Our Travelers quote fell in the middle of the pack price-wise, but you may be able to secure a lower rate by taking advantage of the company’s 12 discounts — the second-most offered by any of our top picks. You can save for being a homeowner, being continuously insured, or enrolling in Travelers’ IntelliDrive program. There are also special discounts for students and affinity groups. Overall, Travelers is one of the highest-ranking insurance companies out there, both in terms of a straightforward claims process and variety of ways you can save.
Classic Car Insurance: defined by many companies as being 19 to 24 years old, restored, in good working condition, and greater than the average value of other autos of the same make and model year; some insurers consider a car of this description that is only greater than 10 years old to be “classic.” The Classic Car Club of America regards classic vehicles to be those manufactured between 1925 and 1948.
Liberty Mutual is a full-line insurance company that offers both personal and business insurance. Liberty Mutual car insurance has a 5 percent market share and underwrites $11.6 billion in policies. It’s a publicly owned company, so profits go to shareholders. Liberty Mutual offers a full suite of insurance policies but doesn’t offer banking services.
Liability insurance covers you if you’re in an accident deemed to be your fault. It will cover repairs to damaged property, as well as medical bills resulting from injury to the other driver and his or her passengers. Most states require at least a minimum amount of liability insurance, but it’s a good idea to purchase extra protection if you can afford it.
We collected quotes from a variety of insurance companies across 2,700 towns and cities in the U.S, for 128 insurance companies. Our sample driver was a 30 year old male who drove a 2011 Toyota Camry. To obtain quotes, we kept parameters for getting coverage the same, such as that he was single, and had a clean driving record. The only parameter that changed was the zip code where he lived in the U.S. The amount of coverage we opted for gave our driver bit more than what is required of state minimums.
But according to the National Center for Biotechnology Information, newly licensed drivers are about eight times more likely to be involved in fatal crashes in their first six months than more experienced drivers. The takeaway? Experience counts. The Center for Disease Control suggests that increased education programs and parental involvement in instruction are associated with reductions of as many as 40% of fatal and injury crashes among 16-year-olds.
Need help selecting the right car insurance coverage? You can chat online with one of our friendly professionals while you get your quote! Care for a more personal touch? Call 1-800-INFINITY and get the same friendly service over the phone! And don’t worry, we don’t outsource our customer service, so you will always be speaking with someone who works for Infinity and can answer all of your questions.
USAA stands for United Services Automobile Association. USAA is a bit different from other large insurance companies in that not just anyone can get a policy. To work with USAA, you need to be an active member of the military, a military veteran with an honorable discharge, a cadet or midshipman at a U.S. service academy, or an eligible family member. Eligible family members are spouses, widows, unremarried ex-spouses of USAA members, and children of USAA members. So, for example, if your grandfather served in World War II and had an honorable discharge, he could join USAA, as could your parents. Then you could join, and your children and spouse could join as well.
It’s also helpful to do a quick Google search for online reviews or to see if there have been any major complaints against an insurer in recent years. And, if the insurer has a designated customer service line, go ahead and give the number a call (or two). That’ll give you some insights into response times. We’ve got more on the finding the best car insurance and best car insurance company for you here.
Be aware of certain terminology, and ask that your insurance company explain things in a careful and concise manner to avoid confusion. For instance, normal cars are insured for Actual Cash Value - the "book" value that depreciates with age. Classic cars might be insured for their Stated Value or Agreed Value. In those cases, you would state a value for your car and your car insurance company would agree to pay up to that amount.
Auto insurance companies follow a variation on that model, but one that that allows them to make a profit. With modern insurance, policyholders purchase coverage from an insurance company. Like in a mutual aid society, everyone pays a little bit, so the insurance company has money on hand to pay for damages. However, because it’s unlikely that everyone who has a policy with an insurance company will make a claim for damages, the insurance company gets to keep the extra money as profit. In publicly traded, or stock, companies, the owners are the company’s stockholders. In other insurance companies, known as mutual companies, the owners are the policyholders, who get their share of the profits as dividends and potentially lower rates.
If you own your home and have plenty of other assets, you should consider buying a policy with higher coverage limits than what is normally offered. For more peace of mind, consider buying the top tier of auto coverage to protect your family. With more coverage in place, you can ensure you won’t run out of coverage in the event of a catastrophic accident – or worse, get sued by someone who plans to go after your assets in court.
The trade-off between large insurance companies and small ones typically involves giving up competitive rates for an improved customer experience. When using a small insurance company for your auto insurance, you’ll likely communicate exclusively with one insurance agent. While you generally lose a personal connection when selecting a large national insurance company, the large auto insurance companies tend to have more financial stability. In fact, the top insurance companies in the country underwrite and pay out billions of dollars per year. Additionally, the large insurance companies are able to leverage their resources to offer drivers lower insurance rates.
Also known as AARP, The Hartford was the recipient of the 2016 J.D. Power study for car insurance companies ability to handle claims. The Hartford scored 5/5 stars for nearly every step of the claims process; from notifying them, to the repair process, and the final settlement. Those who think a smooth claims process is the most important factor for car insurance, The Hartford should definitely be considered.