Expert Advice from Real Industry Insiders
We’re here to help you find the best insurance and avoid the loopholes insurance companies have been known to exploit. That’s why we ranked the best insurers in each major branch of the industry. Additionally, we provided guides for the most common buyer demographics and state-wide studies that cover the major US cities. Whatever your insurance needs are, rest assured we’ll assist you in finding tailor-made coverage.
Our Evaluation Method
To rank the best insurance companies, we devised a review procedure that doesn’t leave any stone unturned. Here are the steps we take before delivering our final verdict.
An Expert Guide to Choosing the Perfect Insurance for You
No matter what kind of insurance you’re looking for, there are a couple of things to do before you part with your hard-earned money. Applying this advice will help you get higher quality insurance and save a few bucks in the process.
Compare Insurance Quotes from at Least Five Companies
Obtaining quotes from various companies is Insurance Shopping 101. That’s because every insurer assesses the information you provide for your quote differently. In other words, if one company was the cheapest for our reference customer, this doesn’t mean it will be the most affordable for you.
Furthermore, insurers often adjust their prices to fit their most recent market strategy. For instance, if a company made a significant profit recently, it will slash its prices to expand its client base. Then, once it has acquired enough new customers, it’ll raise the rates again.
That’s why the only way to get the best insurance rates is to make a shortlist of at least five insurance companies and get quotes from all of them. The whole ordeal shouldn’t take more than a couple of hours.
Check the Leading Insurance Reviews
When you’re picking the best insurers for you, perhaps you’d like to know how they perform in departments such as customer service and financial strength. That’s where reading the experts’ reviews can help. They’ve researched the most reputable rankings in these departments, as well as compared the prices.
Furthermore, they’ll tell you how intuitive and slick each company’s website and quote tool are, and how many discounts and optional coverages are available.
Make Sure You’re Getting the Most out of the Insurance Discounts
Discounts are a handy way to save on your coverage without compromising on quality. If you’re getting an online quote, the system should prompt you to select various premium reductions while you input your data. However, don’t stop there. Go to the company’s website as well, and see what premium reductions are listed there. Then, if you see one you may qualify for, call the company’s customer service and ask how to add it to your quote.
It’s even worth taking proactive measures to make sure you’re getting the cheapest insurance. For instance, many insurance companies offer a premium reduction for those who complete an accredited driving course. Additionally, they may offer a program that tracks your driving habits, such as Progressive’s Snapshot. If you drive safely, without sudden acceleration and braking, you can reduce your premium by up to 40%.
Customize Your Coverage
A typical quote comparison tool or an online quote system on an insurer’s website will offer you a choice between Basic, Standard, and Premium coverage. However, it will also provide the alternative of customizing each coverage separately. That’s undoubtedly the route we would take.
When you compare insurance coverages and adjust deductibles, you’ll see how much each coverage affects the premium. Additionally, you’ll be able to remove the coverages you don’t need. For instance, if you drive an older, more affordable car, perhaps you’ll be better off without collision coverage.
What Our Users Ask Us the Most
Who has better insurance, Geico or Progressive?
Which insurance company has the highest customer satisfaction?
Overall, we would say that Amica tops the list among the highest-rated insurance companies in the customer service department (check J.D. Power’s 2019 rankings for full details). However, there are lines of business where Amica doesn’t appear near the top of the list and some where it isn’t ranked at all. In that case, these are the best alternatives to Amica:
- Large Commercial Insurance: XL Caitlin
- Small Commercial Insurance Study: Nationwide
- Renters Insurance: Auto Club of Southern California Insurance Group
- Life Insurance: State Farm
What are the general types of insurance companies?
The most common providers are as follows:
Standard Lines – Also known as “admitted carriers.” Their rates and operations are subject to strict state regulations wherever the company is licensed.
Excess Lines – Also known as “surplus lines carriers.” They operate under looser regulations compared to the standard lines insurers. They specialize in high-risk customers who can’t find coverage from admitted carriers.
Captive Insurer – A company that specializes in a specific line of business and industry. Usually, it was found by a business that was unable to find insurance elsewhere, and this insurer is a “captive” of that enterprise.
Direct Seller – Insurance that skips agents in the chain of supply to the customers. The majority of direct sellers have local representatives, but most of the business is done online to cut the cost. Geico is a prominent direct insurance supplier.
Domestic and Alien – These two different types of insurance companies can be easily distinguished. Domestic operates in the state where it’s headquartered, while alien operates abroad and conforms to the laws of a state where it does business. For instance, a British insurer selling its products in the US, such as Lloyds, is an alien insurer.
Mutual Companies – Their policyholders own these kinds of insurance companies. This implies that all the profits are either invested back in the company or distributed to the policy owners in the form of a dividend payment. Notable mutual insurers are Liberty Mutual, Amica Mutual, and MassMutual.
Stock Companies – In contrast to mutual companies, these insurers are owned by their stockholders, and profit is distributed to them. Allstate is a notable publicly traded stock insurer.