Comparing Auto Insurance Companies

Insurance companies have utilized rating systems to set premiums for auto policies for years, but, the insurance companies are rated as well. Vehicle insurers are rated on financial strength and customer satisfaction.
These ratings allow the consumer to research any company that they are dealing with before signing a contract for a new policy. You can avoid a lot of hassle and frustration by checking customer satisfaction ratings ahead of time. Checking their financial status can also provide peace of mind, knowing that they are financially solvent enough to pay any claim that you may have.

Financial Ratings

Researching a company’s financial standing can offer insight as to how likely they will be to pay out on your claim when submitted. These ratings can be investigated on the websites of A.M. Best or Standard & Poor’s.

Ratings can be very important when deciding to buy a new policy; you certainly want to be paid on a claim after consistently paying your monthly premiums.

Satisfaction Ratings

Several entities focus on providing information about the overall customer satisfaction of individual auto insurance companies. Some of these are:

  • The Better Business Bureau (BBB)
  • J.D. Power and Associates
  • Your state’s Department of Insurance website. Here you can find accurate ratios of complaints to the number of premium sales.

On such sites you can also find information including:

  • Average pricing for insurance policies
  • Policyholder satisfaction with company representatives such as agents and claims adjusters
  • How well the company handles auto accident claims
  • The coverage options that they offer

It’s important to seriously consider all of these rating factors when deciding which auto insurance company to choose. Hearing the experiences of other policyholders who have filed claims, dealt with customer service representatives, and bought policies can offer a great deal of insight as to which company will best suit you when you need them.

Finding Your Best Auto Insurance Policy

Be sure to check at least one of the sites providing financial ratings, and one for customer satisfaction before buying any policy. If you are planning to relocate to a different state, check the ratings of auto insurance providers in that state before the move.

Many of us talk with friends, co-workers, and family to get their opinion of their insurance providers when shopping for a new policy. Doing so can be helpful, but, companies like J.D. Power and Associates can give a much broader and far-reaching database from which to pull information. The more information that you learn before making a purchase can increase the likelihood that you are buying the best policy for your needs.