American International Group Car Insurance Review [2020]

American International car insurance was founded in 1919 and is known as AIG. The insurance giant struggled during the housing crash and received a bailout from the government.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 26, 2021

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Company Details
Address: 500 West Madison Street Suite 3000
City: Chicago
State: IL
ZIP Code: 60661
Phone Number: 212-770-7000
Year Founded: 1919
AM Best Rating: A (Excellent)
Company Rating 0 (0 reviews)

Here's what you need to know...

  • AIG offers a variety of insurance coverage to meet virtually any need
  • The company was forced to accept a bailout after the housing market crashed
  • AIG owns several insurance companies that operate in the U.S.

American International Group, or AIG, was founded in 1919 by American C.V. Starr, although the name of the company was originally called American Asiatic Underwriters.

AIG was one of the fastest growing insurance companies in the world, spreading to 130 countries and offering services from banking to insurance and a variety of other financial services.

While AIG is a well-known company, they are currently financially struggling.

Part of their business was underwriting mortgages, and with the housing market crash, AIG took a serious hit and was forced to accept a bailout in order to continue to functions.

They currently still have a negative outlook by the insurance rating companies. If you are considering an AIG-backed car insurance company, you may want to proceed with caution.

You can get FREE car insurance quotes from multiple providers today by entering your zip code!

What American International Group Offers

The good news for current car insurance carriers with AIG is that they are currently in a position to pay any claims that come their way.

However, they are almost to the point of being overextended, which means that if something doesn’t change for the company soon, they will be unable to meet their financial obligations.

In addition, there are hundreds of insurance companies that are subsidiaries of American International Group that are also impacted by this problem, so you need to know who owns your car insurance company to ensure that they are stable.

For years, AIG was an excellent choice for car insurance. Today, however, it would be in your best interest to consider other options for your car insurance needs.

Find car insurance rates from multiple companies with our FREE quote tool today!

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