders of Meritplan auto insurance by Arrowhead General Insurance Agency (a managing general agency).

Contact Arrowhead General Insurance Agency at 701 B Street Suite 2100, San Diego, CA 92101, or call toll-free at +1-800-669-1889 or +1-619-881-8600 for assistance.

Meritplan Auto Insurance Claims

American Claims Management handles submitted auto insurance claims, an insurance claims specialist Arrowhead General Insurance Agency owns.

Contact the company at 701 B Street Suite 2210, San Diego, CA 92101-8101, or call toll-free +1-888-799-2919 or +1-760-827-4800 for assistance.

Meritplan Auto Insurance Financial Information

Dun & Bradstreet said Meritplan generated about $65.98 million in annual sales during the fiscal year ending December 2010.

QBE, the purchasing company of Meritplan and Balboa Insurance Group, is a member of the All Australian 50 (ASX) Index and one of the world’s largest insurance companies.

The company ranks #402 on the Financial Times of London’s FT Global 500.

The company reported about $11.63 billion in sales during the 2009 fiscal year. The company’s sales growth was approximately 35.78 percent (2009 vs. 2008).

The recorded net income for the 2009 fiscal year was approximately $1.77 billion. The company reported one-year net income growth of about 37.53 percent. QBE reports total assets of about $36.58 billion and a market value of about $17.94 billion.

QBE does about three-fourths of its business outside of Australia, and maintains operations in 50 countries.

The primary business lines of QBE include property and casualty auto, homeowner, aviation, energy, professional indemnity, and general liability policies. QBE offers primary insurance and reinsurance services to other insurers.

QBE utilizes a national and international network of independent insurance agents and brokers to distribute the company’s products and services. The company employs some proprietary sales agents in Australia.

QBE may decide to re-brand Meritplan Auto Insurance Company and Balboa Insurance Group upon the final disposition of the companies’ assets and liabilities.

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How Meritplan Insurance Co. Ranks Among Providers

According to Dun & Bradstreet, Meritplan generated about $65.98 million in annual sales during the fiscal year ending December 2010.

QBE, the purchasing company of Meritplan and Balboa Insurance Group, is a member of the All Australian 50 (ASX) Index and one of the world’s largest insurance companies.

The company reported about $11.63 billion in sales during the 2009 fiscal year. The company’s sales growth was approximately 35.78 percent (2009 vs. 2008).

The recorded net income for the 2009 fiscal year was approximately $1.77 billion. The company reported one-year net income growth of about 37.53 percent. QBE reports total assets of about $36.58 billion and a market value of about $17.94 billion.

Frequently Asked Questions

What is Meritplan Auto Insurance?

Meritplan Auto Insurance is an insurance company that provides auto insurance coverage to individuals and families. They offer a range of insurance products and services to meet the needs of drivers.

Is Meritplan Auto Insurance a reputable company?

Meritplan Auto Insurance is not a widely known or established insurance company. It’s important to research and gather more information about their reputation, customer reviews, and financial stability before making a decision. Consider exploring other well-known and reputable insurance providers to compare options.

What types of coverage does Meritplan Auto Insurance offer?

Meritplan Auto Insurance may offer various types of auto insurance coverage, including liability coverage, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, and medical payments coverage. However, since information about Meritplan’s specific coverage options may be limited, it’s important to contact them directly or visit their website for detailed information.

How can I get a quote from Meritplan Auto Insurance?

To obtain a quote from Meritplan Auto Insurance, you can contact their customer service directly or visit their website, if available. They may have a quote form or online quoting tool where you can provide the necessary information to receive an estimate. Alternatively, you can reach out to a Meritplan representative for assistance.

Does Meritplan Auto Insurance offer any discounts?

The availability of discounts offered by Meritplan Auto Insurance is uncertain since detailed information about their coverage options and discounts is limited. However, many insurance companies typically offer various discounts, such as safe driver discounts, multi-policy discounts, and good student discounts. It’s recommended to inquire directly with Meritplan or compare quotes from other well-known insurance providers.

How can I file a claim with Meritplan Auto Insurance?

To file a claim with Meritplan Auto Insurance, you should contact their claims department directly. They should provide a claims phone number or online claims portal where you can report your incident and initiate the claims process. It’s important to have all the necessary details and documentation ready when filing a claim.

How is Meritplan Auto Insurance customer service?

Since information about Meritplan Auto Insurance’s customer service is limited, it’s challenging to assess their customer service quality. It’s recommended to read customer reviews and ratings if available or consider reaching out to their customer service department directly to inquire about their service standards and responsiveness.

Laura D. Adams

Insurance & Finance Analyst

Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...

Insurance & Finance Analyst

Dani Best

Licensed Insurance Producer

Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...

Licensed Insurance Producer

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

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Enter your ZIP code below to view companies that have cheap auto insurance rates.

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