The Insurance Companies You Want To Do Business With
Everyone that shops for insurance coverage wonders which car insurance company is really the best one to do business with
. They all want to pay the lowest price for insurance, but still want the best customer and claims service possible. Since you can't trust the advertising that is created by the insurance companies, how do you know which one really provides this complex combination?You can locate this information from outside sources that rank insurance companies to see which company is the best or the worst in a specific area. These lists, like the ones provided here, will help you make a decision based on what is important to you.
Keep in mind though that these rankings are for all of the United States and may have insurance companies that you have never known of. Insurance across the nation is unique from one area to the next, just like we are.
Advertising Mascots
Being able to identify an insurance company is very important when it comes to business in the insurance field. The more you are familiar with a particular insurance company's name, the more likely you are going to contact them when you are getting insurance quotes.
More and more insurance companies are using company mascots to effectively get their name to be recognized by consumers. A study was even done to test the effectiveness of insurance advertising on consumers like you (Advertising Age). From this study a trend of three main insurance company mascots stuck out as the most recognized:
3. Allstate's Mayhem
2. Flo with Progressive
1. The GEICO Gecko
Companies With The Worst Claim Service
Bad service in the claims area of an insurance company is a result of bad customer service and also client's not seeing companies paying on legitimate claims. In the study that was done by JD Powers for their 2010 Auto Claims Satisfaction no single insurance company graced this list as the worst of the worst.
The Auto Claims Satisfaction study ranked insurance companies on: Rental Experience and Settlement, Appraisal, repair Process, Service Interaction and First Notice of Loss.
In the "Overall Satisfaction" category these are the three companies (in alphabetical order) that earned a miserable 2 out of a possible 5:
- 21st Century
- Commerce
- Mercury
Companies With The Best Claims Service
The heart of insurance companies is their claim's department. When a driver purchases an insurance policy, they are purchasing a promise from the company that they will pay their claims according to the coverage that they buy. If an insurance company does not follow through with this promise, they do not deserve your money.
Per the JD Power's 2010 Auto Claims Satisfaction study, these following insurance companies do follow through on their claims promise:
1) Auto-Owners Insurance
2) American Family
3) Amica Mutual
4) California State Automobile Association (CSAA)
5) Erie Insurance
6) The Hartford
(Auto-Owners Insurance is the only one to rate a 5 out of 5. The rest on this list tied for best "Overall Satisfaction" with 4 out of 5).
Companies With The Best Customer Service
Customer service is important in every field, not just insurance. But, with the high competition in the insurance field it can mean the difference between a profitable quarter and not. A company that treats their customers badly is giving them little reason not to move their insurance to another company.
Every year JDPower.com has a Customer Service Champions award given to companies who exceed the expectations of their clients in the area of customer service. These are the companies that earned the award in 2011:
- Amica
- Auto-Owners Insurance
- Erie Insurance
- Farm Bureau Insurance
- NJM Insurance Group
- USAA
2011 Fortune 500 Insurance Companies
The companies that make the Fortune 500 list are not ranked on criteria that a person shopping around for insurance is looking for. They are ranked by company solidity and earnings, more of what an investor is looking for.
However, for a driver this information is important as the companies that make this list are less likely to go out of business any time soon. Meaning that they will still be around when you need a claim paid.
These are the top 10 companies in the "Insurance: Property and Casualty" field:
1) Berkshire Hathaway
2) AIG
3) State Farm
4) Liberty Mutual
5) Allstate
6) Travelers Cos
7) Hartford Financial
8) Nationwide
9) United Services Automobile Association
10) Progressive
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