Best Auto Insurance Companies
Choosing an auto insurance company is a huge financial decision we all have to make at some time or another. If you’re fortunate enough to sign on with a reputable, helping company, then you’re in luck. Selecting a good auto insurance company gives you peace of mind, so if you are in accident, you know you are in good hands. You want to be able to know that if you make a claim, you won’t have to worry that it won’t be accepted. You don’t want to find out too late that your car insurance company isn’t reliable.
Unfortunately, not everyone is so lucky. Far too often people will get car insurance without doing research on the company they choose to work with. They just go with the cheapest, the most convenient, or even go through a friend… only to find out that they should have done their research.
Consumer Reports Auto Insurance Company Survey
So, what makes for the best auto insurance company? There is no single answer to this – and in reality, an insurer that is great for one driver may not be so great for another. A recent survey by Consumer Reports was distributed to a total of 28,241 auto insurance customers and ranked twenty-two insurers according to two major criteria:Best Auto Insurance Companies
How quickly claims were paid, and
Any problems with the claims process
These auto insurance company ratings were scored on a scale of 1 to 100. There were some interesting facts that came to light; first, every one of the twenty-two companies surveyed scored in the top 20 percent. Secondly, the best auto insurance companies according to consumers who returned the survey are ones that you may not have heard of.
Another interesting – and disturbing – fact was that even among these top-rated insurers, between 10 and 26% of all respondents reported having problems receiving payment on claims. In some cases, these insurance customers wound up waiting for two weeks before receiving a claims check.
Who Came In First
The Consumer Reports survey was distributed to auto insurance customers who had filed claims during an eighteen-month period between January 2006 and July 2009. Eight-six percent of respondents were “highly satisfied” with the way their claims were handled. The highest auto insurance company ratings – those that scored in the top eight percent – were New Jersey Manufacturers Insurance, Arbella and Auto-Owners Insurance Group.
Keep in mind that these companies may not offer policies in all states, or may have strict eligibility rules that prevent some people from signing up.
As 19th-century philosopher John Ruskin reportedly said, “There is scarcely anything in the world that some man cannot make a little worse, and sell a little more cheaply. The person who buys on price alone is this man’s lawful prey.” This is the caveat from Consumer Reports, which issued the following warning in its report, published in the current (October 2010) issue:
“Saving is not only a matter of finding the lowest premium. An insurer can charge less in premiums but cost you more overall by lowballing loss estimates, hassling the repair shop to cut corners, and forcing you to pay extra for the manufacturer’s replacement parts if you choose them over cheaper knockoffs. It can also unfairly jack up your premiums after an accident.”
What To Look For In An Insurance Company
Working with some auto insurance companies can turn out to be a real life nightmare. After an accident, when you need your auto insurance the most, they aren’t there for you. They make it a hassle to do something as simple as file a claim, and their customer service is absolutely terrible.
You’re paying a lot of money for your auto insurance, and you deserve nothing short of the best. Finding a great auto insurance company isn’t always easy, but it is possible. When searching for your next insurance provider, make sure to find a company with strong customer satisfaction ratings, good customer service, extensive coverage options and types, strong financial ratings, and most importantly, affordable coverage.
Get Insurance Quotes From A Reputable Source
The Internet has made it easy to get dozens of auto insurance quotes in just a few minutes, but not all companies let you choose from the best of the best in auto insurance.
4AutoInsuranceQuote.com is different. We don’t just recommend any auto insurance company to you, we recommend the best auto insurance companies in the industry. By using our quote comparison tool, you will be given insurance rates from the best insurance companies, including the ones listed in our top 10 list below.
Our Top 10 Best Car Insurance Companies List
The following ten auto insurance companies have been chosen for a number of different reasons, but they do have a few things in common. The customer services is top-notch, the rates are low, and they have insanely high customer satisfaction rates. While it may be slightly different than the consumer reports list mentioned above, the factors and values we considered when ranking these companies are very much the same.
This company is much more than geckos with funny accents and disgruntled cavemen. Their customer service is second to none, and their large customer base makes it possible for them to charge low premiums. (Read more about Geico here)
As there slogan says, with Allstate “you’re in good hands”, and that is the honest truth. Their customers love them, so there’s a pretty good chance you will too. Allstate was one of the first to offer accident forgiveness, and they continue to add new features that change the way we’re used to paying for auto insurance. (Read more about Allstate here)
State Farm is another auto insurance provider that is sure to please. They have grown to become the largest insurance provider in North America. Claims agents are always super-friendly, and they provide you with a lot of coverage for not much money. (Read more about State Farm here)
Like the others, you are probably familiar with Esurance’s clever TV ads. Esurance offers more than hot cartoon girls though. With 24/7 support and friendly agents, Esurance’s customer service is hard to beat. Their prices are top notch too! (Read more about Esurance here)
Arbella doesn’t spend on Superbowl ads or flashy commericals, they let their work speak for itself. Arbella thrives on referrals and word-of-mouth. The customers love Arbella, with good reason too. No hassles on claims seems to be their most popular feature.
