Can I do an auto insurance company rating search?

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Things to remember...
  • Insurance companies are financial organizations designed to provide you with financial protection if you are involved in an auto accident while generating profits
  • The financial health of an insurance company is extremely important because financial stability allows an auto insurance company to pay me claims from policyholders
  • Insurance companies with the strongest financial health and stability receive grades of “A++”

When you are buying auto insurance, you should do your homework and research several companies before making your final purchasing decision.

There are many different organizations that publish ratings of auto insurance companies online. Often, it is not a matter of whether you can conduct a rating search, but more an issue of which rating system you use to evaluate a potential auto insurance company.

Once you understand good ratings, enter your zip code above into our FREE auto insurance comparison tool to get started!

Insurance Companies as Financial Organizations

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Insurance companies are financial organizations designed to provide you with financial protection if you are involved in an auto accident while generating profits. The financial health of an insurance company is extremely important because financial stability allows an

The financial health of an insurance company is extremely important because financial stability allows an auto insurance company to pay me claims from policyholders, particularly when unforeseen events occur that result in massive numbers of claims being filed at one time.

One of the most popular forms of home and auto insurance company ratings is the result of evaluation of their financial health.

Companies like Fitch, AM Best and Standard and Poor’s regularly review insurance company financial health and publish their finding on evaluation company websites. Ratings are issued based on letter grades.

Insurance companies with the strongest financial health and] stability receive grades of “A++” which indicates a superior rating. Companies with excellent financial health are given grades in the “A” range.

Companies with good financial health are given grades in the “B” range. Companies with lower levels of financial stability and health are given grades of “C” and below.

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Consumer Complaints

Another area you should consider when evaluating auto insurance company ratings is consumer complaints. Consumer complaints often increase when an insurance company rejects or denies claims or has poor customer service. Additionally, claims that are handled poorly often result in complaints from customers.

Your state Department of Consumer Affairs regulates the insurance industry in your state. They are responsible for licensing insurance companies to operate in your state. They are also responsible for issuing and monitoring licenses for insurance agents and brokers.

When you visit your state’s Department of Consumer Affairs website, you can learn about consumer complaints and lawsuits that have been filed against insurance companies. Consumer complaints encompass fraudulent business practices, deceptive business practices, and price gouging accusations.

The National Association of Insurance Commissioners and the Center for Insurance Policy and Research is also another excellent source of information regarding insurance companies and consumer complaints.

The NAIC is an organization that works with all 50 states and the District of Columbia to set insurance industry standards and regulations.

In addition to providing information about consumer complaints regarding individual insurance companies, they also provide industry trends and overall reports regarding consumer complaints. They also provide financial information about insurance companies.

You can also find information regarding consumer complaints about car insurance companies from the Better Business Bureau website. The Better Business Bureau works with consumers to mediate and resolve problems they may be having with insurance companies.

They publish information regarding complaints and fraudulent business practices on their website, along with positive information about companies they investigate. Additionally, they have a certification program for companies dedicated to providing excellent customer service.

Consumer Satisfaction Ratings

 

Another form of insurance ratings is consumer satisfaction. Consumer satisfaction is based on a wide range of variables, including customer service, ease of accessibility, premium rates, claims processing and overall perceptions.

JD Powers and Associates conducts an annual review of auto insurance companies. They interview and survey thousands of consumers in the United States for their annual review and publish their findings on their website.

Consumer Reports also performs regular reviews of the insurance industry and auto insurance companies. Their reviews encompass customer service, benefits provided to policyholders, premium rates, and insurance company performance. Consumer Reports publishes their review findings on their website and in their subscription magazine.

Insure.com performs periodic evaluations of auto insurance companies and consumer satisfaction ratings. Their reviews include evaluation of consumer experiences with customer service, premium prices, claims experiences, the percentage of customers who intend to renew their policies, and percent of customers who would recommend their auto insurance company to others.

Comparison Websites

Insurance comparison websites also offer rankings for auto insurance companies. These rankings are often based on reports from consumers about their experiences with insurance companies and premium rate comparisons.

Additionally, insurance comparison websites offer informative articles on topics of interest regarding insurance and related subjects. You can request multiple auto insurance rate quotes from insurance comparison websites.

When you are evaluating potential auto insurance companies, it is important to consider more than premium rate quotes if you want to get a full perspective on an insurance company.

You should also consider the financial health of an insurance company, consumer satisfaction and the level of complaints and lawsuits against them.

Our FREE auto insurance comparison tool can give you rates to compare with the information from ratings when you enter your zip code below.

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