[February 24, 2020] The concept of insurance and the idea to spread risk is one of the most innovative, valuable thinking that has ever helped humans. It’s also an old idea. To see how we can do an even better job, today we look at the top insurance companies in the United States. By doing this, we can get a glimpse into the leadership employed, and the great value insurance provides.
Vehicle insurance is so valuable that it is legally required if we own and operate any vehicle anywhere in America. This requirement exists in all modern nations. Here in the U.S., insurance companies provide services in any area that has risk; home and auto ownership, investment, life, and health are the most common. Only our imagination limits what insurance can protect.
If we were to measure what makes a great insurance company, some things to consider are customer service, the balance of costs versus coverage, keeping customers updated on the status of their insurance plan and any claims, and working quickly to resolve any problem areas. US News and World Report annually rates car insurance companies and recently provided their list of the top insurance companies for 2020.
Here are their top nine:
- State Farm
- American Family
US News built their list by using surveys of current customers to provide real-time feedback in several areas. These areas include: satisfaction with the ease of filing a claim, customer service, claim status communication, claim resolution, and overall value. US News further asked those surveyed if they planned to renew their policy. Also, they requested Quadrant Information Services to analyze a report of insurance rates in all 50 states from car insurance companies and used specific vehicles to study cross-company rates.
USAA again rated as either the best or near the top of American insurance companies. Customers “loved the company’s easy process for filing a claim…” The only negative found by US News was they the company limits its availability to U.S. veterans, members of the military, and their immediate families. You can find USAA core values here (see link).