Auto Insurance Company Ratings Guide
There are several firms that rate auto insurance companies. The criteria used to rate the companies varies from firm to firm.
Some look mainly at the financial conditions of the insurance companies, while others evaluate everything from customer service to the variety of policies offered.
So when researching a new insurance company, be sure to check out and compare ratings from the following companies:
A.M. BEST RATINGS - Free rating search, requires one-time registration. Ratings are largely based on the financial strength of the company. These ratings are helpful in determining the relative financial health of any prospective insurer. You certainly want and need to rely on your insurance company to be there when you get into trouble. A high A.M. Best rating is one of the most helpful tools in ensuring that your present company or any insurer you are considering has the financial strength to be there for you in the long haul.
J.D. POWER RATINGS - Free ratings search and lookup. Includes individual ratings of pricing, claims handling, variety of policy offerings, ease of contact, and overall customer experience. J.D. Power is perhaps the best known and most comprehensive of insurer quality ratings. Along with and A.M. Best rating, the J.D. Powers rating helps you get the whole picture of an insurer's quality and stability. These ratings are in invaluable tool in comparing insurance companies and ensuring that the company you choose is a quality company with top-notch customer service. J.D. Power Ratings are perhaps the most important tool to use when searching for new auto insurance.
MOODY'S INVESTOR SERVICES - Free ratings access, requires one-time registration. Ratings are based on the financial strength of the company. A useful resource to compare to A.M. Best ratings, particularly when you are researching a newer or less widely known company. Often these types of companies offer exceptionally low rates, but it is vitally important to check out the financial stability of such companies before taking out a car insurance policy with them. Both Moody's and A.M. Best ratings can help you decide on a company in the knowledge that has a strong financial situation and will likely be there to support you through the life of your policy.
WEISS RATINGS - Offers free ratings of top ten highest and lowest rated auto insurance companies. Additional ratings are available for purchase. Weiss ratings are useful as an addendum to J.D. Power ratings. Many small companies might nit be listed in these Weiss ratings however, so it might be more useful in eliminating companies that are rated in the Weiss bottom ten. A useful resource, but not as useful as the previous three ratings companies.
One quick strategy for determining the overall quality of an auto insurance company is to compare the A.M. Best financial strength ratings above AND the J.D. Power customer satisfaction ratings. This would give you an idea of the company's long-term financial health as well whether the company provides an acceptable level of customer service.
Once you have received your quotes and compared the quality and financial strength ratings of the relevant insurers, it is time to decide on your new car insurance company.
