According to the most recent J.D. Power poll, a decrease in auto insurance claims during the pandemic has enabled carriers to improve their customer experience tactics, leading to record-high customer satisfaction.
Repairable claims have decreased by 22% since the outbreak started, according to the 2020 US Auto Claim Satisfaction Study. This has allowed insurers to concentrate on enhancing the quality of their customer services, which has resulted in shorter cycle times, better service delivery, and, ultimately, a sharp increase in client satisfaction.
This leads to a record-breaking increase in the average customer satisfaction rating to 872, which is four points higher than in 2019 and represents the third year in a row of progress.
In order to ascertain how insurance companies performed in terms of overall customer satisfaction based on six indicators—claim servicing, estimation process, repair process, rental experience, first notice of loss, and settlement—the data analytics firm polled over 11,000 auto insurance customers who had settled a claim within the preceding six months. The insurance firms were then ranked on a 1,000-point scale once the scores were totaled.
Here are the top 10 auto insurance carriers in the US based on overall client satisfaction.
1. NJM Insurance
Overall customer satisfaction index rating: 909
NJM Insurance provides all the standard auto insurance coverages, including liability, and state-required comprehensive and collision coverages. It also offers policies that cover new car replacement, transportation expense reimbursement and pet injury. The insurer gives clients a bevy of discounts, including those for multiple policies, multiple vehicles, full premium payment, vehicle safety features, and student and driver training.
2. Amica Mutual
Overall customer satisfaction index rating: 907
Amica Mutual offers the standard menu of auto insurance coverage but with some attractive perks, including zero depreciation, free lock replacement and airbag repair, reimbursement for loss earnings, and bail bonds. Policyholders can also earn points for good driving, reduce or eliminate deductibles, add identity theft protection and rental coverage if the owner’s vehicle is unusable because of an accident.
3. Auto-Owners Insurance
Overall customer satisfaction index rating: 890
Auto-Owners provides the usual coverages, along with several add-ons. The additional policies that customers can take out include gap insurance, diminished value coverage, and additional expenses insurance – the latter pays for food, lodging, and other expenses incurred while the insured is stranded. The insurer also offers a number of discounts, including those for multi-policy, multicar, and online and on-time payments.
4. The Hartford
Overall customer satisfaction index rating: 888
Auto insurance policies from The Hartford typically include new car replacement, 12-month insurance rate protection, and lifetime car repair insurance. Customers can also choose from several add-ons, including first-accident forgiveness, and reduction and/or waiver of collision deductibles. There are discounts for bundling policies, vehicles with alternate fuel types, completing driving courses, and installing anti-theft devices.
5. Metlife
Overall customer satisfaction index rating: 886
MetLife offers standard car insurance coverage, but customers can add policies for new vehicle and major parts replacement. Policyholders can also pick up discounts for good driving, completing approved defensive driving courses, and having multiple policies.
6. State Farm
Overall customer satisfaction index rating: 881
Apart from the usual coverages, State Farm’s auto insurance covers car rental while a policyholder’s vehicle is being repaired, and expenses for meals, lodging, and the transportation of stranded clients. The insurer also offers a usage-based program that calculates discounts based on mileage and safe-driving measurements such as smooth acceleration and braking. State Farm also provides accident-free, good driving, multipolicy, multicar, and vehicle safety discounts.
7. Erie Insurance
Overall customer satisfaction index rating: 880
Erie Insurance operates in 12 states and Washington DC and its policies can vary depending on the location. It offers a standard menu of insurance coverage, along with several add-ons, including accident forgiveness, car rental, travel expense and pet injury coverage, and new car replacement. Comprehensive auto insurance holders can also enjoy free glass and lock repair, coverage for loss of personal items, reduction of deductibles, and death benefits.
Read Also: The Benefits of Disability Insurance for Employees
8. Allstate
Overall customer satisfaction index rating: 876
Allstate offers standard auto coverage choices with some optional add-ons, including accident forgiveness, a safety driving bonus, deductible rewards, new car replacement, and roadside assistance. Allstate provides up to a 10% discount for users of its Drivewise app. Customers can also pick up new car, policy bundling, anti-theft device, paperless payment, safe driving, and early signing discounts.
9. Nationwide
Overall customer satisfaction index rating: 876
Nationwide offers all standard coverages, but customers can selects additional features, including gap insurance, disappearing deductibles, accident forgiveness, and an annual insurance assessment. Policyholders can also use the insurer’s SmartRide app, which tracks driving behavior, to get up to a 40% discount for driving safely. Nationwide offers multipolicy, anti-theft, good student, automatic payment, and accident-free discounts as well.
10. Farmers
Overall customer satisfaction index rating: 872
Farmers offers standard coverage choices for auto insurance, with several optional choices, including new car replacement, accident forgiveness, loss of use, and customized equipment coverage. It also offers discounts for multipolicy holders, multiple vehicle owners, homeowners, good students, teen drivers, and customers who use electronic payments and install safety features in their cars.
7 Best Life Insurance Companies
We rigorously examine user experience, financial strength, and data on customer complaints. We also evaluate the available policy kinds and the methods for purchasing coverage. Our list’s top seven life insurance providers all received flawless five-star ratings.
1. MassMutual
Massachusetts Mutual Life Insurance Co., or MassMutual, is one of the largest life insurers in the country. Founded in 1851, it offers a wide range of products, from term life to variable universal life insurance — a type of permanent policy with flexible premiums and investment opportunities. MassMutual is a mutual life insurance company, which means it’s owned in part by its policyholders and pays out dividends to qualifying members. Its 2024 dividend payout is set to be the highest yet at almost $2.2 billion.
