Car Insurance Companies in CT

Guidance For Connecticut car insurance companies

You are looking car insurance companies in CT it may be helpful to you to know that even though your car insurance policy must meet Connecticut state requirements in liability coverage, you do not have to get your car insurance through a Connecticut-based car insurance company. In fact, if you are looking for the best deal, it would be a good idea to consider quotes from the many car insurance companies based in other states that offer car insurance policies to residents of Connecticut, in addition to Connecticut-based companies.

Regulatory conformity and business competition are forces that do have a homogenizing effect on car insurance companies. However, their experiences as insurance providers, their financial positions and their general individual approach to evaluating risk in issuing car insurance policies, meaning that quotes from different companies for essentially the same policy can vary widely. The way these company differences lead to a variation in rates for similar policies will be discussed below.

Connecticut Car Insurance Companies’Methods of Rate Estimation

Car insurance companies use sophisticated statistical methods to estimate the amount they will have to pay out on a given set of policies. As a simplistic example, they may look at the percentage of 30-year-old male first-time high-end sports car drivers, with a clean driving history but poor credit, who total their vehicles within one year of purchase. If the percentage is 3% and the average claim is $50,000, then total premiums for such policies must be more than 3% of the number of such policies issued times $50,000.

But the thing about such estimates is that they can be wrong, and as a result, the car insurance company can take a heavy loss on relevant policies. This may make the company reluctant to issue policies of a certain kind, and their reluctance may take the form of relatively high rates for policies of certain kinds. Another car insurance company may have had a great experience with the same kind of policies and may encourage them by offering the lowest rates in the market.

Factors Influencing Connecticut Car Insurance Companies’ Rates

The financial position of a car insurance company affects its rates in that if they are doing well they can afford to invest in expanding their customer base by offering relatively low rates. Over time, new customers brought in this way may find that their rates have drifted up to average or higher. While savvy customers will keep in tune with quotes from other companies and switch if they find a better deal, a certain percentage will stay with the company perhaps making the company's investment in new customers quite success. A lesson of this is that which car insurance companies have low rates and which do not be more a matter of the times than the company. A consumer who consistently wants to pay as little as possible for car insurance should see quote checking and company switching as a fact of life.

As a final point regarding what influences a car insurance company's rates, as the measures and calculations in determining a policy rate are complex and full of estimates, it is natural that different companies would come up with different rates even if there were no other factors influencing such rates. This point might be especially useful to consumers who have a "red flag" from the point of view of a car insurance company, such as a prior car accident or poor credit. Some companies penalize these circumstances heavily while others less so. Be sure to shop around to find the company that can offer you the lowest rates.

Best Car Insurance Companies in CT

A list of the best companies in Connecticut and our reviews:

Amica

Amica has achieved a Number 1 ranking for customer satisfaction for the last several years. If exemplary customer service is important to you, give Amica Insurance call.

Esurance

If you like the convenience of shopping for your car insurance online, then Esurance may be the company for you. The Coverage Counselor portion of the Esurance website will help you determine what type and level of coverage are right for you.

Filing a claim with Esurance is easy. It can be done online or over the phone. This company strives to have most policyholder claims settled quickly - usually in just over two weeks.

Progressive

Progressive is another company that has a reputation for good customer service. It has been in business since 1937 and is currently one of the largest car insurance companies in the United States.

Progressive offers their customers some attractive benefits along with their basic coverage. If you are involved in an accident and your car is totaled as a result, then this company will help you shop for a new car. This service is called the Total Loss Concierge, and it is available at no extra cost to Progressive policyholders. All you need to do as a customer is to tell Progressive what type of car you are looking for. They have a list of dealers and lenders who can provide you with the ride you want and payment terms you can afford.

Another great benefit offered to Progressive policyholders is the Accident Forgiveness program. Once you have been insured with Progressive for four years or more, and have been accident-free for three of those years, then your insurance rates won't increase if you are involved in accident. Whether you are at fault for the accident doesn't factor into it. This is another benefit available to Progressive policyholders at no extra cost.

Claims can be reported 24 hours a day, seven days a week.

This company also offers pet injury insurance, which pays $1,000 toward veterinary bills if your pet is injured in an car accident.

