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Top 10 Auto Insurance Companies - Says Who?

by EINSURANCE

We Americans love lists, especially the kind that rank things from 1 to 10. So who are the Top 10 Auto Insurance Companies? Well, it depends on whose list you access and what criteria were used to make the assessment. Anybody with an ax to grind can throw up a list on a blog or forum. That’s probably not going to be your most reliable source. J.D. Power and A.M. Best Company, on the other hand, base their rankings on consumer research and other scientific data to provide the top rated auto insurance companies in the United States.

According to their website, J.D. Power “collects data from individual policyholders nationwide.” While they don’t provide a numerical listing of the Top 10 Auto Insurance Companies, (insurance company ratings are listed alphabetically), they do rank the top rated auto insurance companies in the United States against a 5-point rating system that evaluates: Overall Experience; Policy Offerings; Price; Billing & Payment; and Contacting the Insurer (either through an agent, call center or website). If you’re interested in knowing what other people think of their auto insurance, this is a great resource.

The closest J.D. Power comes to a top 10 auto insurance companies list is their annual survey of major auto insurers. Two relativity obscure automobile insurance companies (meaning they don’t run a lot of national advertising), Amica and Erie, have finished in the top for the last three years.

 Another way of assessing the top 10 auto insurance companies is financial stability – pretty important given the current economic climate and the recent woes of insurance giant AIG. After all, if you file a claim against that discount auto insurance you bought, you want to be sure they can make good on it. Check the A.M. Best Company website, which states that theirs is, “the largest and longest-established company devoted to issuing in-depth reports and financial strength ratings about insurance organizations.”

AM BEST doesn’t publish a top 10 auto insurance companies list, either. But they do publish five-year insurance company rating histories and other in-depth financial info. Unfortunately, they charge about $1,400 per report. However, you can subscribe to their website for free and read their press releases. You can also compare the top rated auto insurance companies in the United States by visiting their Consumer Insurance Center, entering a name, say Liberty Mutual auto insurance or Allstate auto insurance, and Best will provide a free recap of how they rate.

Too busy to bother with all that? When shopping for an auto insurance quote, don't forget to at least turn to the source that most American’s claim to use when they’re seeking reliable information: friends and family. Ask your neighbors and co-workers how their car insurance company would rank in the top 10 auto insurance companies.

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