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A.M. Best Rated Insurance Companies

Gold Star

If you are in the market for insurance, you should only use A.M. Best rated insurance companies. All of the insurance companies offered on BestCarInsuranceCompanies.net are highly rated insurers. Ideally, you want your company to have a top A.M. Best rating.

A.M. Best Company, Inc. is an impartial private rating agency designated by the U.S. Securities and Exchange Commission. They have been issuing financial strength ratings that measure insurance companies' ability to pay claims for more than 100 years.

You Want A Company That Can Pay Claims

It is important that your company has a top A.M. Best rating as the last thing you want is to make a claim and then have your company be unable to promptly pay it. For example, in 2001 a court order placed Reliance Insurance Company in liquidation. Reliance had been in business since 1817.

After the court order in October 2001, the Pennsylvania Insurance Department took over the control of the Estate of Reliance and it began a very complicated, lengthy process of determining the full extent of the company's liabilities and distributing its remaining assets. Insureds and those in accidents with Reliance insureds faced significant delays in getting payment for claims or worse.

Financial Strength Ratings

A.M. Best's Financial Strength Ratings is the company's grade on an insurer's ability to meet its contractual obligations to its policyholders. The rating involves a thorough review of a company's balance sheet, operating performance, business model and other metrics to determine an insurers financial strength.

There are six different grades for companies deemed to have "secure" ratings. The six "secure" ratings are:

  • A++, A+ (Superior)
  • A, A- (Excellent)
  • B, B+ (Good)

A.M. Best also has ten different rating categories for company's deemed "vulnerable". These ratings are:

  • B, B- (Fair)
  • C++, C+ (Marginal)
  • C, C- (Weak)
  • D (Poor)
  • E (Under Regulatory Supervision)
  • F (In Liquidation)
  • S (Rating Suspended)

Reviewing a company's A.M. Best Rating is especially important in the light of the recent financial crisis that affected several major insurers. Consumers can check a company's rating on the A.M. Best Web site.