Top 10 Best Rated Auto Insurance Companies
There are many classifications which would determine an auto insurance company to be among the top 10 best rated companies. It depends on which criteria is used to determine a rating. Commonly, financial strength as well as customer service, price and claims processing is used to determine a rating.
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Many factors contribute to the quality of an insurer and financial strength is a very important aspect of a provider. Although often overlooked by individuals when shopping of coverage, locating a financially stable carrier can help ensure that claims will be honored since an unstable insurer may be facing bankruptcy which may lead to unpaid claims. The standpoint of most industry professionals and government consumer guides is that the best companies are those that offer necessary coverage, competitive pricing, good customer service and is financially sound.
Independent rating agencies analyze carriers based on many aspects including a company's financial strength. Once evaluated, a rating will be assigned based on a company's ability to meet their ongoing obligation to policyholders. Obtaining coverage from a top rated company offers consumers the peace of mind of knowing that compensation is available should a claim need to be filed. It may be wise for individuals to avoid purchasing policies from carriers with poor ratings due the fact that they may be on the verge of insolvency and may not be able to fulfill obligations to customers.
To determine how a company is rated, one can turn to an independent opinion from AM Best Company, which provides financial strength rating assessment for risk-bearing insurers. Here is a summary of the "letter grades" assigned as ratings:
- A++ to A+ = Superior
- A to A- = Excellent
- B++ to B+ = Good
- B to B- = Fair
- C++ to C+ = Marginal
- C to C- = Weak
- D = Poor
- E = Under Regulatory Supervision
- F = In Liquidation
- S = Rating Suspended