Who Are The Best Auto Insurance Companies In Michigan?
There are a number of independent rankings of the best auto insurance companies that you can easily find online. U.S. News & World Report, for example, lists USAA as its top choice; close behind are American Family, StateFarm, Geico, Nationwide, Farmers, Travelers, Allstate, AAA, and Progressive.
Forbes Advisor top list has some overlap, listing American Family, Auto-Owners, Nationwide, USAA, Geico, Travelers, Westfield, Erie, Progressive, and StateFarm as its top choices.
Your independent Compass agent works with many of these carriers considered by many the best among Michigan auto insurance companies. In fact, we work with 20 insurance providers to get you the best auto coverage at the best price with the best customer service.
8 Factors Determine Who The Best Auto Insurance Companies Are
It depends. The best auto insurance companies for your needs depend on several factors, including your driving record, the age and number of cars you insure, and your credit rating, among others. There are, however, a number of key characteristics that make an auto insurer one of the best among Byron Center and Kentwood, MI.
To help you research the best auto insurance companies, particularly at a time when the price of auto insurance is both steadily increasing and competitive, let’s consider what you need to look at.
1. Credit Rating
The best auto insurance companies are financially stable and have a strong reputation for paying claims promptly and efficiently. You can find out an auto insurance company’s financial rating by consulting independent credit rating agencies such as AM Best, Moody’s, or Standard & Poor’s.
This is particularly important because the credit rating is an indicator of whether the auto insurance company has the financial resources to pay claims. The credit rating agency looks at such factors as the auto insurance company’s cash reserves, debt-to-assets ratio, revenue streams, risk management record, and underwriting quality.
2. Coverage Options
Top auto insurance companies offer a range of coverage options tailored to suit the needs of different drivers. Basic auto insurance coverage provides liability, collision, and comprehensive coverage. The common name for this is full coverage car insurance, and it is a good foundation for considering the best auto insurance companies.
But also look for discounts and added coverage for rental reimbursement, windshield chip repair, roadside assistance, towing, and added medical expenses. You’ll also want to look for gap insurance if you have a large car loan or lease. If your car is totaled or stolen, gap insurance pays the difference between what the auto insurance pays for your claim and the amount you owe on the loan or lease.
3. Cost of Premium
The best auto insurance companies offer competitive premiums and discounts to make their policies more affordable for customers. They often provide a variety of discounts such as safe driver discounts, multi-policy discounts, military discounts, and good student discounts. Some insurance carriers even have mobile apps that monitor your driving behaviors in trade for deep premium discounts.
Keep in mind that while it is understandably tempting to focus on which auto insurance company offers the least expensive premium, it is often the case that you get what you pay for. The cheapest auto insurance may not sufficiently cover you in the case of an accident and leave you underinsured and financially liable beyond your means to pay.
If you’ve recently had an accident, points on your driver’s license, or a DUI, you can expect to pay more for auto insurance than someone with an otherwise clean record. The good news is that some auto insurance companies offer more competitive pricing for drivers in these situations.
4. Customer Service
Top auto insurance companies provide efficient and responsive customer service teams that provide prompt assistance and support to their policyholders. They should be available 24/7 to handle claims and inquiries effectively.
Consult the state Department of Insurance to assess whether the auto insurance company has a significant number of complaints regarding unsatisfactory settlements, delays, or denials. Complaints against an auto insurance company reflect poor customer service. Most complaints about car insurance companies revolve around problems with claims.
5. Quick Claims Process
Of course, a key factor of customer service is whether the claims process is fair and speedy. The best auto insurance companies have a reputation for a hassle-free and quick claims process. They should have a strong network of approved repair shops and transparent procedures to handle claims without causing inconvenience to policyholders.
6. Customer Feedback and Industry Reputation
Look at customer reviews. Reading customer reviews and seeking recommendations helps identify the best auto insurance companies that consistently provide excellent service. Also, consider whether independent industry associations recognize the company for such characteristics as reliability and customer responsiveness.
7. Technology
Top auto insurance companies embrace technology advancements, offering features like online policy management, mobile apps, and digital claims submissions. Such technologies enhance policy management and streamline the overall customer experience.
8. Transparency
The best auto insurance companies provide clear, transparent policy information without hidden fees or deceptive practices. They have ethical business practices and maintain high standards of integrity.
Get Help Finding The Best Policy For Your Needs
There’s a lot to think about when shopping for auto insurance. Get help from an independent insurance agency that works for you, not the insurance companies.
Compass Insurance is located in Byron Center, MI near Kentwood. We can shop and compare the best auto insurance company that best fits the needs of your personal situation. We save our clients on average $796 annually on their auto insurance!