Consumers looking for the top car insurance companies for Maryland should consider several factors. Beyond the cost of premiums, other considerations include the type of benefits offered, the insurance company’s overall financial stability, and the level of service that can be expected. Here are several sources to use in the search for the top car insurance companies for Maryland.
Maryland Insurance Administration – Finding out the top car insurance companies for Maryland in terms of market share and premiums written in 2009 is a little easier when you look at the Maryland Insurance Administration statistics for the year. Although 171 insurers write policies in the state, the large volume players (in terms of market share) are:
- State Farm Mutual Insurance Company — $638 million in 2009 premiums written, 17.30 percent market share
- Geico General Insurance Company — $328 million in written premiums, 8.89 percent market share
- Government Employees Insurance Company — $268 million in written premiums, 7.26 percent market share
- Allstate Insurance Company — $251 million in premiums written, 6.79 percent market share
- Erie Insurance Exchange — $227 million in written premiums, 6.17 percent market share
The Maryland Insurance Administration site also has numerous publications available for download that may prove useful in determining the top car insurance companies for Maryland.
J.D. Power and Associates – Another important consideration for top car insurance companies for Maryland 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 Maryland, although they may be headquartered elsewhere) are Amica Mutual, State Farm, and Geico. Amica Mutual is the JDPA award winner, and State Farm, Geico and Erie 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 Maryland 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.