There are many factors that you should consider when looking for the best auto-insurance companies. Some of these factors include Bankrate Score, Customer reviews, Discounts, and complaint data. It's up to the individual to choose which one works best for them. 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 does more than simply evaluate the top auto insurers. It also takes into account customer service, technology and digital resources. Insurers are constantly evolving in this digital age. To remain competitive, they must adapt to rapid changes and constantly improve their offerings.
Bankrate ranks insurance companies by looking at third-party ratings and customer satisfaction. Bankrate also evaluates their financial strength, online and mobile accessibility, and other factors. The overall score for each carrier is rated out of five points.
Discounts
You may be eligible for a discount on your premium if more than one car is registered. This can help you save anywhere from 5 to 10%. The paid-in-full discount is the most popular. This discount rewards you if your premium is paid in full. A discount of 5%-10% is possible if your premium is paid in full.
Multi-car discounts can also be availed. Insurance policies that cover multiple vehicles can be a cost-saving option. This discount is offered by most insurers. Progressive, for example offers a 12% discount on multiple auto insurance policies. Some other major insurers offer a discount for multi-policy purchases. You may also qualify for a discount if you are a student. Geico, for example, offers a 15% discount to students.
Complaint data
The complaints data from auto insurance companies show that not all are created equal. Insurance customers most commonly complain about the process of filing a claim. 68% were related to claims, with low settlements, delays in claims processing, and denial of the claim. While the promise of prompt reimbursement makes it a compelling reason for purchasing insurance, the experience is often stressful and frustrating.
The NAIC complaint index gives consumers the ability to assess a company's service quality. The index is a way to compare insurers on customer satisfaction by comparing their complaint ratio to the average nationwide complaint ratio. Complaint ratios can be calculated by comparing the company's number of complaints per $1 million of premiums received or the annual premiums. Insurers with fewer complaints tend to offer better customer service.