American Family Auto Insurance
Although smaller than the other companies on our list, American Family aims to please. They pay claims promptly and get high reviews from all major publications. Unfortunately, they are only available in 19 states. If you are lucky enough to be in a state that has American Family insurance, you might want to give them a try. (Read more about American Family here)
An old, conservative insurance company, Liberty Mutual prides itself on reputation. They are personal, competitively priced, and have short wait times when it comes to claims. (Read more about Liberty Mutual here)
Progressive is another company you might recognize from TV. Getting started with them is simple and easy (and cheap too). Dealing with Progressive is incredibly stress free. You will never have a problem with a claim. (Read more about Progressive here)
Triple A is more than just roadside assistance and travel accommodations. Their auto insurance is also top notch. If you get into an accident, they will be by your side every step of the way. (Read more about AAA here)
You’ve seen their “We are farmers!” ads on TV. They are known for their great auto and home insurance coverage options. If you are thinking about combining policies, give Farmers a shot. They have many highly customizable insurance options. (Read more about Farmers here)
Things To Remember…
The lowest car insurance is not always the best. Compare auto insurance companies carefully when shopping around; information on insurance companies’ handling of claims and how they set rates are public record and generally not difficult to find.
Many people who have particular auto insurance needs may be better served by going to an independent car insurance agency rather than a single company, since these agencies represent several different insurers and can usually get you the best coverage for your unique situation.
Although the list above may be of our favorites, there are too many providers that are deserving of the recognition to list in a single article. You can get a quote from many different auto insurance companies by entering your zip code above. After customizing your policy we’ll connect you with an agent who will give you price quotes from all of the top insurance providers.
The world’s top insurers are facing low bond yields, global geopolitical risk and regulatory pressures. Yet they’re forging ahead by enabling technology to woo new customers and cut claim handling costs and adding specialty or unique product lines to boost profits. “It’s a healthy industry from a balance sheet perspective, and there’s a lot of capital trying to get in,” says John Marra, insurance deals leader with PwC in New York City.
The top three insurers on the Forbes Global 2000 list of most powerful companies—Ping An Insurance Group, Allianz Group and AXA Group—are diversified players, with life & health, property & casualty, and financial services divisions.
The FORBES Global 2000 ranking is based on a composite score from equally-weighted measures of revenue, profits, assets and market value. Among the world’s 25 largest insurers, China, Japan and the United States each house four, Switzerland and the United Kingdom house three, Germany has two, and Canada, France, Italy, Hong Kong and Taiwan each claim one spot.
China’s Ping An Insurance Group ranks first among insurers, moving up from overall spot #20 last year to #16 on this year’s list. Over the 12 months to April 7, when Global 2000 data was locked in, Ping An generated $106.6 billion in revenue, $9.5 billion in profits and its market capitalization stood at $100.8 billion. The tech-driven company boasted of 131 million customers at year-end 2016, up 20% from the beginning of the year, with nearly a quarter of the newcomers coming in online.
World’s 25 Biggest Insurance Companies In 2017
Germany’s Allianz ranks #2 among insurers, staying at #21 overall on the Forbes Global 2000. After posting strong 2016 results, Allianz announced a share buy-back of up to $3 billion over the next year to return unused funds once targeted for acquisitions.
France’s AXA Group, ranked #3 (#27 overall), just announced a big change as part of its Ambition 2020 transformation plan: its intention to IPO its U.S. operations, specifically its life and annuity units and its interest in struggling asset manager Alliance Bernstein.
See Forbes Global 2000 List HereJapan Holdings, ranked #4 (#45 overall), may be rethinking its international strategy, after it reported last month a $3.6 billion write-down over its $5.1 billion 2015 acquisition of Australia’s Toll Holdings.
MetLife, dropped from #48 to #174, (it ditched its spokesdog Snoopy last year and is in the process of spinning off its retail business—including flagging variable annuities—into Brighthouse Financial). For now, MetLife is still the top ranked U.S. insurer, followed by Travelers (#179), Aflac (#199) and Allstate (#200). Allstate’s latest big deal: the $1.4 billion acquisition of SquareTrade, a consumer electronics and appliance protection plan provider.
One big unknown looming over U.S.-based insurers and global companies with U.S. operations, is the prospect of tax reform under the Trump Administration. Non-U.S.-domiciled companies are also exploring the impact of just passed international financial reporting standards set to go into effect on Jan. 1, 2021.
The FORBES Global 2000 ranking is based on a composite score from equally-weighted measures of revenue, profits, assets and market value. The 2017 list features public companies from 58 countries that together account for $35.3 trillion in revenue, $2.5 trillion in profit, $169.1 trillion of assets, and have a combined market value of $48.8 trillion.
