Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Sep 26, 2020

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Key takeaways...

  • Comparison shopping is so easy for insurance seekers because all they have to do is fill out the comparison website’s form once
  •  Car insurance companies will have several vehicles to either repair or replace and they will need to have enough money to do so
  • The competitive atmosphere has caused insurance companies to target particular customers

No better way exists to obtain the best car insurance quotes than to take advantage of a comparison website.

A comparison website derives its name from the fact that it gives people the means to compare the prices they will likely be charged for their insurance coverage.

Enter your zip code above and compare the best car insurance quotes for FREE!

Table of Contents

Insurance Companies Have Serious Competition

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The insurance industry is experiencing what a lot of businesses are noticing lately; people are being very selective about the places they will spend their money.

They are looking for the best value for their money and they are taking their time before they make major decisions to purchase things such as car insurance.

Some insurance companies have the best rates for people with exemplary driving records.

Other insurance companies know that people who have horrendous driving records also need the best car insurance quotes and they may cater to these people.

Others have deals for people who insure their houses as well as their cars with them.

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Your Insurance Company May Be Charging Too Much

Because insurance companies have so many different reasons that they will offer their clients car insurance discounts, the same auto insurance coverage can lead to very different price quotes from each insurance company.

This could mean that some people are paying more for their car insurance with their current auto insurance companies than they would with another company.

It is easy to find out by doing comparison shopping with a comparison website.

How to Choose the Best Car Insurance Company

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Sometimes, a lot of people file claims all at once. One time when this can happen is after a major storm like a hurricane or a tornado.

These storms have been known to destroy everything within their paths and vehicles are often victims of this occurrence.

In that case, car insurance companies will have several vehicles to either repair or replace and they will need to have enough money to do so.

The best way to avoid this unhappy scenario is to check on an insurance company’s financial solvency.

Credit Rating Companies

The next step in selecting the right car insurance company is to consult the car insurance ratings such as those from A.M. Best, Standard & Poor’s, Fitch, and Moody’s.

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– A.M. Best

The companies that have the highest ratings will receive:

  • A++ and A+ which means Superior
  • A and A- means Excellent
  • B++ and B+ mean Good

Companies that are not as likely to be able to meet their financial obligations will receive lower grades:

  • B and B- mean Fair
  • C++ and C+ mean Marginal
  • C and C- mean Weak
  • D equals Poor
  • E means that the company is being regulated
  • F means that the company is currently being liquidated
  • S means that their ratings have been suspended.

– Standard & Poor’s

The grades to look for when seeking the best insurance company are:

  • AAA: These are the most reliable companies
  • AA-: High quality with a little higher risk than the AAAs
  • AA+: A good credit risk with long-term credit risk a little questionable

– Fitch

  • AAA is the best rating that Fitch gives to companies that are most able to pay all of their obligations
  • AA is given to companies that are also likely to make all of their payments but have a slightly higher risk than AAA of defaulting
  • A means that the economic climate may affect the company’s ability to pay all claims
  • BBB is reserved for companies that are satisfactorily solvent at the current moment

– Moody’s

  • Companies that present the least likelihood of defaulting receive a rating of Aaa
  • Companies that have the potential in the long-term to pose a higher credit risk than the Aaa companies receive a rating of Aa
  • Companies rated to be a higher credit risk than Aaa receive the grade of A

J.D. Power and Associates

Once car insurance seekers have found that the car insurance company they are researching presents a very low credit risk, they also need to learn what their customers think of the company’s service.

On this website, insurance consumers can find out information such as how quickly an insurance company processes its claims. They can do this by consulting J.D. Power and Associates.

The process is so simple that there is no need to delay entering their information and clicking submit now. Enter your zip code below for FREE and save money today!