Do you need to find out the top car insurance companies for Colorado – before you shop for auto insurance? You bet you do. But what’s the best way to go about it? Well, you simply have to do your research. Premium costs, benefits offered, financial condition and level of service should all be considered when evaluating an auto insurance company. Here are several sites to help you determine the top car insurance companies for Colorado – and which one may be best to meet your needs.
Colorado Division of Insurance – One measure to evaluate is the overall complaint ratio an auto insurance company has relative to direct premiums written. The Colorado Division of Insurance provides a report (in this case, for 2009) that shows the big market share auto insurers, amount of direct premiums written (in millions of dollars), number of complaints, and complaint ratio.
- The biggest in terms of market share is State Farm with 19.59 percent, $539 million in direct premiums written, 196 complaints, and 0.36 percent complaint ratio.
- Farmers Insurance Exchange is next with 8.69 percent market share, $239 in direct premiums written, 114 complaints and 0.48 percent complaint ratio.
- American Family Mutual Insurance Company (American Family Group) has 7.88 percent market share, $217 million in direct premiums, 505 complaints, and 2.33 percent complaint ratio.
- Allstate Insurance Group has four company names totaling 7.61 percent market share and more than $209 in direct premiums.
- Progressive Direct Insurance (Halcyon) has 4.64 percent market share, $128 in direct premiums, 64 complaints, and 0.50 percent complaint ratio.
J.D. Power and Associates – Another important consideration for top car insurance companies for Colorado 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 for Colorado (doing business in the state, 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 Colorado 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: firstname.lastname@example.org.
- 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.