What are the best auto insurance companies? That’s like asking what the best cars on the road are. Everyone has his or her own preference which is not likely to change unless there’s a major reason to do so. For example, in your extended family you may have one sibling who prefers Fords, another that likes Chrysler products, and still another that prefers GMC. Getting them to agree is near impossible. Believe it or not, they probably have the same kinds of preferences when it comes to car insurance.
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The fact is, car insurance is a very personal thing for most people. It’s not uncommon for an individual driver to stick with the same car insurance company throughout his entire life. This is especially true if he’s never had any difficulties with them.
So trying to convince another person to switch to your company is often a monumental task. On the other hand, if you’re a young driver getting a brand-new policy for the first time, you need to ask friends and family plenty of questions.
What should I be looking for in an auto insurance company?
Determining which car insurance companies are the best requires a serious evaluation of your needs and desires. For example, every insurance provider licensed to do business in your state will provide the legally required minimum coverage at a price comparable to their competitors.
But you must ask yourself whether or not you require more coverage than simply the state minimums. If you do, you’ll find that’s where most of the price differences begin to show up.
In terms of coverage, you should be looking for a company that will cover your needs, whatever they may be, at a price you can afford. If you need liability, collision, and fire and theft, it does you no good to try and negotiate with insurance companies that can’t offer you a bundled package at a reasonable price. On the other hand, if all you require is basic liability for an old junker, then you’re better off sticking with a discount insurance company that can offer you a better price.
What about customer service?
Next to coverage and the bottom-line price, one of the other important factors to consider is customer service. God forbid you should ever need to make a car insurance claim, but if you do, customer service turns out to be everything.
The last thing you need during the stress of an accident is to call your insurance company and be put on hold for 30 for 60 minutes. So look for company that is responsive to your needs not only in a timely manner, but also with a friendly, courteous, and caring attitude.
A good place to investigate customer service is through online car insurance ratings sites. Many of these sites rate companies according to several criteria, including customer satisfaction. Just be careful of comparison websites who glean their information from user forums or other similar resources. User forums and online surveys tend to be skewed toward the negative due to the fact that unhappy customers are usually the only ones who publicly make their opinions known.
Should I worry about financial stability?
In most cases, the financial stability of an insurance company will never come into play. However, that’s not to say it’s never a factor. Because of the shaky financial conditions we’ve seen in the United States over the last couple of years, there are some insurance companies who are financially unstable and may present a problem down the road. The quickest and easiest way to find out where your insurance company stands is to visit the websites of some of the leading financial services rating companies.
Two examples of these types of companies are A.M. Best and Standard & Poor’s. These companies rate the financial strength and future outlook of insurance companies, banks, and other financial institutions, based solely on hard numbers and forecasts by financial experts. This makes them a great source of information in deciding whether or not your insurance company is on solid financial ground.
Is there anything else I need to know?
At the end of the day, the best insurance companies are the ones who can provide you the appropriate coverage, customer satisfaction, and future stability you need. Finding these companies requires that you do your homework before making a decision. So ask friends and family, search online, and find out as much information as you can. Doing so will increase your chances of finding the right car insurance company for you.
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