There are many things to consider when selecting the best auto insurance company. Bankrate Score and customer reviews are just a few of the factors you should consider. The final decision is yours. You need to be aware of the features you should look for in a policy.
Bankrate Score
Bankrate looks at more than price when evaluating top auto insurance companies. Bankrate considers customer service and technology as well as digital resources. Digital age changes are driving rapid innovation in the insurance industry. In order to remain competitive, they need to keep up with the rapid changes and enhance their offerings.
Bankrate ranks insurance companies by looking at third-party ratings and customer satisfaction. Bankrate also takes into account their financial strength and accessibility online and via mobile. The overall score for each carrier is rated out of five points.
Discounts
There are usually discounts for multiple cars. This can save you up to ten per cent. The most common discount is the paid-in-full discount. This discount rewards the premium payer for paying in full. A discount of 5%-10% is possible if your premium is paid in full.
Multi-car discounts are also available. If you have more than one vehicle, you can also save money by insuring them under the same policy. Most insurers offer this discount. Progressive, for example offers a 12% discount on multiple auto insurance policies. Some other major insurers offer a discount for multi-policy purchases. Student members may also be eligible for a discount Geico, as an example, offers a 15% student discount.
Complaint data
Data from complaints against auto insurance companies shows they're not all the same. When a customer has to file a claims, this is the most common complaint. In fact, 68% of all complaints were about claims-related issues, including low settlement offers, delays in the claims process, and outright denial of the claim. The promise of prompt reimbursement is an attractive reason to purchase insurance. However, it can also be stressful and frustrating.
The NAIC complaint index gives consumers the ability to assess a company's service quality. The index allows consumers to compare insurers regarding customer satisfaction by comparing the complaints ratios to the average nationwide complaint rate. Complaint ratios are based on how many complaints a company receives per $1 million in premiums earned or the annual premiums. Insurers with fewer complaints tend to offer better customer service.