How is the customer service and claims handling at Encompass Insurance Company? How good is Encompass Insurance Company‘s auto insurance & homeowners insurance? Does the company have a lot of complaints? This review will help you answer these important questions and decide if Encompass Insurance Company is best for you! Continue reading
Tag Archives: Auto Insurance
Louisiana Auto Insurance Reviews 2013: The Major Companies, their Customer Complaint Records, & JD Power Ratings
As frequent readers of my insurance company review blog know, some car insurance companies charge more than double as much as other car insurance companies for the same coverage. No single auto insurance company has competitive rates for all drivers. The only way to find the company with the best auto insurance rates for you, is to shop with all the leading car insurance companies. But the average person is usually not aware of all the major auto insurance companies in their state. Continue reading
New Jersey Auto Insurance Reviews 2013: The Major Companies, Ranked from Best to Worst by their Complaint Statistics, & their Customer Satisfaction Ratings
As readers of my blog know, some auto insurance companies charge more than twice as much as other companies for the same coverage. No single car insurance company has the lowest rates for all drivers. The only way to find the company with the best auto insurance rates for you, is to shop with all the leading car insurance companies. However, the average customer is usually not aware of all the major auto insurance companies in their state.
This review will show you the 12 largest auto insurance companies in New Jersey, if they have an above-average, average, or below-average customer complaint record over the last two years (2011 & 2010), their JD Power claim & customer satisfaction ratings over the last three years (2013, 2012, & 2011), and whether each company’s growth or loss of NJ auto insurance market share might be an indication of low rates or high rates for a broad base of customers. In addition, I’ll show you some other auto insurance companies, outside the top 12, with consistent much better-than-average customer complaint records since 2008, as well as the auto insurance companies with consistently poor complaint histories. I’ll also point out a few other companies, outside the 12 largest auto insurance companies in NJ, with rapidly gaining market share, which can be a sign the companies offer low auto insurance rates.
Reading this blog post can help you shop & identify the NJ auto insurance companies most likely to save you a lot of money, or if you may be paying too much for your auto insurance, if your company is losing market share. As of the date of this article, the 2012 auto insurance complaint data has not been published by the State of New Jersey. Bookmark this page, because I will update it or write a new review, as new data becomes available in the future. If you are a New Jersey auto insurance consumer, there is no better source on the Web than this blog review to help you shop for a good auto insurance company, get the coverage you need at a competitive price, and really save $100s per year. Continue reading
The Best & Worst Auto Insurance Companies for 2013
JD Power has recently released its 2013 US Auto Insurance Customer Satisfaction Study. Although these annual JD Power customer surveys are great resources for consumers to use, as an objective measure of customer satisfaction, for each of the major car insurance companies in the USA, the power circle ratings, used by JD Power to rate each insurance company, can mislead people about how well or how poorly each company performed in the survey.
Someone should expect a 5 power circle rated (among the best) auto insurance company to provide superior customer service. But in this latest JD Power study, most of the 5 power circle rated companies did not score much above the companies rated 4 power circles. Some of the 4 power circle rated (better than most) insurance companies did not score much above the 3 power circle rated (about average) companies. One might also expect, an auto insurance company with the lowest power circle rating (2 power circles), to provide consistently terrible service. But the scores of many of the two power circle rated companies are not much below the study average score.
Price is a factor considered in this JD Power customer satisfaction survey, but the study results can not be used to dependably show the companies having the best price for you. This study’s scores are lower than last year’s results, and explained by JD Power as being due to customer dissatisfaction with rate increases. There are big differences in the rates of competing auto insurance companies (Some companies charge double the amount of others for the same coverage), and there is no connection with paying more or less based on the quality of customer service.
When some companies increase the price of their auto insurance, it’s even more important to find a company with the best price for you. A smart auto insurance shopper checks the rates of all the major companies, then evaluates the customer service of the companies offering the coverage they need, at the lowest rates. Like my previous blog posts analyzing JD Power studies, this blog post will look at the numerical scores, and show you the best car insurance companies, truly distinguishing themselves above their competitors, and the worst companies truly performing below average. Continue reading
American Fellowship Mutual Insurance of Southfield is going out of business effective 7/12/2013
The 1,943 remaining auto & home insurance policyholders for American Fellowship Mutual Insurance need to find replacement coverage by July 12th, 2013, when their policies will be cancelled. The Michigan Department of Insurance and Financial Services (DIFS) Director Kevin Clinton recommended the liquidation, after the insurance company’s finances failed to improve this spring, despite large rate hikes and months of cost-cutting moves under state-guided rehabilitation. If you are insured with American Fellowship Mutual, you may have already arranged to insure your home or cars with another company, but don’t let this situation keep you from shopping your auto & home insurance thoroughly, because getting price quotes from only a few companies, may mean you will be paying a lot more for your coverage, or miss out on a coverage option you need. This blog post will show you the largest auto & home insurance companies in Michigan, and how they can be contacted for price quotes & coverage advice. Even if you don’t insure with American Fellowship Mutual Insurance of Southfield, this article will give you information to help you shop for better auto & home insurance coverage & prices in Michigan. Continue reading
Why is auto insurance expensive? Why do some companies charge a lot more than others?
