Where can I compare auto insurance company ratings?
JD Power, AM Best, and the BBB all post annual ratings for auto insurance companies. Geico, All-State, and Amica Mutual are 3 of the top-rated auto insurance companies.
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UPDATED: Oct 27, 2021
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When you buy auto insurance, it is a good idea to compare company ratings to get an idea of the health and performance of the company.
However, there are numerous rating systems for car insurance companies, and it can be confusing when you look at all of them without a good understanding of what the ratings mean.
When you find and evaluate free auto insurance company ratings, you should take into consideration consumer satisfaction, insurance company complaints, financial stability and premium rates to get an understanding of an insurance company and what they have to offer you.
Compare Auto Insurance Consumer Satisfaction Ratings
Consumer satisfaction with auto insurance companies can encompass a wide range of factors. Many rating systems include variables such as claims processing, ability to access the insurance company, premium rates and overall experience and perception of an insurance company.
JD Powers and Associates conducts an annual review survey of auto insurance company rankings, which they publish on their website.
JD Powers evaluates premium rates, consumer perceptions of insurance companies, customer service experiences, claims processing and benefits and discounts offered to policy holders.
Consumer Reports also conducts periodic evaluations of the top auto insurance companies and publishes their findings on their website and in their subscription magazine publication.
Consumer Reports evaluates car insurance companies based on their overall performance, including claims processing, customer service, range of products and services offered and policy premium rates.
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Review Auto Insurance Company Complaints
Auto insurance companies always have at least a few complaints filed against them. Consumers often will file a complaint if they file a claim that is denied or they have problems with an insurance company.
In fact, the insurance industry as a whole has one of the largest numbers of complaints and lawsuits filed of any industry in the United States.
However, as you conduct your ratings research, be wary of insurance companies with high numbers of complaints or lawsuits filed against them.
Often, this is an indication of financial problems or questionable business practices. Also, be aware that complaints and lawsuits tend to increase dramatically when events occur that result in a large number of claims being filed with an insurance company, such as a hurricane, wildfire or tornado.
One source of information regarding complaints and lawsuits against auto insurance companies is the Better Business Bureau. The Better Business Bureau is a national nonprofit organization that works with consumers and companies to resolve consumer problems.
The BBB report complaints on their website. They also report positive information about companies they evaluate and have a certification program in place for companies dedicated to providing excellent customer service and resolving problems.
The Department of Consumer Affairs also provides detailed information about auto insurance companies. The Department of Consumer Affairs regulates the insurance industry in each state. They are responsible for granting licenses to insurance companies, agents, and brokers.
When you visit your state Department of Insurance website, you can look up auto insurance companies to determine if they are licensed to operate in your state.
You can also find out about complaints and lawsuits that have been filed against them. The Department of Consumer Affairs is responsible for investigating each complaint and lawsuit filed against an auto insurance company, agent or broker.
Check Auto Insurance Company Financial Stability
Financial health and stability are also extremely important ratings when it comes to auto insurance companies. Independent financial evaluation companies publish their rankings on insurance companies on their websites.
In fact, these ratings are generally what most people are referring to when they talk about insurance company ratings. Fitch, Standard and Poor’s and AM Best are the most-known independent financial evaluation organizations and you can find their ratings on their websites.
Financial health ratings are based on a letter grading system. The highest rating grade given is “A++” which indicates superior financial health and stability.
Grades in the “A” range indicate excellent financial stability and health. Grade ranks in the “B” range indicate good health. Insurance companies with grade rankings of “C” and below are considered financially unhealthy.
Grade rankings are based on several factors. These factors include the length of which an insurance company has been providing services, financial reserves, financial practices, and credit rating.
Review Auto Insurance Company Premium Rates
You can also evaluate auto insurance companies based on premium rate ranking. You can find information regarding premium rates from insurance comparison websites, which allow you to request insurance rate quotes from multiple companies at one time.
You can also find compare rates by talking to independent insurance brokers and directly to auto insurance companies.
When you are considering auto insurance, ranking information should be a central part of your decision-making process. Rankings can provide you with information about an insurance company’s financial health, their overall performance, and consumer satisfaction.
When you combine this information with premium-rate quotes, you will have a larger picture of whether they can provide you with the auto insurance protection you need.
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