How best to choose an insurance company for auto insurance in USA

The success of any business, both in family life and in business, depends on a reliable partner. From someone who, in difficult times, will not disappear from your life, but will provide real help, which is so necessary at the moment.  Someone completely trusts their intuition, someone has experience, knowledge, acquaintances, etc. But there are areas of life that are little known.

and not always intuition and personal experience can help. For example, insurance. It was invented several centuries ago to provide support to those who have lost everything. Such a service has taken root, proved to be effective and has been improved over the centuries, adapting to new aspects of life. For example, like the appearance of airplanes, rockets, automobiles, new diseases, and so on. But despite all the changes in life, throughout the whole time, the most important core of insurance is a reliable insurance partner.

How to find it, what you should pay attention to, we will understand in this article. 2021 First, let us remind you of the detailed content for the past year of the No. 1 International Agency in Ukraine – Interfax – Ukraine. What happened in 2021:

“The number of insurance companies in Ukraine has been constantly decreasing in recent years.

In 2021 alone, 48 insurance companies specializing in risk types of insurance and 7 companies specializing in life insurance left the insurance market.

According to the National Bank of Ukraine, as of December 31, 2021, 142 risk companies and 13 life insurance companies were registered in Ukraine. At the same time, in January 2022, they decreased by another 9 to 133.

Also in 2021, there was a record reduction in companies providing compulsory motor third party liability insurance or OSAGO. So, for various reasons, mainly due to non-compliance with regulatory requirements and cancellation of licenses by the National Bank, the insurance companies ASKO-Med service, Global-Grant, Yu.B.Ai-Koop, Yes. Ai” (all – Kiev), “International Insurance Company” (Kharkov) and “Kharkov Municipal Insurance Company”.

All of 2022.

In 2022, the insurance market of Ukraine decreased by 41 companies to 128 compared to the same period a year earlier. So, according to the NBU, at the end of December 2022, there were 116 non-life insurance companies in Ukraine (IC “non-life”).

Also in the current year, membership in the MTIBU, i.e. the right to issue “autocitizen” policies, has been lost by IC Mega-Grant, IC Ukrainian Insurance Standard, and the insurance companies Alfa Insurance and Motor-Grant are temporarily unable to carry out this activity due to the suspension of their licenses by the National Bank.

Already on March 23, the licenses of 2 more well-known companies were suspended:

SC “Provand”
SK Ingostrakh.
The decision was made in connection with the failure to eliminate violations of license conditions. At the same time, IC Provand has a huge volume of insurance contracts and insurance premiums:

The company’s insurance premiums in 2022 amounted to UAH 891.226 million.
Total market share 2.7%
The market share of third party liability insurance of vehicle owners (OSAGO) is 1.4% of the market. And now the company has lost the right to sell OSAGO.

It is clear that my lectures and seminars on the rating and choice of an insurance company for students of Tara’s Shevchenko National University of Kyiv were more difficult. In addition, it is possible, of course, to rate insurance companies by a mass of indicators:

1. Ranking by gross premiums.

2. Net premium rating.

3. Payout rating.

4. Rating in terms of sales growth rates for various insurance products.

5. Rating by assets,

6. Rating by insurance reserves.

7. Rating for the most popular types of insurance: autocitizen in the first place.

Well, there are still a lot of ratings that you can’t revise and decide on, since it takes a lot of time and good practical knowledge of insurance and finance.

Even more than two years ago, it was almost impossible to get real data on the work of the insurance market in Ukraine, not all companies made them public. But thanks to the National Bank, which, having become the regulator of the insurance market.

began to publish them. You can now watch them, but of course it is wrong to load people with a lot of information without defining what are the main signs and indicators of the reliability of insurance companies. My task: to give on this page the main criteria for quick and practical application.

The first criterion: indicators on insurance premiums (payments) and payments
Based on the NBU data, we offer the first rating of insurers that feel confident in this market. Those. who collects the most insurance premiums and how much they pay. All data is already available for 2022 and we will update it for you further once a quarter.

The three leaders of the Ukrainian insurance market in terms of collected net insurance premiums for 2022 were insurance companies in Kyiv:

АRX (UAH 2.935 billion),

“Unico” (UAH 2.410 billion)

SG “TAS” (UAH 2.275 billion)

As reported in the main indicators of the activities of Ukrainian insurance companies for 9 months published on the NBU website. 2022, the leaders in insurance payments in this period were the same insurers: Unoka (UAH 1.240 billion), ARX (UAH 1.04 billion) and TAS SG (UAH 904.3 million).

Martial law affected the fall of the market:

1. Gross insurance premiums (gross payments) amounted to UAH 39.616 billion, which is 20.3% less than in 2021 (UAH 49.708 billion).

2. Net insurance premiums (gross minus reinsurance) amounted to UAH 38.551 billion, which is 16.2% less than in 2021 (UAH 45.987 billion).

3. The indicator of income from individuals amounted to UAH 24.591 billion. and decreased by 11.9%

Auto insurance is a necessary expense for anyone who owns a vehicle in the USA. It provides financial protection in the event of accidents, theft, or damage to the vehicle. However, not all insurance companies are created equal, and choosing the right one can be a daunting task. In this article, we’ll explore how to choose the best insurance company for auto insurance in the USA.

  1. Determine Your Coverage Needs:

The first step to choosing an auto insurance company is determining your coverage needs. Each state has different requirements for minimum coverage, so you’ll want to make sure you have the right amount of coverage. Additionally, consider your personal needs, such as whether you want coverage for collision or comprehensive damages, or if you need uninsured motorist coverage.

  1. Check the Insurance Company’s Financial Rating:

When choosing an auto insurance company, it’s important to check their financial rating. This rating is determined by independent rating agencies such as A.M. Best or Standard & Poor’s, and it indicates the company’s ability to pay claims. Choose a company with a high rating, as this ensures that they are financially stable and will be able to pay your claims in the event of an accident.

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  1. Research the Insurance Company’s Reputation:

Research the insurance company’s reputation by checking online reviews and ratings. Customer satisfaction is a good indicator of the quality of service you can expect from the company. Additionally, look for information on the company’s claims process and how easy it is to file a claim.

  1. Compare Quotes from Multiple Insurance Companies:

The cost of auto insurance can vary widely among companies, so it’s important to compare quotes from multiple companies. Make sure you’re comparing apples to apples when looking at quotes, as some companies may offer lower prices but provide less coverage. Additionally, consider the company’s discounts and incentives for safe driving or multiple policies.

  1. Consider Customer Service:

Customer service is an important factor when choosing an auto insurance company. You want a company that is easy to communicate with, responsive, and helpful. Look for companies with easy-to-use online portals and mobile apps, as well as customer service representatives who are available 24/7.

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In conclusion, choosing an auto insurance company requires careful consideration of your coverage needs, the company’s financial rating, reputation, quotes, and customer service. By doing your research and comparing multiple companies, you can find an insurance company that provides the coverage and service you need at an affordable price. Remember, choosing the right auto insurance company is an investment in your financial security and peace of mind on the road.

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