If you’re searching for the top car insurance companies for Arizona, you’ll need to use several sources and do your own research. There are several factors to consider, including cost of premiums, benefits offered, financial condition and level of service. Here are several sites to help you determine the top car insurance companies for Arizona – and which one may be best to meet your needs.
Arizona Department of Insurance – Want to know the top three auto insurance companies in Arizona in terms of market share? The Arizona Department of Insurance has a publication, “2010 Market Monitoring,” that details specifics of how the top 25 companies are doing in the state overall. But the top three spots, totaling 29.30 percent market share, belong to:
- State Farm Mutual Auto Insurance Company – 14.44 percent market share
- Farmers Insurance Company – 8.41 percent market share
- American Family Mutual Insurance Company – 6.45 percent market share
An interesting note from the report is that competition among the top 25 car insurers is intense and consumers are benefiting from rates that remain relatively stable.
The Arizona Department of Insurance site also has useful information and resources such as Consumer’s Guide to Automobile Insurance, FAQs, awareness points, and more.
J.D. Power and Associates – Another important consideration for top car insurance companies for Arizona is which had the highest overall customer satisfaction. The annual J.D. Power and Associates 2010 U.S. National Auto Insurance Study provides a good look at the best-rated car insurers across five factors: interaction, policy offerings, billing and payment, price, and claims. Checking their list, the top car insurance companies nationally (doing business in the Arizona, although they may be headquartered elsewhere) are Amica Mutual, State Farm, and Geico. Amica Mutual is the JDPA award winner, and State Farm and Geico each have a four-circle JDPA rating. Allstate, American Family Group, Farmers and Progressive each have a three-circle JDPA rating.
Check with Ratings Agencies – Top car insurance companies for Arizona should also have strong financial ratings. One way to determine an auto insurance company’s financial strength is to check with ratings agencies for more detailed information about its ratings. Here are several ratings agencies:
- A.M. Best — Provides free ratings for up to three companies per call at (908) 439-2200 ext. 5742. Unlimited ratings can be accessed via http://www3.ambest.com/ratings/default.asp.
- Fitch — Provides free financial strength ratings for up to five companies per call at (800) 893-4824. Ratings are also available via http://www.fitchratings.com.
- Moody’s — Provides free ratings for up to five companies per call at (212) 553-0377. Unlimited ratings can be accessed via http://www.moodys.com.
- Standard & Poor’s — Provides free ratings for up to five companies per call at (212) 438-2400. Requests can also be emailed to: email@example.com.
- TheStreet.com Ratings — Provides all of their ratings for free on their website at http://www.theStreet.com. Reach them at (800) 289-9222.
For more tips on car insurance, visit our section on car insurance where you can get additional tips and insurance quotes.