Unless you're an investigative reporter, a forensic scientist, or an archaeologist, we're willing to bet that you thought that you left all need to do any research behind you when you threw that cap in the air and received your college diploma (or high school diploma if you didn't bother with college). You especially didn't think you'd have to bother researching anything as boring as your auto insurance company.
Value What You Protect
But if you value the assets you're trying to protect (and let's face it, if you didn't value that car, you wouldn't be paying insurance premiums to protect it – state law notwithstanding), you owe it to yourself to do a little research into the company which holds your financial security and peace of mind in its hands. After all, the last thing in the world you want is to think that you're in good hands only to find out that your auto insurance company will fumble the ball when a major disaster strikes.
The Major Rating Companies
You should check your insurance company ratings with the major rating agencies like AM Best, Standard and Poor's, and Fitch. These ratings won't really tell you much about the character of the company, but they will tell you a lot about the financial stability of the company. And let's face it; when it comes down to it, the number one thing anyone should look for in an auto insurance company is the financial stability to be able to pay any claims you may have.
Other Considerations
Of course, financial stability isn't the only thing you want in an auto insurance company (though it is the easiest to verify ahead of time). You also want exemplary customer service and handling of claims. After all, any insurance agent can smile at you while asking you to stroke him a check (of which he will take a generous portion as commission and residuals). The key is to find a company and agency who will be just as professional about handling your claims.
Fortunately, most insurance companies represent themselves very well in that respect. Your best bet for ferreting out the bad apples is too check consumer websites, which rank everything from insurance companies to automatic dishwashers. Internet based consumer advocacy groups are especially useful in that you can check out the agent or agency you are planning to do business with in addition to the insurance company he represents.
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