The Top-Rated Carriers Auto Insurers

If you’re considering buying a car soon, you would be well-advised to do your research first. Not just researching price or what the best dealership is, or even where to get preapproved for the best loan. You should also research your auto insurance and who you will start a relationship with if this is your first car, or perhaps you can get greater savings for your new vehicle by switching your auto insurance company. The top-rated auto insurance carrier is a matter of opinion and fact, because there are so many things that insurance companies can be rated on and no company is at the top for each area. What may be of primary importance to you, will not be for someone else.

Find the Right Company Based on Your Criteria

There are any number of factors that an auto insurance company can be rated by including their claims service, customer support, company size, or even their credit rating. Of course you can’t just turn to the insurance companies themselves for impartial information about their claims service or customer support – they’re a little biased. So how do you know who’s the best and the brightest in the various areas? Look no further for choosing the right provider.

Largest National Auto Insurers

Based on number of active insurance policies, the current champion in the category of largest auto insurer is State Farm with more than 30 MILLION policies written which equates to 18% of the market share in the country. Following that lead are:

1. Allstate Insurance - Just over 20 million policies.
2. GEICO - Just under 10 million policies and rated as the fastest growing auto insurance company in the nation.
3. Progressive - With 8 million policyholders and growing
4. Nationwide - With 5 million auto insurance policyholders

Size may matter if what you’re interested in is not braving a bold, new, untried insurance company on your own. The more people who have policies with a company, you may be inclined to believe that may mean that the company is doing something right.

Credit Rating

The credit rating of an auto insurance company is important because it may tell you about the company’s financial stability and ability to pay claims and remain stable while doing so. An insurance company that is struggling financially is likely to tighten their belt and policies on claims and give their clients the runaround whenever a claim is filed.

The credit rating of an auto insurance company is set separately by three different agencies – Moody’s, Standard & Poor’s and A. M. Best. We will cover the S&P ratings here.

1. GEICO - GEICO may not be the largest auto insurance agency, but their credit rating is among the strongest, mostly due to their acquisition by Berkshire Hathaway, the investment vehicle run by billionaire & business mogul Warren Buffet. GEICO’s S&P Rating is AAA
2. State Farm - probably receives its high rating based on its impressive numbers and market share. AAA
3. Amica Mutual - This little insurance company scores very highly across multiple categories according to JD Power. In fact, Amica Mutual won the 2008 best overall for auto insurance carriers. Their S&P rating is AA+
4. Progressive - Progressive runs an impressively strong AA rating and has for quite awhile.
5. Nationwide - Recently downgraded to a AA rating, Nationwide is still running strong.

Customer Support

Based on their service levels and the reviews of customers, JD Power has managed to rate the insurance companies based on how responsive the various companies are to their customers.

1. Amica - Again coming in strong, this smaller insurance company has received JD Power’s highest rating for customer satisfaction for 9 years straight.
2. State Farm - Also receiving the highest rating offered by JD Power, State Farm’s customers report great ease in contacting customer service and timely response in their claims filing. This is consistent with their high S&P rating.
3. American Family Insurance - receives the second highest rating for customer service.
4. Progressive and GEICO - both received only a 3 out of 5 rating from JD Power. Not terrible, but not impressive, either.

Tying it all Together

When all of the elements that are important to you are tied together based on your own system of rating each one, you will be ready to begin contacting your insurance companies of choice for a customized quote. Though Amica scores incredibly high according to JD Power on all levels, if you are in Hawaii, that won’t do you much good since they don’t offer car insurance there. Don’t be surprised if you’ve never heard of them – perhaps that is important to you as well.

Most customers, when shopping for insurance, choose price as their primary consideration, followed by customer service and then claims service. Whatever your criteria, research thoroughly to make sure you wind up with the best possible experience and do not need to switch companies anytime in the near future.

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