National Automotive Insurance Company, a company selling standard and nonstandard auto insurance in Louisiana, was downgraded March 12, 2013, by the AM Best rating agency, to a grade of “C” (Weak) from it’s previous grade of “B” (Fair) for financial stability. As readers of my blog know, I advocate shopping with as many companies as possible to find the best rate. Shopping for the lowest car insurance rate is even more important for people qualifying only for more expensive nonstandard auto insurance, designed to insure higher risk drivers, like young drivers with little experience, the recently licensed, and drivers with tickets, accidents, claims, or a lapse in their recent car insurance history. But if the company with the lowest rate for you has a low financial stability rating, you may have a problem with getting your claim paid. If your auto insurance company becomes insolvent when you have a claim, the claim may not be paid, or not paid in full, or payment delayed for an excessive amount of time. So, shop for the best car insurance rates, but avoid choosing an auto or home insurance company with a lower than an “A-” rating from AM Best, whenever possible. If you are insured with National Automotive Insurance Company, it would be wise to contact other agents and insurance companies for price quotes from more financially stable insurers. In addition to insuring with a better car insurance company, you may get a better price. However, not all insurance companies insure all types of drivers, so this blog post will give you some ideas on where to shop, and discuss the recent complaint record of National Automotive Insurance Company, which should be another reason you should consider changing to another auto insurance company.
You can read more here about the reasons for the National Automotive Insurance Company Ratings Downgrade. In 2011, National Automotive Insurance Company had ten complaints. Nine of these complaints involved unsatisfactory claims settlements, denial of claims, and delay of payments. For a small car insurance company, this is a high rate of complaints, based on its market share. The 2011 auto insurance complaint ratio for National Automotive Insurance Co. is 4.45, which is more than four times the number of complaints than the average company, adjusting for it’s size. This complaint information can be located at the NAIC website. It takes almost a full year, before the prior year’s complaint ratios are accurate from the NAIC website, so I don’t trust the 2012 complaint ratios ( I publish them in August, when I feel they are accurate enough to report). So far, the 2012 car insurance complaint ratio for National Automotive is a much better 1.50 (1.00 is average), with three complaints, all related to claims. Regardless of your driving record or situation, I think you can do better than having National Automotive Insurance Company insuring your vehicles.
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If you really like your agent, National Automotive Insurance Company sells through independent agents representing several companies, so your National Automotive insurance agent can most likely quote you other companies. However, be aware your agent may falsely promise they can shop the market for you. In reality, they can quote you only the companies they represent, so it is important to contact other agents & insurance companies, to get other opinions, to make sure you are getting the best advice, and to make sure you get the right coverage for you at the best price.
If you have problems qualifying for auto insurance, this blog post shows other companies more likely to be able to help you, if they are available in Louisiana.
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