Policies offered: Term, whole, universal and variable universal.
2. Guardian Life
Guardian was founded in 1860 and has paid life insurance dividends to its eligible policyholders since 1868. The company is set to pay out $1.4 billion in dividends in 2024, the largest sum in the company’s history. The insurer stands out for its lenient underwriting standards and is known for making life insurance accessible for people living with certain health conditions, like HIV.
The insurer drew significantly fewer complaints to state regulators than expected for a company its size. Aside from life insurance, Guardian also sells a range of products including dental, vision and cancer insurance.
Policies offered: Term, whole, universal and variable universal.
3. Northwestern Mutual
Founded in 1857, Northwestern Mutual is the largest seller of individual life insurance in the United States, according to the latest data from S&P Global Market Intelligence. Universal life policyholders have flexible payment and coverage options, while term life customers have the opportunity to convert their policy to permanent coverage without taking a medical exam.
The company is set to pay $7.3 billion in dividends to qualifying policyholders in 2024. Northwestern Mutual received significantly fewer complaints to state regulators than expected for a company of its size, making it a trustworthy choice for shoppers.
Policies offered: Term, whole, universal and variable universal.
4. New York Life
New York Life is a mutual company, which means it’s owned by its policyholders. As such, you may be eligible to vote in board elections if you’ve held a permanent policy for more than a year and earn dividends — the insurer is set to pay out $2.2 billion in 2024.
The company is one of the largest life insurance companies in the U.S. and drew fewer complaints to state regulators than expected for a company of its size. It ranked above average in J.D. Power’s 2023 customer satisfaction study for life insurance. One of its whole life policies includes a flexible payment option, allowing you to pay off your premiums early.
Policies offered: Term, whole, universal and variable universal.
5. Pacific Life
Pacific Life has been in business for more than 150 years, and has drawn significantly fewer complaints than expected for a company of its size over the past three years. It has a stellar lineup of permanent life insurance policies, including a competitive indexed universal life insurance policy. These policies typically grow investments based on stock market indexes like the S&P 500. They also have a guaranteed floor, which means your life insurance cash value won’t fall below a certain value if the stock market dives.
Policies offered: Term, universal, variable universal and indexed universal.
6. State Farm
When you think of State Farm, you probably think of its auto insurance products. But it also offers a decent range of life insurance policies, including return-of-premium life insurance — if you outlive the term, you get a refund of the premiums you paid into the policy. State Farm also offers a single-premium option for its whole life policy and a final expense policy that can help cover funeral costs.
State Farm ranked first out of 22 companies in J.D. Power’s 2023 U.S. Life Insurance Study for customer satisfaction, and has consistently topped this list in recent years — pointing to its positive reputation among policyholders.
Policies offered: Term, whole and universal.
7. AARP
AARP’s Life Insurance Program offers coverage to its members in all 50 states and Washington, D.C. The policies are underwritten by New York Life, one of the biggest life insurance companies in the U.S.
Members can apply for a term or whole life policy by answering a few health questions, with no life insurance medical exam required. AARP also sells a guaranteed issue whole life policy via New York Life, which bypasses both the questionnaire and medical exam for eligible applicants.
Policies offered: Term, whole and guaranteed issue whole life.
Term life insurance provides temporary coverage for a set number of years, usually one to 30. It’s the cheapest and most popular type of coverage, and insurers can stand out in the market for offering competitive prices, riders and more. These term life insurance companies all scored five stars, and most offer a range of term lengths:
- Guardian: 1, 10, 15, 20 or 30 years.
- MassMutual: 1, 10, 15, 20, 25 or 30 years.
- Northwestern Mutual: 1, 10 or 20 years.
- New York Life: 1, 10, 15 or 20 years.
- Pacific Life: 10, 15, 20, 25 or 30 years.
- State Farm: 10, 20 or 30 years.
- AARP: Until age 80.
How to Choose the Best Life Insurance for You
Shopping for coverage? Follow these steps to find the right life insurance for your needs.
1. Decide on a type of life insurance
Term life insurance is sufficient for most people. It lasts a set number of years — like 10, 20 and 30 — and is designed to cover you for the years when you have the most financial obligations. The premiums stay the same, so you’ll know exactly how much the policy will cost over time.
If you need lifelong coverage, permanent life insurance is another option. There are a few policies that fall under this umbrella, including whole life insurance, universal life insurance and variable life insurance. These policies typically don’t expire as long you keep up your premiums, and they build cash value at either a fixed or variable rate. Once you’ve accumulated enough cash value, you can begin to withdraw or borrow against those funds.
2. Calculate how much coverage you need
The next step is determining how much life insurance you need. Check out our comprehensive guide to learn different ways to crunch the numbers.
A simple way to calculate your life insurance needs is to think about everything you pay for now and everything you expect to pay for in the future. This list could include everyday expenses like child care, utility bills and groceries, as well as long-term costs like college tuition and mortgage payments. Once you have a number, subtract the value of any assets you own. The final dollar figure is the gap a life insurance policy can help to fill.
3. Get prices from a handful of companies
The cost of coverage varies among companies, so aim to compare life insurance quotes from multiple insurers.
Although many companies sell similar policies, some focus on certain products — such as whole life — or on particular customers, such as seniors who need life insurance. You can narrow down your options by focusing on the companies that specialize in the type of insurance you’re looking for.
