What is the most preferred auto insurance company?
The top five auto insurance companies in the US are (1) Nationwide, (2) Allstate, (3) Progressive, (4) State Farm, and (5) Geico. Compare quotes and coverage below.
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UPDATED: Mar 22, 2022
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- Consumer satisfaction rankings are one of the most valued methods to evaluate auto insurance company quotes and whether or not an auto insurance company is highly preferred
- Financial health and stability are also extremely important qualities to evaluate when looking for highly preferred auto insurance companies
- When you are looking for a preferred auto insurance company, you want to avoid companies that have high numbers of consumer complaints
- When looking for preferred auto insurance companies, premium rates are another important quality to consider
There are many different ways to evaluate auto insurance companies. When you are buying car insurance, you should consider several different aspects of auto insurance rankings before making a purchasing decision.
Each ranking system will choose a different top company based on their rating qualifications.
As a result, it is important that you consider which qualities of an auto insurance company are most important to you as you get a car insurance company review.
To see different coverage options at great prices, enter your ZIP code into our FREE auto insurance quote finder.
Auto Insurance Company Consumer Satisfaction Ratings
Consumer satisfaction rankings are one of the most valued methods to evaluate auto insurance company quotes and whether or not an auto insurance company is highly preferred.
Consumer satisfaction encompasses customer happiness with customer service, claims processing, premium rates and overall perceptions of an insurance company.
Consumer Reports frequently evaluates auto insurance company options and publishes their findings on their website and in their subscription magazine.
They conduct in-depth evaluations of car insurance company performance, including accessibility to customer service, ease of filing claims, claims processing, products, and services offered and benefits provided to policyholders.
JD Powers and Associates conducts an annual review of auto insurance companies and publishes their report on their website.
JD Powers evaluates consumer satisfaction with auto insurance companies’ customer service, claims processing and ease of access. Additionally, they consider overall perceptions of car insurance companies and premium rates.
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Auto Insurance Company Financial Health
Financial health and stability are also extremely important qualities to evaluate when looking for highly preferred auto insurance companies.
Financial health ratings are based on strong financial reserves, excellent financial business practices and, good credit ratings. Additionally, ratings take into consideration how long an insurance company has been in business.
Companies with strong financial rankings are able to tolerate large numbers of claims that occur during disasters. For example, during the spring of 2011, numerous tornadoes hit the southeastern United States, resulting in billions of dollars in damage.
Companies with low financial health ranking were unable to pay claims and many have folded as a result.
AM Best, Fitch and Standard and Poor’s are independent financial evaluation organizations that monitor the financial health of insurance companies. They publish their findings on their websites.
Rankings are based on letter grades and the highest grade issued is “A++,” which indicates superior financial stability.
Grades in the “A” range indicate excellent financial stability. Grades in the “B” range indicate good financial standing. Grades of “C” and below indicate an insurance company is financially unhealthy.
Auto Insurance Company Consumer Complaints
When you are looking for a preferred auto insurance company, you want to avoid companies that have high numbers of consumer complaints.
All insurance companies have at least a few complaints filed against them when consumers get upset because a claim is denied or their insurance premiums increase.
Also, consumer complaints tend to increase significantly when a catastrophic event occurs and claims are delayed or there are large numbers of claims filed.
The National Association of Insurance Commissioners (NAIC) and the Center for Insurance Policy and Research is a regulatory association for the insurance industry.
They set standards and regulations for the insurance industry. They publish complaints against insurance companies that can be viewed and researched by consumers.
Additionally, they also publish trends in consumer complaints, including information on the most common consumer complaints and the most common resolutions of consumer complaints.
The Better Business Bureau also publishes information about consumer complaints on their website. The Better Business Bureau is a national organization dedicated to providing consumer information regarding companies around the United States.
They also assist consumers with problems by mediating resolutions. The Better Business Bureau also publishes positive company reviews on their website.
Auto Insurance Company Premium Rates
When looking for preferred auto insurance companies, premium rates are another important quality to consider. However, low premium rates do not automatically mean that an insurance company will provide you with good service and pay your claims quickly and efficiently.
Insurance comparison websites allow you to review premium rate quotes from multiple companies at the same time.
Insurance comparison websites often will recommend highly-rated insurance companies. Additionally, they often have articles on relevant topics of concern and interest to people looking for auto insurance.
Independent insurance brokers can also provide you with premium rate quotes from multiple companies.
Independent brokers usually represent several insurance companies and can make recommendations about the type of insurance you need and ways to lower your premium rates.
When you are looking for auto insurance, you should consider more than premium rates to make your purchasing decision.
Our FREE car insurance comparison tool can compare coverage options and premium prices from several companies when you enter your ZIP code.