How do I find the top ranking auto insurance company?
Four of the top auto insurance rating sites are (1) JD Power, (2) AM Best, (3) Standard and Poor's, and (4) Fitch. Comparison shopping can save you 20% on your next policy.
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UPDATED: Oct 28, 2021
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- One thing that makes top ranking auto insurance companies better is consumer satisfaction
- JD Powers auto insurance company ratings have an annual evaluation of consumer satisfaction
- The three best-known rating companies are AM Best, Standard and Poor’s and Fitch
When you are buying auto insurance, you should be concerned with more than just getting the best prices on your policy rates as possible. Unfortunately, if you buy cut-rate auto insurance, you will likely also receive cut-rate customer service and claims processing.
There are many car insurance companies that advertise great rates on TV and on the internet.
If you truly want high-quality auto insurance, it pays to do some research and find out more about these companies to find the best-rated auto insurance company.
Enter your zip code into our FREE auto insurance comparison tool above to find rates from companies that will give you great service.
One thing that makes top ranking auto insurance companies better is consumer satisfaction. Consumer satisfaction encompasses an entire realm of responses to insurance company activities and experiences.
JD Powers auto insurance company ratings have an annual evaluation of consumer satisfaction. They conduct a survey interviewing thousands of individuals in the United States about their impressions, experiences, and opinions of auto insurance companies.
Aspects that are evaluated include overall impressions of an insurance company, satisfaction with claims processing, satisfaction with accessibility to an insurance company, and happiness with customer service.
You can find the results of JD Powers annual auto insurance company surveys on their website.
The American Consumer Satisfaction Index is another source of information regarding auto insurance companies. Their results are available online and are released monthly.
You can look up insurance companies individually and compare satisfaction ratings to other similar companies.
The American Consumer Satisfaction survey interviews approximately 70,000 American consumers annually and measures satisfaction for 225 companies across the country.
Consumer Reports reviews auto insurance companies and provides information regarding insurance company products and services, along with reviews of customer service, claims processing, and premium rates.
You can find the results of Consumer Reports evaluations on their website and in their magazine.
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Another aspect of auto insurance companies that you should consider is their financial health. Insurance companies are financial entities and their purpose is to provide you with financial protection if you are involved in an accident.
As such, when you are considering a potential car insurance company, it is important they have strong financial reserves and financial stability.
There are numerous independent agencies that evaluate and review auto insurance companies and their financial health. The three best-known are AM Best, Standard and Poor’s, and Fitch.
You can find reports and ratings on auto insurance companies on evaluation organization websites.
The financial health of an insurance company is based on several different elements. Financial reserves, financial practices, credit rating, and length of time in the insurance industry all count toward awarding an insurance company rating.
Financial stability ratings are based on letter grades. The highest letter grade awarded is “A++” which is considered a superior rate.
Other letter grades are in the “A” range for excellent, “B” range for good and lower grades are given to insurance companies with less financial stability or strength.
Another method of ranking car insurance companies is based on the number of consumer complaints that are filed against them.
Consumer complaints often increase when an auto insurance company is having difficulty paying claims efficiently, denies claims, or dramatically increases premium rates.
The Better Business Bureau is a nonprofit agency dedicated to informing the public about businesses and scams across the country. They work with consumers to resolve problems and also work with companies to develop strong customer service policies.
Another source of information regarding consumer complaints against car insurance companies in the Department of Consumer Affairs.
Every state has a Department of Consumer Affairs, which regulates the insurance industry in their state.
They also monitor licensing for insurance agents and brokers and determine whether an insurance company can operate within their state.
By visiting your state Department of Consumer Affairs website, you can investigate any complaints or lawsuits filed against an insurance company.
You can also learn about auto insurance company ratings by comparing premium rates. When comparing rate quotes, you should compare at least three different quotes, using the same level and type of insurance for an accurate comparison.
- Independent Insurance Brokers – Independent insurance brokers represent numerous insurance companies and are able to provide you with rate quotes for comparison. They can also provide you with suggestions on methods to lower your rates and make recommendations on the best type and level of insurance to meet your needs.
- Insurance Companies – You can also request auto insurance rate quotes directly from insurance companies. If you visit an insurance company website, you can learn about the different products and services they offer, corporate financial information, and benefits and services they offer policyholders.
- Insurance Comparison Websites – Another source for multiple auto insurance rate quotes is insurance comparison websites. These sites contract with insurance companies and agents to provide quotes to potential customers. You receive several quotes within minutes by entering your basic information, including a way to contact you.
When you are buying auto insurance, you should consider all aspects of an insurance company.
Our FREE car insurance tool can help you compare multiple aspects of policies available to you when you enter your zipcode below. Get started now!