The New York State Division of Insurance coverage (DOI) just released the 2008 Annual Ranking of Automobile Insurance coverage Complaints. The report has been issued to support shoppers come across the automobile insurer that ideal meets their requirements. You can use this report to evaluate the ranking of the insurance coverage corporation you are performing enterprise with now, or verify an additional corporation you could be thinking about.
This report analyzed information collected from 2006 and 2007. It only ranks corporations performing enterprise in the State of New York. Nonetheless, as New York is a heavily populated state, with each large urban centers and large suburban places, the report can be regarded a great representation of insurance coverage corporation efficiency nationwide.
How The Ranking Functions
The insurance coverage corporations are ranked on a complaint ratio. The ratio is calculated by the quantity of complaints upheld against corporations as a percentage of their total private passenger auto enterprise.
Insurers with the fewest upheld complaints per million dollars of premiums are shown at the top rated of the list. The corporations with the highest ratio of complaints are ranked at the bottom.
Other Facts to Look at
The ranking of an insurance coverage corporation is vital, but it is only 1 characteristic that shoppers ought to weigh when thinking about performing enterprise with an insurance coverage corporation. Other folks are:
o Referrals from good friends, relatives, neighbors or co-workers about the experiences they had with their insurance coverage corporations o Value of the premium versus perceived worth o Search the Net for other tips o Verify your state’s DOI web-site, which could include important customer facts about corporations performing enterprise in your state.
What The Ranking Does and Does Not Include
o Private passenger insurance coverage is the only variety evaluated. o It only contains the complaints referred by shoppers to the DOI. It does not consist of complaints produced straight to the insurance coverage corporations. o Complaints are “upheld” when the DOI agrees with a customer that an insurance coverage corporation produced an inappropriate selection. o Facts from prior years is incorporated in the tables so shoppers can see if the corporation has enhanced or gotten worse. o All corporations with at least $10 million in premium in 2006 and 2007 are incorporated in the ranking. Insurers with much less than $10 million had been incorporated if they had 10 or additional complaints against them.
Top rated 3 Most Frequent Complaints
1. Monetary settlements – settlement quantity is also low. two. Policy terminations three. Promptness of insurance coverage payments
2007 Auto Complaint Listing (ranked lowest quantity at top rated, greater as you go down)
1. Mercury Common Group two. American Express, Amex Assurance, IDS Home Casualty three. Eveready Insurance coverage Co. four. Electric Insurance coverage Group five. Amica Mutual six. Preferred Mutual Insurance coverage Co. 7. United Solutions Automobile Assurance Group (USAA) eight. Chubb 9. Utica Mutual 10. State F*arm 11. Central Solutions Group, Central Insurance coverage Group, NY Central Mutual Fire Ins. 12. Key Street America Group, National Grange Mutual 13. Progressive 14. Liberty Mutual 15. Kingsway Insurance coverage Group, Lincoln Common Ins. 16. Response Insurance coverage Group 17. Nationwide Insurance coverage 18. American Modern day Ins. Group, American Loved ones Property Ins. 19. St. Paul Travelers 20. Unitrin Group, Kemper 21. Erie Insurance coverage Group 22. Berkshire Hathaway Insurance coverage, GEICO 23. Allstate Insurance coverage 24. The Hartford Insurance coverage Group 25. Hanover Insurance coverage, Citizens Ins., Allmerica Monetary Alliance 26. Metropolitan Group 27. American National Monetary Group 28. Allianz Insurance coverage Group 29. GMAC, Integon, MIC P&C, National Common Ins. Co. 30. Zurich Ins.Group, Foremost, Maryland Casualty 31. Hannover RE Group, Clarendon National 32. State Wide Insurance coverage 33. White Mountains Group, OneBeacon, Esurance, Auto 1 Ins. 34. Countrywide Insurance coverage 35. Safeco Insurance coverage Group 36. American International Group (AIG) 37. Tri-State Customer Ins. Group 38. Interboro Mutual 39. Infinity Home & Casualty 40. Lengthy Island Insurance coverage
If your auto insurance coverage provider is not shown on this list, it could be that they never sell insurance coverage in New York. Or, it could be that their quantity of complaints is worse than the corporation in the #40 position!!
Assume about this statement, my good friends.
The only point that actually matters about your auto insurance coverage is what occurs when you submit a claim. Claims are about Maintaining PROMISES. When the insurance coverage corporations never maintain their promises, the complaints pile up!
So, why would you EVER take into account performing enterprise with any insurance coverage corporation Decrease than Quantity 10 on the list?
If you are 1 of the unfortunate men and women who expertise an automobile loss of any type, you are going to have to have to know how to manage your insurance coverage claim so that you maximize your recovery. I will even be so bold as to say this: If you do not use the methods for submitting a claim located in my book, you will not gather all the funds you are entitled to gather. You will have to have to know how to take manage of your insurance coverage claim, and add hundreds or even thousands additional dollars to your claim settlement. For additional facts, verify out the web-site shown beneath in the Resource Box.