Auto-Owners Insurance Review, Ratings
As Michigan’s largest insurance company, Auto-Owners Insurance has offered nearly 95 years of insurance coverage to nationwide customers. Their independent agent system works with every type of driver to insure them with an affordable and reliable insurance policy. The company has been ranked with the Fortune 500 for the last 12 years and has written nearly $5 billion in premiums. Auto-Owners Insurance is comprised of five separate property and casualty companies as well as one health/annuity/life insurer. They are known for being one of the most stable and financially strong insurers in the United States. J.D. Power named them the Best in the North-Central and Central regions in 2014.
Auto-Owners Insurance Review
Based in Michigan, the company has nearly 94 full service and claims branches across the country. The mutual insurance company operates with local independent agencies (over 6,200 agencies). Deemed the “No Problem” People, the company employs nearly 4,100 people across the United States (not counting all of their agents). A mutual insurance company is owned by its policyholders and the company boasts to its customers that they are part owners and that their say matters.
Auto Owners Insurance BBB Reviews
Despite its customer satisfaction and financial strength, the company is not accredited with the Better Business Bureau. However the company gives them an A+ overall rating. In the past three years, 75 complaints have been made against the company in which 32 have been closed. The majority of these complaints are issues with billing and/or collections and issues with the product or service.
Auto Owners Insurance Online Complaints
ExpertInsuranceReviews ranks Auto-Owners Insurance a 4 out of 5 star rating due to five-star financial strength and consumer feedback. While the premium price ranks at 3 out of 5, the claims process is a solid 4 leading to a great rating overall. Ultimately the insurance company ranks well with all consumer reporting agencies and carry a high mark with the AM Best giving them a positive review from this website.
Auto-Owners Insurance offers variety of insurance coverage offerings and a simple adjusting process. Their negative reviewers say the claims policy and length of time it takes to process a claim as well as uninformed customer service representatives, as reported by Auto-Owners Insurance customers. They deem the company relatively affordable with tons of discounts and/or bundling options. They offer a .98 market share, which is one of the largest available from United States car insurance companies nationwide.
One reviewer praised the company for the ease of claims due to a windstorm and severe hail. Auto-Owners Insurance replaced the roofs on both homes without any complaint nor did their rate increase because of the claims. Also, four years later the customer was rear ended by an uninsured driver, her new car was repaired with only original manufacturer parts and she was given a loaner car during the repair process.
While some reviewers state their premium jumped exponentially from one year to the next, this is not the norm amongst majority of reviews. It is safe to say this was because of changes in policy or other factors.
Auto-Owners Insurance Company’s Financial Strength
Auto-Owners Insurance is known as one of the most financially strong and stable insurance companies in the nation. They have received the highest possible ratings from A.M. Best with an A++ Superior rating. The company also has been rated highly with other comparable nationally-recognized independent rating authorities. They are only one of 10 companies rated at the A++ rating by A.M. Best.
The company has nearly $14.3 billion in assets (as of 2009, their last reporting) and earned more than $327.21 million in net income.
The J.D. Power and Associates rank Auto-Owners second, just behind American Family as the company that customers are most pleased with. They received a five-star rating of 860 of 900 points total. It also topped the charts for claims satisfaction study scoring a total of five out of five stars and 887 out of 900 points. It is the only company that earned five stars in terms of claims.
Auto Owners Insurance Product Reviews
Auto-Owners Insurance offers a variety of products and services to fit the needs of any customer.
Whether long term care, disability income, life insurance or annuities, life insurance is important. Stability is one of the most important factors when considering a life insurance company. This offers immediate cash to loved ones in case of your death.
Universal Life Insurance offers flexible premium payment plans, guaranteed death benefits and tax deferred savings. Their programs can be custom designed in order to fit individual protection needs, supplement retirement needs as well as financial security. Whole Life Insurance offers guaranteed cash values, death benefit protection with level premiums and overall protection. Simplified Issue Whole Life offers cash values to age 110 for insured individuals ages 50 to 80. This provides coverage for any final expenses including outstanding debts, funeral costs, medical or hospital expenses.
The simplified issue children’s advantage plan plus offers guaranteed premiums and cash values to age 110 for insured individuals aged 15 days old to age 17. The death benefit itself increases by 50% at age 18 and again at age 25 with no increase in the overall premium. Another offering is Term Insurance, which provides coverage for a specific period of time, whether 10, 20 or 30 years. This is designed to protect any short-term needs such as protection when children are young, mortgages or debt obligations. This does not give cash value.
