American Contractors Auto Insurance

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Company Details
Address:

2600 N Central Expy, Suite 800

City:
Richardson
State:
TX
ZIP Code:
75080
Phone Number:
972-702-9004
Year Founded
AM Best Rating:
A
Company Rating 0 (0 reviews)

Things to Remember...
  • American Contractors auto insurance is only available commercially to construction groups
  • You have to be a member of American Contractors to purchase their insurance products
  • There are also annual fees in addition to your initial membership costs that you have to consider
  • You cannot get a quote from American Contractors without a membership

American Contractors auto insurance is only available commercially to construction groups. That is because, as their name suggests, American Contractors Insurance Group sells risk insurance to the construction industry.

These services include workers comp, automobile, general liability and more. They are not an auto insurance company.

American Contractors Insurance Group was founded in 1981 as American Risk Transfer Insurance Co. Ltd. Contractors who felt that other insurance companies didn’t truly understand the risk involved in the construction industry founded the company.

American Contractors started out as a reinsurance company in Bermuda for tax reasons.

However, when the tax laws in the US changed, they became a direct insurer rather than a reinsurer.

Insurance products through American Contractors are available in 49 states as well as Washington DC. In order to purchase insurance through American Contractors, you have to become a member of the ACIG program.

As a member, you become part owner of the company and the company assumes roughly 99 percent of your insurance risk.

In order to become a member, you have to be able to purchase $75,000 in stock; this purchase is non-refundable. In addition, you have to purchase a 10-year debenture, which is interest bearing and more.

You can get a free auto insurance quotes online by entering your zip code above!

American Contractors Agents

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Because you have to be a member of American Contractors to purchase their insurance products, you can only buy your insurance directly from the company. You will not find any independent agents selling American Contractors’ products.

In addition, according to their website, American Contractors only have their one office. What this means for you is that most of your contact with the company will be via the Internet or telephone.

For many people, this isn’t an issue, but you do need to ask yourself if you want your insurance company located in a different state.

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American Contractors Claims

Because the American Contractors Insurance Group doesn’t have agents in every city that they sell products in, you may be concerned about how their claims are handled.

In general, the claims filing process is similar to that of making a home insurance or auto insurance claim. The good news is that you are assigned a claims rep when you become a member that is available to you 24/7.

The bad news is, they don’t explain how they handle claims that require an insurance adjuster to review the damages to your property or vehicle.

In all likelihood, they hire an independent contractor to review the damage, however, which is something you will need to learn about before becoming a member.

All claims are filed directly with American Contractors. They provide a comprehensive list of the documents and information required when you make a claim. The more prepared you are when you make the claim the faster you can expect a check from the company.

The more prepared you are when you make the claim the faster you can expect a check from the company.

American Contractors is a financially stable business with an AM Best rating of A, which is excellent and an outlook of stable. What this means is that they currently have the ability to make good on the claims that you make.

American Contractors Quotes

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You cannot get a quote from American Contractors. You will have to become a member in order to have access to this information.

You can speak with a representative to get a general figure, but you need to include all of the membership costs in your first purchase as well.

There are also annual fees in addition to your initial membership costs that you have to consider. Once this is done, and you have paid to be a member, then you can get quotes for the different services that you need.

One of the things we did find is that overall, there is a general consensus that the cost of buying liability insurance as a member of American Contractors is when considering the long term, less costly than it is to buy liability insurance from other insurance agencies.

Think about it in terms of a time share. You pay $7000 up front and $250 a month for your time share.

However, when you take a single trip, you spend $3000 without the time share. In this case, within five years, you are paying far less for your trip. American Contractors works the same way.

In the end, your insurance costs are reduced dramatically for your actual insurance products. What’s more, in 10 years you are complete vested and you still have access to the insurance products but no longer have to pay fees.

Regardless, American Contractors only sells commercial products, which means most of you will want to look elsewhere for your auto insurance solutions.

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