The insurance industry is weird or is it? Like any industry there are those that want to sell direct through exclusive distributors, those that wholesale through non-exclusive distributors, and those that sell direct online to the consumer. As an independent agent we work with companies that wholesale non-exclusively. Here we try to introduce you to the Insurance Companies We Represent and Why. We represent many different companies to try to ensure you get the best coverage at the best rate year after year.
Thing is some people have never heard of the companies we represent. So they have to be small and unheard of, right? Not really. We actually work with some of the most reputable companies in the market. In this blog we try to give you an idea of who we represent and how large they actually are.
Let’s start with auto insurance. There is a group called the NAIC that reports how large companies are in the US. The data below is from that list.
| Auto Insurance Company Ranking by Size in 2017 | ||
| Rank | Company | Premium in Billions |
| 1 | State Farm | 41 |
| 2 | Berkshire Hathaway Grp (GEICO) | 29 |
| 3 | Progressive | 22 |
| 4 | Allstate | 21 |
| 5 | USAA | 13 |
| 6 | Liberty Mutual/Safeco | 11 |
| 7 | Farmers | 10 |
| 8 | Nationwide | 7 |
| 9 | Travelers | 4 |
| 10 | American Family | 4 |
| 11 | Auto Club (AAA) | 3 |
| 12 | Erie | 3 |
| 13 | Amtrust/National General | 3 |
| 14 | CSAA (AAA) | 3 |
| 15 | Autoowners | 2.5 |
| 16 | Mercury | 2.4 |
| 17 | Metlife | 2.4 |
| 18 | Hartford | 2.3 |
| 19 | Auto Club Michigan (AAA) | 1.7 |
| 20 | Mapfre | 1.7 |
| 21 | Kemper | 1.4 |
| 22 | Amica | 1.3 |
| 23 | Infinity | 1.2 |
| 24 | Country Ins & Financial Services | 1.1 |
| 25 | The Hanover | 1.1 |
| Bolded and italicized companies are represented by Gila Insurance Group
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We represent Progressive, Allstate, Liberty Mutual, Travelers, National General, Mercury, MetLife, Kemper, and Infinity. Yes that’s right, we represent 36% of the top 25 auto insurance companies in the US. 9 of the top 25.
Let’s look at homeowners.
| Homeowners Insurance Company Ranking by Size in 2017 | ||
| Rank | Company | Premium in Billions |
| 1 | State Farm | 17 |
| 2 | Allstate | 8 |
| 3 | Liberty Mutual/Safeco | 6.4 |
| 4 | USAA | 6 |
| 5 | Farmers | 6 |
| 6 | Travelers | 3.5 |
| 7 | Nationwide | 3.2 |
| 8 | American Family | 3 |
| 9 | Chubb LTD Group | 2.7 |
| 10 | Erie | 1.6 |
| 11 | Autoowners | 1.4 |
| 12 | AIG | 1.1 |
| 13 | Metlife | 1.1 |
| 14 | Progressive | 1 |
| 15 | Hartford | 1 |
| Bolded and italicized companies are represented by Gila Insurance Group | ||
With homeowner’s insurance there are still a lot of companies, but they tend to get small quick. We are going to focus on only those that write over 1 billion dollars in insurance, which leaves us with the top 15 carriers. We represent Allstate, Safeco, Travelers, and MetLife. Of the top 15 homeowner’s carriers Gila Insurance Group represents 27% of the top 15.
With 36% of the top auto carriers and 27% of the homeowner’s carriers represented by Gila, the question stands… why would you need to go anywhere else?
Remember we shop these carriers to ensure you get excellent coverage at an affordable price. If one of these companies decides to drastically change your rate, we will monitor that and start shopping the rate for you. Each of the companies we represent and work with are large recognized carriers with the financial stability to be there when you have a claim.
We can provide quotes for many of these companies online at GilaInsurance.com.
Yes is Matters
For some, this article will not make any sense whatsoever. Everything you own is cheap, and nothing you own is worth anything. Put me in that camp. Maybe it was my upbringing, or maybe its because I live in a rural town with Walmart and Home Depot. In short, a dollar in a mutual fund is more important to me than a nice Dewalt Table saw. For my wife’s sake I hope I can get to the point where I can spend a little, but that day hasn’t arrived. For others you own property that is actually worth something. This could be jewelry, furs, guns, collections, rare items, tools, antiquities, and the list goes on. Did you know there are limits on your policies for some of these items, but regardless of the limit If you have something that’s actually worth something. You should make sure its covered like you need it to be.
Sometimes this will require a long drawn out process. This is going to depend on what it is you are trying to insure, and how much you want to insure it for. Meaning you may need an appraisal, but your great grandfathers gun is really worth that much is going to be invaluable, but if something happens a replacement might be the next best thing. Same thing could be said for the rock on your wife’s hand. New or old somethings are worth covering, and making sure you have the right coverage.
Other times adding coverage for these things can be as simple as increasing predetermined limits That exist on your policy. For example, without changing the policy you only have $1500 in coverage for theft of jewelry and furs. That isn’t per item, that’s total. Or $2500 in for theft of firearms and related equipment. That really isn’t a lot.
So, before you purchase your homeowner’s insurance policy, be sure to actually think about what matters to you.
Somewhere along the way people started asking for “full coverage.” Usually this coverage refers to what an auto insurance policy refers to as collision and other than collision (comprehensive). These are pretty straight forward so we will take a look at these coverage options together.
Collision is defined as impact with another vehicle or object. Pretty straight forward, but it also includes upset, which is a roll-over accident. One piece as we will see in a second is that collision with an animal is actually covered in the other than collision section of the policy.
COMMON OTHER THAN COLLISION (COMPREHENSIVE) COVERAGES
Other than collision is about the most comprehensive coverage package that is found in any insurance policy. It specifically states there are things covered, but then leaves the door open to a lot more. Things that are specifically covered under other than collision (comprehensive) included:
- Missiles or falling objects
- Fire
- Theft or larceny
- Explosion or earthquake
- Windstorm
- Hail, water, or flood
- Malicious mischief or vandalism
- Riot or civil commotion
- Contact with a bird or animal
- Glass breakage*
Again, not an all-inclusive list of what the comprehensive policy might cover, but rather things that are specifically covered under Other than collision (comprehensive)
* A comment on glass breakage. Today most companies make this an optional coverage and charge an additional premium for it. In the state of Arizona if glass coverage is purchased it comes with no deductible applied in most cases. Also if the glass breakage is cause by a collision in most cases you can elect to have it considered a loss covered by collision.
If it’s covered why split things into collision or other than collision? Well if you look at the other than collision vs collision in most cases there is not a lot of things that you can do to prevent the other than collision losses. On the other hand, collision is very much in your control. So the losses are treated differently when it comes to how the companies determine what your rate will be. It’s not to say that an other than collision loss with never have an impact on your rate, but it’s likely to have a LOT LESS of an impact.
A final thought on collision and other than collision coverage (comprehensive), these coverage options are subject to a deductible. The higher the deductible, the lower the cost, and the lower the deductible the higher the cost. What is a deductible? In the event of an accident the deductible is the part of the claim that you will be responsible for paying.
This is a general explanation of coverage and different companies may treat these coverage options differently for information on exactly how your policy will respond please refer to your policy declarations page as well as the terms and conditions of your insurance policy.