Other benefits include accidental death, which provides benefits when death occurs as a result of an accident, family plan for insured spouse and children, disability waiver of premium, which waives the premium payments if the insured becomes disabled for more than 6 months and mortgage payment disability benefit which offers money to continue making payments if the insured individuals becomes disabled for 60 days or longer. The guaranteed purchase option offers opportunities to buy additional protection at certain ages without providing they can be insured. This may or may not apply to your state, so consult an agent to deem your eligibility.
Auto-Owners Insurance also offers annuities, which are a way to set money aside on a tax-deferred basis. This offers an income stream that is paid over a lifetime. In the event of death, all proceeds are given to the named beneficiary without charge.
Long Term Care also can be covered with a facility daily benefit amount and for a benefit period of time (2 to 10 years). Auto-Owners Care Benefits include 100% of your selected facility daily benefit amount while in an approved facility or 50% for home or community care. Auto-Owners Care Benefits Plus offers the same 100% benefit or 100% for home care.
Lastly disability insurance offers a benefit period of 2 years, 5 years or up to age 67. A non-smoker discount is also given to those who haven’t smoked in a year or more. The business overhead expense rider gives funds to owners for business insurance, operating expenses, fixed business expenses or salaries in case of serious financial hardship. The business owner return-to-work ride gives benefit to a business owner who recovers from a disability and returns to work before the maximum benefit period is reached.
Broad protection is available for one’s home, possessions and most importantly, themselves. Insurance coverage is offered for homes, renters, mobile homes, condominiums, farms or rental homes. Some discounts available include multiple policy bundling discounts, protection devices, premium paid in full, mature homeowners and renters, 100% replacement cost, under construction dwellings, renovated homes or seasoning dwellings. Optional coverage includes flood, earthquake, boats, sewer or sump pump back-ups, food spoilage, furs, identity theft expenses, golf or sports equipment, personal computers, snowmobiles, quads and much more! The “No Problem” claims service makes processing claims easy and stress-free.
Personal auto insurance can be applies to automobiles, all-terrain vehicles, antique or classic cars, converted vehicles, low speed vehicles, mopeds, motor homes, motorcycles, recreational vehicles, utility trailers and vacation trailers. Coverage includes and is not limited to: bodily injury liability, collision and/or comprehensive coverage, full glass, loan/lease gap, medical payments, non-owned automobile, personal auto plus, personal injury protection, pet medical coverage, physical damage plus and/or liability, rental car, road trouble service as well as underinsured or uninsured motorist liability. Some discounts available include defensive driving program completion, company car, green discount, group discount, mature drivers, good students, multiple policies and/or vehicles, paid in full discount, safe drivers, safety features and military personnel and/or veterans.
Business insurance is available for any business, no matter its size. Tailor a business insurance policy to meet the specific needs of your business. Whether a dealership, garage, business liability, commercial building, excess business liability, disability income, farms, bonds or employees, coverage is available for any type of customer. Discounts available for business insurance include new business discount, premium paid in full and multiple polices (bundling). Additional coverage offerings include coverage packages, business life insurance, contractors’ equipment, earthquake, fire, flood and professional liability.
Auto Owners Insurance Rates
Contact an Auto-Owners Insurance agent for a specific rate or price for your vehicle, home or business today. Ultimately any insurance policy is based on the individual needs of the insured party. This means that every insurance policy will be different and will never be the same price. Essentially there are many factors that can alter the pricing and rating one pays for their individual insurance policy.
Some factors that influence an insurance policy’s price include the type of policy the individual is looking for, how much coverage they need, the age of the individuals on the particular policy, the driving record of the same individuals, whether they are paying the premium up front or through installments, the number of people covered total, the value of the items covered in the policy, the credit history of the insured (sometimes applicable), any discounts that were applied to the policy, whether defensive driving program was completed and where the property is located.
Auto-Owners Insurance offers a large variety of discounts that may apply to you, your family or your business. Also, the longer you remain insured with the same company, the more likely you will receive a loyalty discount on top of the laundry list of available discounts. You might even qualify for a good driver discount, a discount because of your age, a veteran’s discount, a bundle discount or a good student discount. Other factors that may influence your premium price include where you live and the crime rate in your rate. These things (and many others) can all influence the rate you receive when looking for your next insurance policy with Auto-Owners Insurance.