There are many things to consider when selecting the best auto insurance company. Some of these factors include Bankrate Score, Customer reviews, Discounts, and complaint data. Ultimately, it is up to you to decide which one is best for you. It doesn't really matter if you want a comprehensive insurance policy or one that covers liability. But it is important to know the key features of a policy.
Bankrate Score
Bankrate looks at more than price when evaluating top auto insurance companies. It also takes into account customer service, technology and digital resources. Insurers are rapidly evolving in this digital age. They need to adapt quickly and continuously improve their offerings to stay competitive.
Bankrate rates insurance companies by analysing third-party ratings, customer satisfaction scores, and other factors. Bankrate also evaluates their financial strength, online and mobile accessibility, and other factors. Each carrier's overall score is calculated using five points.
Get Discounts
You can often get a discount on your insurance premium if you own more than one vehicle. This can save you anywhere from five to ten percent. The most common discount is the paid-in-full discount. This discount rewards your for paying full price upfront for your premium. You can often receive a discount of up to 10% if you pay your premium in full upfront.
Multi-car discounts are another option. If you have more than one vehicle, you can also save money by insuring them under the same policy. This discount is available from most insurance companies. Progressive, for instance, offers a discount of 12% on multiple car insurance policies. Some other major insurers offer a discount for multi-policy purchases. Students may be eligible for discounts. Geico, for example, offers a 15% discount to students.
Complaint data
According to data collected from customers of auto insurance companies, they are not all equal. When a customer has to file a claims, this is the most common complaint. 68% of all complaints revolved around claims. These include low settlement offers, delayed claims processes, or denial of claims. While the promise of prompt reimbursement makes it a compelling reason for purchasing insurance, the experience is often stressful and frustrating.
The NAIC complaint indicator gives consumers a way to gauge a company’s quality of service. The index is a way to compare insurers on customer satisfaction by comparing their complaint ratio to the average nationwide complaint ratio. These ratios are calculated based on how many complaints a company gets per $1,000,000 in premiums earned, or the annual premiums. Insurers that receive fewer complaints generally offer better customer service.