What is the best place to find auto insurance company ratings?
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UPDATED: Oct 15, 2021
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Auto insurance is one of those expenses that you must have but that you hope that you never have to use. In the event of an accident, auto insurance can pay for damages to vehicles, property, and bodily injury. But your insurance is only as good as the ratings of the company, so it is of great importance to research the auto insurance company ratings of all companies prior to signing up.
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Car insurance can be a great help during the turmoil of a serious auto accident, but it can also create great difficulty if your auto insurance is not up to par. Utilizing a variety of company ratings can help to insure that your auto insurance company will be there for you when you need it the most.
Information You Need to Search for Auto Insurance Ratings
Finding a variety of ratings for an insurance company is usually an easy thing to accomplish, but there are a few pieces of information that will make it easier. Most of this information can be found on a company’s website. First, you will need to have the complete name of the auto insurance company. For instance, searching for a rating for Geico might not lead to any results because the actual name of the company is Government Employees Insurance Company.
Furthermore, some auto insurance companies are actually part of a larger company. That parent company may sell other insurance products or other financial commodities in addition to auto insurance.
You may not be able to find any ratings for your particular auto insurance company, but ratings for the parent company are more likely to be readily available.
In addition to knowing the name of your insurance company or that of a parent company, you will also more than likely need to know the state where the company is licensed and the city of the company’s headquarters. This information will help during you search, especially if there are companies with similar names. Keep in mind, however, that many insurance companies are licensed in many states, operate under different titles and names, and may have conflicting information to decipher.
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Best Place to Find Government Ratings
Generally, one of the best resources about a company’s track record is at a state’s Department of Insurance website. Every state has a website that lists the licensure of the auto insurance companies within that state. Most display financial information and the amount of consumer complaints against an auto insurance company.
Another resource is to use the database found on the website for the National Association of Insurance Commissioners under the Property/Casualty insurance heading. The results of searching by the company’s name will return financial information, closed complaints and licensing information.
Best Place to get Financial Ratings
An insurance company must be strong financially in order to meet all of the monetary obligations that are related to such an industry. Insurance claims from serious car accidents can be quite costly, and your insurance company has agreed that they will pay a significant portion in most cases; it is a useless agreement if your auto insurance truly cannot meet that financial obligation.
There are many financial ratings companies out there, but those recognized as leaders in the industry have been labeled as nationally recognized statistical rating organizations (NRSRO) by the U.S. Securities and Exchange Commission. These NRSROs rate insurance companies and other institutions annually for their short and long-term financial stability.
Leading NRSROs include Standard & Poor’s, Moody’s, Weiss Ratings, and Fitch Ratings. Each NRSRO has its own ratings system that should be explored to understand the rating awarded to your particular auto insurance company.
Customer Satisfaction Ratings
While financial stability is important for an insurance company, most consumers want to see customer satisfaction ratings as well. An insurance company that has poor customer service or a record of customer complaints will probably not be as helpful in the event of an accident, no matter their financial strength.
JD Power and Associates conducts annual studies based on consumer feedback for provider ratings, auto claims, and the buying process. The results are displayed in Powercircles, with four out of four Powercircles being the highest rating.
Another option for finding an auto insurance company’s customer satisfaction rating is to use the website of the Better Business Bureau.
The BBB looks at many aspects when rating a company and the resolution of customer complaints is one of the major factors. BBB ratings are based on an A-B-C scale.
Using a variety of ratings for a car insurance company will help you to find an auto insurance company that combines financial strength with a high level of customer service. It is the best way to insure that you have the help you will need during a serious accident.
Now use the FREE box to enter your ZIP code to find the car insurance providers in your state, and start your ratings research!