Amica Auto Insurance Review: Car Insurance Ratings You Need to Know

Founded in 1907, Amica is the oldest mutual insurer of automobiles in the United States. It strives to provide policyholders with satisfactory coverage and the best customer service possible, and when you read through Amica Auto insurance reviews, you’ll find that the company does just that.

amica auto insuranceAmica Auto is also a company that’s dedicated to its employees. In fact, it recently received the “2018 Best Places to Work” award from Providence Business News (PBN) for the 9th consecutive year.

One of the great things about Amica Auto is that the company offers both traditional and dividend auto insurance policies. Both options give policyholders the same coverage options, but the dividend policy returns between 5% and 20% of your annual policy premium to you each year.

However, it is important to note that dividend policies are not available in all states and that the policyholder has to meet specific criteria before purchasing one.

Coverage Options

Some coverage options available to anyone creating a policy include:

Liability Coverage

Liability auto insurance is required by most states. It’s the portion of your insurance policy that covers the property damage and bodily injury that you’re responsible for in the event of an at-fault accident.

Medical Payments Coverage

Medical payments coverage pays for your medical expenses (and the medical expenses of anyone in your car) that result from a car accident.

Comprehensive and Collision Coverage

Comprehensive and collision insurance covers the cost of repairs to your vehicle in the event of a loss. Your collision coverage pays for accident-related claims, while your comprehensive coverage pays claims related to situations you can’t control such as vandalism, theft, fire, and hail damage.

Roadside Assistance Coverage

Roadside assistance coverage provides you with towing services in non-accident-related situations. This differs from the towing coverage offered by most companies, which only covers the cost of towing if the service is needed because of a loss.

Glass Coverage

You can add glass coverage to your comprehensive coverage for a small fee. This covers glass repairs in the event you get a chip or crack in your windshield.

Claims Satisfaction

It’s important to understand how a company’s claims process holds up before you purchase an auto insurance policy from them. After all, for most people, filing a claim is the main reason for contacting their insurance company.

We believe that claims satisfaction comes down to three key performance indicators: timeliness, communication, and ease of service interaction. When you read through some of the Amica Auto insurance reviews online, you’ll happily discover that Amica Auto is excellent in each of these categories.

In fact, the 2017 Auto Claims Satisfaction Study completed by J.D. Power recognized Amica Auto for having the best claims satisfaction scores available. The company beat out major competitors such as Erie Insurance, GEICO, and State Farm.

Overall Customer Satisfaction

The claims satisfaction portion of Amica Auto insurance reviews isn’t the only important thing to consider. You should also check out Amica Auto insurance ratings for overall satisfaction. These ratings tell you how well the company handles complaints, its customer service, the purchase of a policy, and communication.

The J.D. Power 2018 Shopping Study shows that Amica ranking the top five with a “Better Than Most” rating for overall customer satisfaction. In fact, the company received a “Better Than Most” rating in every category except Call Center Representative and Insurer Website. In those two categories, it received scores of “About Average.”

According to the National Association of Insurance Commissioners’ complaint database, Amica’s (NAIC #19976) private passenger complaint ratio is a 0.46, which is well below the national average of 1.00. Also, when you compare the company’s total number of complaints between 2015 and 2018, there has been a large decline in the overall number of complaints filed.

Also, the 2017 California Consumer Complaint Study places Amica Auto insurance ratings at number 22, just under California Capital Insurance Company. This study was selected for review because California is the most populous state in the U.S. It shows that Amica had a total of just three justified complaints in California in 2016 and an approximate exposure of 71,371, giving the company a 4.2 justified complaint ratio in California for the year.

Pricing

There are a lot of variables that go into determining an auto insurance price, including your age, your gender, the type of vehicle you drive, and where you live.

However, the following scenarios may help you understand how much auto policy premiums can differ when you compare Amica Auto insurance reviews and those of its competitors.

  1. Single female (licensed between 9 and 15 years): One car (Toyota Camry), one violation and one no-fault accident in the past three years, drives approximately 12,000 miles per year, lives in Miami-Dade County, Florida
  2. Single male (licensed between 9 and 15 years): One car (Honda Accord), no violations, drives between 12,000 and 15,000 miles per year, lives in San Francisco, California

Amica Auto isn’t ranked in scenario one, which features a single female in Miami-Dade County, Florida. However, for comparison purposes, you can look at USAA ($2,442) and GEICO ($2,834), which offer some of the lowest rates for an all-coverage auto insurance policy with these variables.

Liberty Mutual ranks number 17 out of 20 with an annual premium of $3,023 and Safeco is on the lower end of the list with a $3,861 annual premium.

Scenario two, which shows average annual auto insurance premiums for a single male living in San Francisco, California, shows that Amica Auto offers a fairly low premium of $2,120 per year for a standard auto insurance policy.

USAA ($2,079) and MetLife ($1,924) have premiums slightly lower, but Amica’s premiums are still very low compared to companies on the higher end of the list such as Viking ($7,971) and Liberty Mutual ($5,049).

Financial Strength

People don’t typically think about the financial strength of their insurance company even though it’s extremely important. After all, securing a policy with a low rate doesn’t matter if the company you choose doesn’t have the money to pay out filed claims. Fortunately, it’s simple to quickly assess an insurance company’s financial strength.

In, 2018, A.M. Best downgraded Amica Auto’s Financial Strength Rating (FSR) and its Long-Term Issuer Credit Rating (Long-Term ICR). However, the slight downgrade was mostly due to an increase in the severity of claims filed. A.M. Best holds that Amica still maintains strong risk-adjusted capitalization and that the company is financially stable, which is why it has an A+ (Superior) FSR and an aa- (Superior) rating.

Fitch Ratings also sees Amica in a positive light. It gave the company a rating of “A,” which means the company has good financial strength, though it’s not the highest-possible rating.

As you look through various auto insurance reviews, you can see that a number of factors help determine the overall quality and reliability of a company. Use this Amica Auto insurance review to help you choose the company that is the right fit for you.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.