New York Regulators Publish New Auto Insurance Co. Rankings

Aerial shot of New York skyscrapersThe New York State Department of Insurance (DOI) this week released its consumer-complaint-ratio report for 2010, which shows the number of complaints filed with the department against carriers between 2008 and 2009 and weighs those numbers with the companies’ individual market share.

Of 167 auto insurers licensed to do business in the Empire State, 51 ended the period with no upheld complaints. (In order for a complaint to be upheld, the DOI must agree with the consumer that the coverage provider acted wrongly.)

These reports, issued by most state departments that oversee insurers, can be a useful tool when conducting an auto insurance comparison that evaluates multiple carriers. While one company may have the lowest prices, it could turn out that it had a high rate of upheld complaints, and the consumer may find it better to pay a little more in premiums in order to secure coverage through a more reputable carrier.

As for New York, Nationwide Mutual Insurance Company maintained the highest ranking, with nearly $140.5 million in premiums written in the state and zero upheld complaints.

The major insurer with the worst track record for 2008-2009 was Long Island Insurance Company, which wrote 10 million in premiums and had 265 upheld complaints.

For the period surveyed in the report, auto insurers averaged 5.8 upheld complaints per company.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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