These Car Insurance Companies Are The Best At Settling Claims, According To Consumer Reports

In theory, the whole point of insuring something whether it's your car, your home, or your health, is to protect said asset with a safety net that can mitigate the financial impact of unexpected events. That means if you have car insurance and your car gets hit or stolen, you should only be on the hook for paying your deductible, and the insurance company should cover the rest. In practice, insurance companies are notorious for figuring out loopholes and other reasons to avoid paying their customers what they're owed. Thankfully Consumer Reports surveyed over 40,000 car insurance policyholders across the United States to find out which company was the best at settling claims.

Martin Lachter, a research program leader for Consumer Reports said, "It is natural for consumers to shop based on premiums, but looking at claims is important. Ultimately, that is the main benefit you're paying the companies for." He recommends considering both claims settlements and price.

Out of 31 insurance companies, seven companies received the highest rating for policyholder satisfaction with claim handling. Ranked from highest overall score to lowest, those insurance companies are:

• Erie Insurance Group

• Amica Mutual Group

• NYCM Insurance Group

• The Cincinnati Insurance Company

• Country Financial

• Acuity

• Farm Bureau Property & Casualty

In the survey, none of the 31 insurance companies earned above a 3 out of 5 for policyholder satisfaction with the price of their premiums, and five of the seven companies listed above scored just 2 out of 5 for the price of their premiums. Sadly, it seems like there are no secret ways to find a super cheap and super effective car insurance company. Farm Bureau Property & Casualty Insurance Company received the lowest overall score on this list, with just 57 out of 100 overall points, earning it an overall placement of 12th, but it still received a perfect score for claims satisfaction.

If you're shopping for car insurance, this study may help you find an insurance company that meets your needs but keep in mind that companies on this list may be regional companies that may not offer services in your region.