GEICO

GEICO is another insurer that allows policyholders to report a claim online. If a customer chooses this option, a claims' adjuster will contact them by phone shortly after they notify the company of the claim. GEICO also allows policyholders to check on the status of their claim online.

According to the Geico website, this company offers its customer's insurance products at low rates without sacrificing customer service. They claim that over 97% of their customers are satisfied with the service they receive. Besides their reasonable rates, Geico also offers discounts to customers who insure more than one vehicle with Geico or who have safety features (such as airbags) installed on their vehicle. Discounts are also offered to members of more than 250 organizations that have entered into partnerships with Geico.

In a situation where a car is a total loss after an accident, then Geico pays the insured driver the cash value of the vehicle, less the amount of the deductible on the policy. The company may also assume the title to the vehicle and sells it to a wrecker.

Accident forgiveness is also offered by this company to customers who have not been involved in an accident where they were at fault in the past five years. After the five-year period, if an insured driver is found to be at fault, then their insurance rates will not go up as a result.

The company offers discounts to people currently serving in the Armed Forces and to people who are members of certain professional organizations.

In an effort to keep the cost of premiums down, GEICO offers customers a number of payment options.

Liberty Mutual

Liberty Mutual offers its policyholders 12-month policies and emergency roadside assistance when traveling throughout the United States and Canada. If you have been in an accident and need reliable transportation, you are in luck.

If a customer's new car is totaled as the result of an accident within 12 months after being purchased, then Liberty Mutual will replace the car with no deductible. To qualify for this provision, then the car must have less than 15,000 miles on the odometer.

Travelers Insurance

Travelers Insurance has been in business for over 140 years and provides car insurance at competitive prices to consumers. Policyholders can choose to purchase collision, comprehensive, and uninsured/underinsured coverage. In addition, liability insurance for both bodily injury and damage to property is offered. Insurance coverage for medical expenses is also available.

Travelers Insurance offers discounts to policyholders who have more than one vehicle insured with the company, for drivers who buy hybrid vehicles, and for vehicles equipped with certain safety features (air bags, anti-lock brakes, etc.). Discounts for students who have good grades and for drivers who have taken a driver’s training course are also offered.

Coverage to pay for the cost of renting a vehicle while the owner's car is being repaired following an accident may be purchased. Another example of optional coverage offered by Travelers Insurance is a provision which covers the cost of towing the vehicle to a garage if it can't be driven following accident.

State Farm

State Farm Insurance is a well-respected insurance company that has been in existence since 1922.

The Company offers discounts for policyholders who insure more than one vehicle with them and who have an accident-free driving record. Discounts are also offered to people who have taken driver training or defensive driving courses, or who have good academic records.

American Automobile Association (AAA)

The American Automobile Association (AAA) offers car insurance to its members, along with a number of other services. In return for a reasonable annual fee, members can get a competitive quote for their insurance needs. This company also provides travel information, maps, and guides.

Response

Response Insurance offers car insurance at reasonable rates to drivers with good driving records. Potential customers are carefully screened as a way to keep costs down. Once the company has agreed to ensure a customer, that person can view their policy at the Response Insurance website and print it off from there.

Claims can be reported to the company online as well. Making premium payments can also be done online.

National Motor Club

National Motor Club members can choose the level of coverage they want to purchase. This company offers up to $25,000 for bail bonds, coverage for attorney fees if the insured faces criminal charges as the result of a motor vehicle accident, and a stolen vehicle reward.

In addition, the policy pays out emergency cash benefits, a daily hospital benefit, and an accidental death benefit.

Like AAA, National Motor Club members can also get help with planning a trip and making airline and hotel reservations.

Hagerty

Hagerty offers car insurance to a specific niche market - owners of classic cars. In addition to low premiums, this company offers full value coverage to its customers. If a classic car is totaled, the company pays the full amount of coverage to the owner. Only one liability premium is charged, even if the insured owns more than one classic vehicle.

Restoration coverage is available to take into account the increased value of a classic car as a restoration project progresses. If an insured person decides to add to their collection, a new vehicle with a value of up to $50,000 may be added to an existing policy automatically.

Car Insurance Quotes in CT

Rank Car Insurance Company Name Price
1 Progressive $829
2 GEICO $853
3 Nationwide $938
4 State Farm $1,134
5 Allstate $1,376
6 Liberty Mutual $1,765

What to Look For In A Connecticut Car Insurance Company

When you are shopping for car insurance, you will want to consider what level of coverage you are required to buy by law, cost, and customer service. Here are some of the basics that every driver should understand.

