Best Insurance Companies 2016
If you want the best protection money can buy, buying an auto policy from one of the best car
insurance companies is essential.
By buying a high quality policy from a reputable provider, you’ll gain both peace of mind and protection from life-changing financial losses.
While there are plenty of companies to choose from, the best car insurance companies offer certain features that help them stand out. In addition to policies that can be tailored to your unique insurance needs, they generally offer superior customer service, an up-to-date website where you can pay your bill or check your policy details, and a top notch claims process that makes recovering from an accident as seamless as possible.
Because car insurance has become such a competitive space, shopping around for the best car insurance rates is crucial. Where one company might charge higher rates due to your age or driving history, another might offer special discounts based on an entirely different set of criteria. Most of the time, the only way to find out how much you’ll pay is to apply for several quotes and compare them side by side.
Best Car Insurance Companies in 2016
When your goal is finding the best policy at an attractive price, it pays to compare several of the highest rated companies side by side. When figuring out which companies to highlight, we looked at Reviews.com Auto Insurance Study and J.D. Power’s 2015 Auto Claims Satisfaction Study. From those studies, we handpicked several companies that received high ratings across the board.
Allstate Insurance
Auto-Owners Insurance
Liberty Mutual
Progressive
State Farm
The Hartford
USAA
Allstate Insurance
If you’re looking for a company that offers high quality insurance policies with the opportunity for discounts, Allstate Insurance should be on your short list. Allstate received fairly high ratings across both studies mentioned in this article, with its highest marks received from customers who reported a positive rental car experience.
Allstate Insurance offers the best of both worlds when it comes to the user experience. With brick and mortar offices and agents placed all over the country plus a user-friendly and helpful website, customers have the opportunity to get in-person help or access information online at any time.
Why you might like Allstate:
Most areas have a physical office and local agents
Multiple opportunities for discounts for bundling, anti-theft devices, and passive restraint
Consumer-friendly website
Why you should keep looking:
Several comparable companies received higher ratings across the board
Can be expensive if you don’t bundle policies
Auto-Owners Insurance
While Auto-Owners Insurance keeps a fairly low profile, they receive extremely high marks across the board. In fact, J.D. Power awarded Auto-Owners Insurance the highest rating in their 2015 Auto Claims Study, with a 5/5 in every category except for rental car experience. That puts Auto-Owners Insurance ahead of the pack in terms of overall customer satisfaction whenever a claim is filed.
The fact that Auto-Owners Insurance has been around since 1916 should also put consumer’s minds at ease. During that time, they have exhibited financial stability consistently. Auto-Owners Insurance also has 6,300 independent agents, meaning you can buy your policy directly from an individual who understands your needs.
Why you might like Auto-Owners Insurance:
High ratings for customer service and claims experiences
Individual agents who care
Variety of discounts available
Why you should keep looking:
Policies can be expensive if you don’t qualify for discounts
Website isn’t as user-friendly as it could be
Liberty Mutual Insurance
Why you might like 21st Century:
Excellent ratings for claims and customer experiences
New car replacement free on all policies
Accident forgiveness standard
24-hour claims service
Why you should keep looking:
Policies can be expensive if you are purchasing a single policy.
Progressive
Progressive Insurance is known for its constant barrage of advertisements, but they also have a solid base of customers who seem quite happy with their products. Although they didn’t receive the best marks possible from J.D. Power’s 2015 Claims Study, they come in extremely competitive when it comes to pricing.
Other benefits Progressive offers include plenty of opportunity for discounts, a solid online presence, and their Snapshot program, which rewards good driving behavior.
Why you might like Progressive:
Plenty of available discounts and competitive pricing
Great online presence
Why you might keep looking:
Other companies receive higher ratings across the board
Scarce individualized attention from agents
State Farm
Founded in 1922, State Farm Insurance has a history of financial stability and customer service satisfaction. With physical offices and agents dispersed throughout the country, State Farm is also known for offering individual service that simply cannot be matched by online-only firms.
The company’s biggest benefits include its brick-and-mortar stores and agents, the many discounts it offers, and its strong mobile app. State Farm also makes it easy and painless to get quotes online, which means you don’t have to head into a local office if you don’t want to.
Why you might like State Farm:
Local offices and agents provide in-person help
Great mobile app and website
Plenty of discounts available
Why you might keep looking:
Average ratings from J.D. Power
The Hartford
With more than 200 years of history in business, The Hartford has built an excellent reputation for customer service and claims processing. As of today, the company is still receiving high marks from companies like J.D. Power. In its 2015 Auto Claims Satisfaction study, The Hartford received excellent marks (4/5 or 5/5) in every category except for service interaction.
