Auto insurance is one of the important and critical financial services today. According to automobile research firm IHS Automotive, the total number of automobiles in the U.S is estimated at 253 million, while the average age of vehicles on the road is about 11.4 years in the U.S. This reflects the huge market potential for the auto insurance industry, as insurance must be bought for each vehicle on a yearly basis.
In the US, auto insurance generally covers the risk financial liability of the owner in case of damage or accident. Types of auto insurance include Liability Insurance which covers both vehicle damage as well as medical expenses in case of injury to the owner during accidents, and Collision, which compensates only the damage and repair of vehicles. The Comprehensive Coverage policy provides protection in all situations such as accidents, weather damage, theft or even a collision with an animal. Another type which is not as costly as Comprehensive Coverage is Personal Injury Protection, which covers the medical bills of the owner.
Insurance is one of the largest financial service industries globally. It offers a wide range of personalized products according to the needs of diverse segments of customers. They can be ranked based on factors such as market capitalization, revenue, profit, etc. but the most relevant parameter is their asset base. According to a J.D. Power Study, auto insurance companies in the U.S are ranked based on five parameters of customer satisfaction: interaction, price, policy offerings, billing & payment, and claims.
We have taken an average of the regional rankings of all nationwide insurers to arrive at our list of the “Top 10 Highest Rated Auto Insurance Companies in America”. Check out the list!