According to US Department of Commerce motor vehicle accident statistics, approximately 10.8 million motor vehicle accidents occurred on US roads in 2009. Considering how often car accidents occur, it is no surprise that auto insurance is a major expense for even the safest drivers. But what has always surprised me, no matter whether you are considered a good driver or higher risk driver by auto insurance companies, is some companies charge more than twice as much as other companies for the same coverage. This is why it’s so important to check the rates of many auto insurance companies, so you can find the companies that have the best rates for you. This is also why many auto insurance companies can honestly claim to save people hundreds of dollars a year. But there are not a few companies with low rates for everyone. You have to shop to find the auto insurance company with the best rates for you. It’s not unusual to find big price differences among companies for other types of insurance, too, like home and life insurance.
However, with auto insurance, I have always wondered why major companies, competing to have a good price for the best drivers, charge very different rates, when these companies use the same considerations to determine the lowest risk drivers. If you are married, in your thirties, own a home, have two late model cars, have great credit, had no claims in the last 5 years, and all the drivers in your household have clean driving records, every auto insurance company selling preferred or standard auto insurance wants your business. So why do some of these major companies charge so much more than other companies? Why would two or more households, having all the same qualities I listed, find a different group of auto insurance companies have the best rates for each household? Shouldn’t the same group of companies have the best rates for all the customers with the same characteristics? I will answer these questions in this blog post, and tell you why a part of the problem is consumer behavior, and what people can do to influence over-priced auto insurance companies to lower their rates. Continue reading
Are Insurance Companies Owned by their Policyholders Better or Less Expensive than Companies Owned by Stockholders?
I’ve noticed some insurance companies, like Nationwide Insurance, have been emphasizing their ownership by their policyholders, not investors, as a selling point in their TV ads. One of the more popular ways to organize an insurance company is as a mutual company, like Nationwide, where the policyholders are the owners of the company, instead of the typical ownership of companies in other industries, where the companies are owned privately, or by stockholders. But some insurance companies are organized as stock companies, owned by stockholders. Some examples of major mutual companies are State Farm, Amica, American Family, Northwestern Mutual Life, Mass Mutual, Guardian Life, & Nationwide. Some examples of major stock companies are Geico, Progressive, Allstate, Prudential, Travelers, & Metlife. Are mutual companies better for the customer than stock companies? Do mutual insurance companies have lower rates, since they don’t need to provide a profit to investors? Do mutual companies provide better service, because the companies operate for the benefit of their policyholders? I’ll answer these & other questions in this blog post, and explain why I think, whether an insurance company is a mutual company or a stock company, its type of ownership should not sway your opinion when buying auto, property, or life insurance, except in certain situations. In fact, in spite of the appeal of policyholder ownership, where an insurance company works for its customers, instead of investors, I’ll tell you how some mutual insurance companies can cost you money. Continue reading
Are Big Auto, Home, & Life Insurance Companies Better than Small Companies?
When insurance companies want to convince people they should insure with them, they often cite their long history and size, usually expressed by the dollar amount of their assets. For example, Prudential Financial, Inc., a major life insurance & financial services company, states on their website they have been in business for 137 years and have $1.061 trillion of assets under management. Does this make Prudential better than a competing company like TIAA-CREF Life Insurance Company, which has been in business 95 years, and has only $520 billion assets under management? Is Prudential financially stronger than TIAA-CREF? Not according to the rating agency AM Best, which rates Prudential at “A+” for financial strength, but gives the higher grade of “A++” to TIAA-CREF. State Farm states on its website it has 81 million policies & accounts in the USA & Canada. State Farm is the largest insurer of cars in the US, and its subsidiary, State Farm Mutual Automobile Insurance Company, has close to 115 billion dollars in assets for 2012 (according to the financial statement from its website). In comparison, Auto Owners Insurance has less than 6 billion dollars in written premium. But Auto Owners Insurance scored higher than State Farm in both the 2013 JD Power US Property Claims Satisfaction Study and the 2012 JD Power 2012 US Auto Claims Satisfaction Study. It’s good to see any potential insurance company has a long history, and a significant asset base, but bigger does not mean better for the customer, beyond a certain point. When it comes to getting a competitive price for insurance, size does not matter at all. However, there are pros & cons for both small & large companies. This blog post will give you tips about how to consider a company’s size, when buying auto, home, or life insurance. Continue reading
An auto insurance shopping strategy that really does save you $100s a year
In a previous blog post, I wrote about how important it is, when shopping for insurance, to speak with more than a few companies with familiar brand names, if you really want to save money and choose the best coverage. There are many fine companies you may not know, some sold through independent insurance agents, that could have the best price and coverage for you. Some auto insurance companies charge some drivers twice as much as other companies with the same coverage. You have to shop to find the companies with low rates for you. But the insurance companies with low rates for you will change over time. Insurance company rules & rates are always changing, and your risk profile (length of your insurance history, driving record, age, etc.) changes over time, too. This blog post will tell you what you can do, to make sure you never overpay for your auto insurance. Continue reading
Auto, Home, & Life Insurance Companies: Stick with the Big Brand Names?