Although The Hartford is an old company, they still offer some of the best technology in the business. Using their website, you can shop around for and even apply for a new policy. Plus, you’ll have 24/7 access to agents either on the phone or online.
Why you might like The Hartford:
Multiple policy discounts
Top ratings for claims management
Guaranteed renewals of your policy as long as you can drive
Why you might keep looking:
Low ratings for service experiences during the claims process
The best benefits go to AARP members
USAA
USAA received extremely high marks from J.D. Power’s Claims Satisfaction Survey, including 5/5 in overall customer satisfaction. In addition, USAA customers were extremely satisfied with their final settlement after an accident, which is one of the most important indicators or a high quality insurance company.
The biggest downside to USAA is that it is only available to members or former members of the United State military and their close family members. So, if you’re in the general public, you won’t have the opportunity to buy a policy from USAA.
Why you might like USAA:
Top ratings, including overall customer satisfaction
Superior customer service
Diverse policy options to meet anyone’s needs
Why you might keep looking:
Only available to U.S. military members, veterans, or their close family members
How to Pick a Policy with the Best Auto Insurance Companies
Knowing which companies received the highest marks year after year is just part of the battle. Beyond researching the best auto insurance companies on the market, you’ll also need to decide which type of policy to buy – and how much coverage you really need.
Consumer Reports offers an extremely helpful guide that highlights the steps you can take to find the best policy for your needs. Even if you’re fairly happy with your policy, they suggest shopping around to compare rates at least every two or three years. That way, you have a good idea of where car insurance rates are headed and how much you could save if you switch.
Here are some additional tips to consider as you shop around:
Pick a top-rated insurer – By checking auto insurance ratings, you gain insight from each company’s existing customer base. Consumer Reports suggests reading through the most recent auto insurance claims and satisfaction studies to see which companies consistently come out on top.
Set the right deductible – No matter whether you buy liability coverage or full coverage for your vehicle, you need to pick a deductible that meets you needs. Consumer Reports suggests choosing a higher deductible if you want to save on monthly premiums, but setting a lower deductible if you want to avoid a large out-of-pocket expense in the event of an accident. “If you have a good driving record and haven’t had an at-fault accident in years, or ever, opting for a higher deductible on collision might be a good bet,” writes Consumer Reports. Just remember to keep that much cash on hand in case you need it.
Don’t buy state minimum coverage if you truly want a high quality auto policy – While state minimum coverage is less expensive in the short-term, it can prove extremely costly if you have a claim that far exceeds the cap on the policy you purchased. By investing in a policy that offers more generous coverage limits, you can save yourself some heartache and protect your personal property in the event of a costly accident.
Want the Lowest Auto Insurance Rates? Do This
While auto insurance rates are extremely competitive, they still vary widely depending on the company you use and the type of policy you purchase. With that being said, there are still plenty of ways to keep your costs lower than average. If price is an important consideration in your search, consider these tips:
Ask about discounts.
Some of the best car insurance companies offer discounts on anything from bundled policies to good credit, zero claims, theft protection devices, and more. Others offer discounts for paying your six-month premium in-full or installing an electronic device that lets the company monitor your driving habits over the long haul.
Allstate Insurance, for example, offers Drivewise – a discount program for customers who install a tracking device into their vehicle. By letting Allstate monitor your driving habits, you can qualify for a discount of up to 30 percent.
Keep your credit in good shape.
Most of the best auto insurance companies check your credit before they extend a new policy. If your credit is excellent, this will only help you get the best auto insurance rates. If your credit is poor, on the other hand, you might be asked to pay a whole lot more.
To keep your credit in good health, check your credit score and report frequently. While Credit Karma lets you see an estimate of your credit score for free at any time, AnnualCreditReport.com is a government-approved website that lets you see your full credit report from all three credit reporting agencies once per year for free.
Keep insurance costs in mind when you choose a car.
The newer your car is, the more expensive your car insurance premiums will likely be. Also consider the fact that some car models with expensive replacement parts can cost more to insure regardless of age.
Consumer Reports suggests asking your car dealer to show you the “Relative Collision Insurance Cost Information Booklet,” produced annually by the National Highway Traffic Safety Administration. That way, you’ll be in the best position to avoid models with insurance costs that are higher than most.
The Bottom Line
When shopping around on the best deal for auto insurance, it’s important to look at more than just premiums. The best auto insurance companies should offer more than affordability – they should also receive good ratings and reviews from their existing customer base, same goes for life insurance,burial insurance and health insurance.
The best way to find this out is to complete some research on your own. Look at some of the recent studies completed and read through them, then read as many online reviews as you can find. Also make sure to shop around and compare rates among the handful of companies you feel comfortable with. The more you shop around and compare, the better off you’ll be.
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