Basics of Auto Insurance Ratings

Auto Insurance Ratings are important from two perspectives: that of the investor or customer who wants assurance that the company is solvent enough to pay out claims, and the customer's perspective when it comes to satisfaction with a particular company. There are large corporations that do nothing but rate insurance agencies, and there are consumer ratings agencies that compile data from customers, both satisfied and unsatisfied.

From a financial viewpoint, any insurance company you choose should be free of any solvency issues that would make you wonder whether they will be around and solvent enough to pay if you should have to make a claim. For decades people didn't think much about Auto Insurance Ratings, but in 2008 with major investment houses, banks, and other high capital businesses falling like giant dominoes, more people concluded that the solvency of their insurance company should be top priority. All the customer service in the world won't matter much if the company goes bankrupt in the middle of processing your claim. Following are six insurance ratings agencies in alphabetical order. All six evaluate insurance companies for solvency.

A.M. Best will share Auto Insurance Ratings for up to three companies by phone, and unlimited ratings on their website. Ratings can be printed and mailed, and full reports for a company can be purchased.

Demotech gives FSRs, or Financial Stability Ratings on its website for free. They also offer the information such as Auto Insurance Ratings by phone. Demotech also works in the areas of finance and actuarial consulting, so they have extensive information when it comes to insurance companies.

Fitch is a ratings service that will give you as many as five free financial strength ratings over the phone. Auto Insurance Ratings can also be read at their website.

Moody's will also give up to five free ratings per call and gives access to unlimited Auto Insurance Ratings on their website.

Like Moody's and Fitch, Standard & Poor's gives up to five free company ratings per phone call. You can also email the company for requests.

Weiss Research shares some ratings on its website and gives ratings over the phone or by hard copy for fees that vary.

As for consumer satisfaction with insurance companies, Auto Insurance Ratings can be found in several places on the Internet. J.D. Power & Associates is perhaps the largest consumer ratings agency, covering a wide range of products and services, including car insurance. Insurance companies are rated on several factors based on their financial condition and on customer experience with them.

Consumeraffairs.com gives Auto Insurance Ratings based on the point of view of the consumer. There is even a "complaint button" on the site that allows you to send in your own experiences with a particular insurer.

With the advent of the Internet age, there is no shortage of information about things like Auto Insurance Ratings. No longer do you have to rely on someone's word that a particular insurance company is good, but you can check out for yourself the qualities that matter the most.

Auto Insurance Ratings

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Basics of Auto Insurance Ratings

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