State Farm. Prudential. Allstate. AFLAC. GEICO. Metlife. Progressive. These insurance companies are household names. No one likes paying for insurance, much less paying more for insurance, but if you are in a major car accident, your house burns down, or you get a life threatening disease or develop a health condition, you want to be sure your auto, home, or life insurance company will be there to take care of your claim. Because of this concern, many people prefer familiar brand names when buying insurance. What if an insurance agent quotes you an insurance company with the coverage you need at a great price, but you have never heard of the company? Can you trust this unknown company to pay your claim? You know the big brand name companies are legitimate companies, even if you have heard stories about some of them having bad customer service. Is some insurance company unknown to you a fly-by-night company? Do they lure you in with low rates, but can’t be reached when you have a claim? It’s human nature to be inclined to buy a product from a company with a familiar name, but are you familiar with the company name because their customers rave about it being a great company, or is it because you are constantly exposed to the company’s advertising? An insurance company is not a better company because it spends a lot of money on advertising, or because it has a lot of customers and many agencies in your area. The wise insurance buyer does not limit their shopping to a few companies with brand name recognition. However, whether you know them or not, all insurance companies are not equally good. This blog post will tell you how to shop for your insurance without being misled by insurance company hype, and what you need to consider, when evaluating an insurance company, to see if it’s the right choice for you. Continue reading
American Family Insurance Review: Auto Insurance Complaint Ratings
How good is the claims & customer service for American Family auto Insurance? Here is the information you need to help you decide! Continue reading
Firemans Fund Insurance Reviews: Complaint Ratings for Auto Insurance & Homeowners Insurance
How is the customer service and claims handling at Fireman’s Fund Insurance Company? How good is Fireman’s Fund Insurance Group‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Fireman’s Fund Insurance Company is best for you! Continue reading
Nationwide Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Nationwide Insurance Group? How good is Nationwide‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Nationwide Insurance Company is best for you! Continue reading
Kemper Unitrin Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Kemper Insurance Company (Unitrin Property & Casualty Insurance Group)? How good is Kemper / Unitrin‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Kemper / Unitrin Insurance Company is best for you! Continue reading
Travelers Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Travelers Insurance Company? How good is Travelers ‘ auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Travelers Insurance Group is best for you! Continue reading
Erie Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Erie Insurance Company? How good is Erie Insurance Company‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Erie Insurance Company is best for you! Continue reading
Hanover Insurance Reviews: Complaint Ratings for Auto Insurance & Homeowners Insurance
How is the customer service and claims handling at Hanover Insurance Company? How good is The Hanover‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Hanover Insurance Company is best for you! Continue reading
Grange Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Grange Insurance Company? How good is Grange Mutual Casualty Pool‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Grange Insurance Company is best for you! Continue reading
Mercury Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Mercury Insurance Group? How good is Mercury‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Mercury Insurance Company is best for you! Continue reading
Commerce Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Commerce Insurance Company? How good is Commerce Insurance Company‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Commerce Insurance Company is best for you! Continue reading
Allstate Insurance Company Reviews: Auto & Home Insurance Complaint Ratings / Customer Satisfaction Ratings
Is Allstate Insurance expensive? How good is Allstate insurance? What do the Allstate ratings by JD Power mean? Does Allstate offer low rates for home & auto insurance, and have good customer service? This review will tell you what you need to know about Allstate auto & home insurance. Continue reading
21st Century Auto Insurance Reviews: Complaint Ratings & Customer Satisfaction Ratings
This blog entry is the first in my series of reviews of the leading insurance companies offering home & auto insurance in the United States, reviewing the customer service & complaint record of 21st Century auto insurance. Continue reading
Cincinnati Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Cincinnati Insurance Company? How good is Cincinnati Insurance Company‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Cincinnati Insurance Company is best for you! Continue reading
Chubb Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Chubb Insurance Company? How good is Chubb Insurance Company‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Chubb Insurance Company is best for you! Continue reading
Metlife Insurance Reviews: Complaint Ratings for Auto & Homeowners Insurance
How is the customer service and claims handling at Metlife Auto & Home Insurance Group? How good is Metlife‘s auto insurance & homeowners insurance? This blog entry helps you answer these important questions and decide if Metlife Insurance Company is best for you! Continue reading