How Much Coverage Is Required?

Start by getting information from the insurance company you are considering the minimum level of coverage required by law in Connecticut. This coverage may not be enough to adequately protect you and your loved ones. Be sure to ask whether you can talk to someone about the appropriate level of coverage for your needs. If you have others who are dependent on you, consider this into your decision.

The company should be able to direct you to someone who is trained to evaluate your needs. This person should be able to explain to you exactly what you are purchasing so you understand exactly what coverage you are purchasing. The language of insurance policies can be difficult to interpret, and a well-trained company representative will help you feel comfortable with what you are buying.

What About Cost

Everyone wants insurance coverage that fits in with their budget. Simply looking at cost is only giving you part of the picture, though. When you are looking to buy car insurance from a Connecticut insurance company, you need to have enough information so that you can compare apples with apples.

The insurance company that quotes you the lowest price may not be the best company for you to deal with. Factor in exactly what coverage you are getting for that price. If you have just bought a new car, you may be interested in dealing with a company that will replace your car if it is totaled during the first year or so after purchase. This coverage wouldn't interest you if you have owned the same vehicle for a number of years. In a situation where you are the main wage earner for your family, you may decide that having a policy that offers income replacement if you are injured in an accident is an attractive provision.

Your situation may be that you only want and need some basic insurance coverage and carrying the minimum amount of coverage may be the right choice for you. Budgetary restrictions may make it difficult for you to buy anything other than a basic policy. You can always look at making changes to your coverage when the policy comes up for renewal or when your financial situation changes.

Is Customer Service That Important?

Another factor to look for when you are looking for CT car insurance is what the company's reputation for customer service is like. Are you able to report a claim any time of the day or night? Will you be able to reach a live operator when you call in, or will you need to leave a message?

Remember, you’re most likely to deal with your insurance agency when you’re already reeling from the stress of an accident, injury, or loss. That’s not the time for additional hassles from a grumpy customer service representatives.

You will also want to get some idea about how your claim will be handled and how long it will take to get it resolved. Being in an accident is stressful enough without running into additional difficulties from your insurer.

Connecticut Car Insurance Company Ratings And Rankings

The ratings/rankings are based on the company's financial strength, credit rating, and debt rating.

Financial Strength Of An Insurance Company

A company's financial strength is an independent opinion about a particular insurance company's ability to meet its financial obligations to its customers. The rating is in the form of a letter grade ranging from A++ (the highest grade possible) to F (indicating the company is in liquidation). When the rating is assigned, it can be considered valid for the next one-three years.

Many people are interested to know the rating a particular insurance company has been given before they arrange for coverage. You will probably feel more confident in dealing with a company that has the financial resources to meet its obligations if you need to make claim.

Why Is The Credit Rating Important?

Another indication of the financial condition of an insurance company is its credit rating. Once again, the ratings are in the form of a letter, from AAA (which means the company has an exceptional credit rating) to d (which means the company is in default).

Debt Rating

An insurance company's debt rating refers to an opinion about the company's capability of meeting its financial obligations to security holders when they come due. Again, letter grades from AAA ("Exceptional") to d ("in Default") are given.

How Do I Check My CT Car Insurance Company's Rating?

The A.M. Best Company can provide you with information about your insurance company's rating. Other companies also rate insurance companies. Do take the time to familiarize yourself with the criteria each company uses to determine their ratings, since an A++ rating may mean different things from different rating companies.

A company with an Excellent or Very Good rating is likely a good bet to do business with. You will want to make sure that the information is current before you make a final decision, though.

J.D. Power Ranking For Car Insurance Companies

When you are considering which Connecticut car insurance company to deal with, you may also want to check out the J.D. Power ranking the company holds. Unlike the financial rankings, J.D. Power and Associates collect information from policyholders about their impressions of an insurer's general customer service, the way the company deals with claims, cost of insurance, and whether they were satisfied in their dealings with representatives of the company.

When you are shopping around for car insurance, it pays to do some research before you decide which company you want to deal with. You want to choose a stable company with the financial resources to pay out on any claims its policyholders may have.

PHILIP WILLIAMS