Auto and home insurance...

[LRAO]

what is everyone's thoughts on:

a. being insured by Amica, who is rated as the best auto and home insurer by both Consumer Reports and JD Power, and paying the premium to be covered by them

OR

b. being insured by (___), who is cheaper, and saving/investing the difference saved?

I hope I never have to file a claim, I haven't yet, but I also feel that being with Amica may help me sleep better at night.

Inputs are appreciated.

[KB]

I've gone with the cheaper coverage and never had claims (knock on wood now that I said that). But since I want umbrella coverage, I need to put both my auto and homeowners insurance with the same company.

So I'll probably be moving my coverage. My auto is stuck with my current carrier because I have 2 teenage boys under 19 on my policy. Either companies wouldn't take me or the premium was so much higher than I pay now.

I'm interested in other responses, I want the security too.

I never heard of "Amica" and wouldn't care how they
were rated. I just go with the cheapest coverage I can
find and pray I don't have a claim. The best auto coverage I ever had was with GMAC, hands down.
I'm not with them now, but only because I found I could
save big time on the premiums, which is how I came to
be with GMAC in the first place.

JG

[brewer12345]

I think there are two considerations: safety and service. Safety is easily assessable by looking up an insurer's credit rating with Moody's or S&P. You want an insurer that will remain solvent in case of a claim, especially if something hit a large area. Service is harder to judge. Consumers may be helpful, as is reputation, and some state regulators publish complaints per thousand insureds.

Personally, I will go with the cheapest company as long as they are rated A2 or better and have at least tolerable service. For life insurance, I would have different standards.

IMO, you could do a lot worse than Amica.

[LRAO]

Both Moody's and S&P's websites appear to be subscription-based.

Anywhere else where I can look up various insurance companies' ratings?

TIA!

[brewer12345]

Quote:

Both Moody's and S&P's websites appear to be subscription-based. Anywhere else where I can look up various insurance companies' ratings? TIA!

I you can look up ratings on S&P's site for sure. For Moody's, I think you have to call them but they will tell you the rating for free. Most insurers also post their ratings on their own website as well.