The Wall Street Journal CFO Network annual meeting, held June 11-12 in Washington D.C., came at an interesting time. U.S. President Donald Trump was meeting with North Korea Leader Kim Jong-un in Singapore, and the G7 Summit had wrapped up with a controversial tweet just days before. Trade and global relations are important issues for CFOs, as are accounting standards, blockchain technologies, cybersecurity, and more.
These and other topics were covered during the fascinating, two-day event, featuring panelists from both the public and private sectors. Here are eight takeaways from the meeting, which was sponsored by Workday.
Not everyone agrees on the benefits of economic stimulus efforts such as corporate tax cuts. Kevin Hassett, chairman of the White House Council on Economic Advisers, is bullish on a continuing strong economy: “We don’t see any downturn on the horizon,” he said, and expects “three percent growth sustained out past the next couple of years.” This was in response to a question by a Wall Street Journal editor about a recent prediction by former Federal Reserve chief Ben Bernanke that economic stimulus efforts would soon negatively impact the economy.
Revenue recognition isn’t easy. In an electronic poll, the audience of CFOs were asked which of four accounting standards is the most difficult to implement. Revenue recognition took the lead with 46 percent of the vote, barely beating out lease accounting at 43 percent. The other two, credit losses and hedging, apparently don’t cause as much pain.
CFOs need to be involved in preventing and acting upon sexual harassment in the workplace. That includes providing HR professionals with a direct line to report allegations to executive leadership while ensuring they have legal protection if they do so. “You want your HR professionals to tell you the truth—don’t sugarcoat,” said Debra Katz, a partner at Katz, Marshall & Banks, LLP. She added that workforce training should “move away from risk reduction to instilling the values of a good culture.”
Blockchain technology offers great promise, but more needs to be done. Blockchain technology will address one of the biggest problems of finance—too much duplication. “If you can have a shared ledger, everyone sees it in real time,” said Michael Casey, co-author of “The Truth Machine: The Blockchain and the Future of Everything.” He said that to develop a broader infrastructure for blockchain, “the CFO will have to become more collaborative with external CFOs; this is a ‘we,’ not an ‘I’ question.” According to an audience poll, 35 percent of respondents said their companies are already using blockchain technology. Caitlin Long, former chairman and president of Symbiont, said the percentage is likely higher in the finance, logistics, and healthcare industries.
Not all CFOs agree with the current administration’s tough stance on trade. In an audience poll, 58 percent said U.S. trade policy is headed in the wrong direction, while 42 percent said it is not. Peter Navarro, director of the National Trade Council at the White House, made one thing clear: The Trump Administration will stay tough on trade. He referred to “unfair” trade practices by China, Europe, Mexico, and Canada, and said tariffs and investment restrictions against China scheduled for later this month are intended to slow down a growing trend of the Chinese acquiring American companies that are developing “emerging industries of the future” such as artificial intelligence, blockchain, and robotics. Carla Hills, chair and CEO at Hills & Company International Consultants and lead architect of the original NAFTA agreement, countered that some CFOs will be “adversely affected” by the tough stance. Since NAFTA, “we’re richer and more productive because we opened our markets,” she said.
CFOs are divided on whether private capital is better than public capital. While private capital markets have leapfrogged public markets to become the most popular way for companies to raise cash in the U.S., just 36 percent of poll respondents said that was a good thing, while 33 percent said it was bad and 30 percent were neutral. Yet if companies do choose to grow through private rather than public capital, they should follow many of the same precautions of public companies. “You must have more rigorous communications and investor relations policies,” said Anna Pinedo, partner and co-head, global capital markets group, Mayer Brown LLP. “Even if an IPO is a long way off, you need to think about how information is managed.”
The chief security officer role is increasingly critical. Among audience members polled, 65 percent said security chiefs are involved in the key decision-making processes at their companies. Phyllis Schneck, managing director and global leader, cyber solutions, Promontory Financial Group, said more needs to be done. “We really need to make this role much more central,” she said. “We’re seeing that person be an interface to the board, advise with IT or the CIO, and take much more of an active role in what a company is about and what it does,” she said, adding “that’s a hard skillset to find.”
Only time will tell if the historic meeting between Donald Trump and Kim Jong-un in Singapore will be fruitful. “For me, the real issue was not about the handshake,” said Jake Sullivan, senior fellow, Carnegie Endowment for International Peace. Kim Jong-un “very consciously and explicitly said this is just a repeat of what he said to [South Korea] President Moon a few weeks ago, which is we will work toward denuclearization.” The level of “mistrust and cynicism” between the U.S. and North Korea remains high, he said. “It doesn’t mean we won’t eventually get there, but that didn’t come out in the summit.”