Auto insurance companies come and go throughout the years; some have merged with another, some went out of the market due to bankruptcy, and some came back to start over like Rodney D Young Insurance.
Although auto insurance has been mandatory in almost all states in the U.S. since a long time ago and a lot of different insurers try to be competitive in the market, it has never been easy for consumers to choose the right company. In general, there are at least two sides of the auto insurance industry:
The cheap and the expensive
- Cheap coverage: people want auto insurance coverage to get cheaper over time. Most companies who offer affordable coverage are, however, the less reputable ones. Cheap insurance brings the promise of budget-friendly expense, but the lack of popularity in the market often means questionable services.
- Expensive coverage: only reputable companies offer less affordable coverage. Because they are popular for their good services, they can charge more and promise better quality financial protection. The problem is that not every driver in the country can afford to spend too much on auto insurance.
People want good balance between affordability and quality, but this is a rare combination to find in one package. Let us not forget that insurance companies change their rates quite often, so what is expensive now may not be too much tomorrow. The perfect insurer does not exist, yet customers always have the chance to do their due diligence before they make decision. A lot of different factors contribute to the decision, and here are some things to consider.
Every company that sells and underwrites insurance policy needs to have insurance business license. As a rule of thumb, drivers must only purchase auto insurance from legitimate company in their state. It eliminates the possibility of fraud and bad customer service. When problem arises (for example claim or payout dispute), the state’s insurance department can intervene and provide assistance for policyholders. In case the company does not have the proper license, the department has no authority over the insurer. Every state has an insurance commissioner to help everyone check whether or not a company is legit. In case the state’s insurance department is difficult to reach, the National Association of Insurance Commissioners can direct customers to the right local agency.
- Financial Condition
A company with good financial condition indicates better service. It means the insurer has the financial power to provide payout up to the limit of the policy if needs be. Financial solidity score for every company is available on the websites of independent reviewers for examples A.M. Best, J.D. Power and Associates, Standard & Poor’s, and Demotech. Each reviewer has its own method to determine financial stability, but the score suggests the same thing; higher score means better stability.
- Repair Shops’ Recommendations
Most people ask for recommendations from friends, families, and co-workers when they want to purchase auto insurance. While this is not a bad idea, there is a better source of information: local repair shops. One of the main purposes of Rodney D. Young is to protect policyholders’ investments (in the form of their vehicles). In case accident happens and their vehicles sustain damages, they must deal with repair shops. There are thousands of drivers in any area in the state, so it is safe to assume that a local repair shop has the experience with plenty of policy claims. Repair shop has unique perspective towards auto insurance adjusters because they must work together to settle any reported claim. A good insurer makes sure all the repair or replacement processes are smooth, and the shop manager is able to tell the difference between reliable and unreliable insurance.
- Complaint Ratio
Another thing to consider is complaint ratio. This is the amount of complaints that a company received over the course of 1000 claims. State’s insurance department should be able to provide such information. Complaint ratio can be cumbersome to check when a company runs its business in multiple states. An insurer’s business practices can vary from state to state; the trick it to check for the general trends.
- Independent Agents
There are always some independent insurance agencies in every state. Unlike a captive agent who works for an insurance company, an independent agent has no affiliation with any insurer. The former makes money from every sale and can be too persuasive to handle. The latter works for customer and tries to find the best combination between coverage, service quality, and price. It costs money to hire and independent agent, but the fee is negotiable. An independent agent can check everything and recommends the ideal coverage to purchase.
Best Auto Insurer
At the end of the day, drivers should realize that reputation outweighs price. Service quality is the foundation of Rodney D Young insurance. When an insurer has good national reputation, low complaint ratio, and excellent financial condition, the company has proven its track record as reliable business to work with.
When it comes to reputation and financial stability, Rodney D. Young stands out from the crowd. Independent financial reviewer A.M. Best gives the company a score of A+ (Superior) for financial condition. This insurer is a subsidiary of Nationwide, one of the biggest insurance companies in the world.
Rodney D Young is part of a big family which operates under the roof of Nationwide. It offers more than just a complete range of coverage types, but also rewards and discounts for eligible policyholders. One of the best things is that the allows customers to work with independent agents to ensure transparency in business practices that benefit all parties.