Jane Dotson
American National Insurance Company has been in the insurance industry for over a century, offering a range of insurance and financial products for personal and business needs. The company provides auto, home, life, and business insurance and operates in all 50 states and Puerto Rico. American National has received ratings from various organizations, including Standard & Poor's Financial Services LLC, Trustpilot, Better Business Bureau, and AM Best. The company's auto insurance rates are generally lower than the national average, with factors such as age, location, and driving history influencing the cost of coverage. Customer satisfaction with American National's services varies, with some surveys indicating positive feedback and others showing lower satisfaction levels.
| Characteristics | Values |
|---|---|
| Average Annual Rate | $970 |
| National Average Rate | $2,012 |
| Savings vs National Average | -$1,042 |
| Customer Satisfaction (for customer service provided) | 50% (completely satisfied), 24% (somewhat satisfied) |
| Ease of Claim Filing | 41% (completely satisfied), 41% (somewhat satisfied) |
| Satisfaction with Claim Resolution | 55% (completely satisfied), 27% (somewhat satisfied) |
| Likelihood of Recommendation | 69% ("likely" or "very likely") |
| Likelihood of Policy Renewal | 75% ("likely" or "very likely") |
| Average Monthly Full-Coverage Insurance | $101 |
| Average Monthly Liability-Only Insurance | $56 |
| AM Best Financial Strength Rating | A (Excellent) |
| Standard & Poor's Company Rating | Not found, but the rating scale ranges from AAA (Extremely Strong) to CC (Extremely Weak) |
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What You'll Learn
American National's car insurance rates
American National Insurance Company offers car insurance at rates that are, on average, cheaper than the national average. According to a US News rating, the average annual rate for American National is $970, which is less than half of the national average of $2,012. This makes American National the cheapest car insurance company in the 10-company rating. American National also has the lowest average costs across all driver categories.
However, it is important to note that car insurance rates can vary depending on factors such as location, age, and driving history. For example, insuring a teenage driver will be more expensive due to higher accident rates and limited driving experience. Senior drivers may also face higher insurance rates due to an increased risk of serious injury in car accidents. Additionally, if you live in a state with higher minimum coverage requirements or an area with a higher accident rate, your insurance rates may be higher.
American National offers liability-only insurance at an average monthly rate of $56 and full-coverage insurance at an average monthly rate of $101. Customers can also earn a bundling discount by purchasing multiple policies with American National. The company received generally positive feedback from consumers regarding customer service and claims handling, with 50% of survey participants reporting complete satisfaction with the customer service provided.
While American National offers lower rates compared to the national average, it is recommended to compare quotes from multiple insurers and consider other factors besides cost when shopping for car insurance.
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$18.04 $21.95
Customer satisfaction
When it comes to the claim process, American National Insurance performs well. 41% of survey participants were completely satisfied with the ease of filing a claim, and the same percentage were somewhat satisfied. Even more, 55% were completely satisfied with how their claim was resolved, and 27% were somewhat satisfied. This indicates that the company handles claims effectively and to the satisfaction of its customers.
The National Association of Insurance Commissioners (NAIC) has reported receiving below-average customer complaints for American National, further reinforcing the company's positive image in handling customer issues. Additionally, American National Insurance has a strong focus on providing the best service to its customers. They emphasize the importance of building the right kind of relationship with their agents, offering various modes of communication, such as in-person meetings, phone calls, or casual conversations.
However, it's important to note that American National Insurance may not be the top choice for those seeking the most advanced online quote system. The company does not provide online quotes through its website, which may be a drawback for some prospective customers who prefer the convenience of instant digital quotes. Instead, American National Insurance directs customers to find an agent using their agent locator tool on the website, which allows searches by ZIP code.
While American National Insurance has received positive feedback and ratings in several areas, there is room for improvement in enhancing their online quote system to better cater to customers who prefer digital convenience.
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Standard & Poor's rating
Standard & Poor's Financial Services LLC provides independent financial information, analytical services, and credit ratings to the world's financial markets. The company's active rating scale ranges from AAA (Extremely Strong) to CC (Extremely Weak). Plus (+) or minus (-) modifiers show the relative standing within the categories from AA to CCC.
The ratings reflect the current independent opinions of the financial capacity of an insurance organization to meet the obligations of its insurance policies and contracts. They are based on each rating agency's quantitative and qualitative evaluations of the company and its management strategy.
The rating agencies do not provide ratings as a recommendation to purchase insurance or annuities. The ratings are not a warranty of an insurer’s current or future ability to meet its contractual obligations.
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AM Best Financial Strength rating
AM Best is a global credit rating agency that assesses the financial strength and stability of insurance companies. The AM Best Financial Strength Rating is a key indicator of an insurance company's financial health and ability to meet its ongoing obligations to policyholders. The rating is based on a comprehensive evaluation of the company's balance sheet, income statement, and other financial and operational factors.
The AM Best Financial Strength Rating for American National Insurance Company reflects the company's strong financial stability and growth. American National Insurance is dedicated to maintaining strong financial stability and responsible, fair operations for its customers, employees, and business partners. The ratings provided by AM Best allow consumers to compare the financial capacity of insurance organizations and their ability to meet the obligations of their insurance policies and contracts.
While I cannot find specific mention of American National Insurance's AM Best rating, the company does provide ratings from other agencies for comparison. Standard & Poor's Financial Services LLC, for instance, provides independent financial information and credit ratings for global financial markets. Standard & Poor's rating scale ranges from AAA (Extremely Strong) to CC (Extremely Weak), with modifiers indicating relative standing within the categories.
American National Insurance Company, founded in 1905 and headquartered in Galveston, Texas, offers a range of insurance and retirement solutions. The company operates through multiple subsidiaries, providing life insurance, annuities, pension products, property and casualty insurance, and other services. Each subsidiary is financially responsible for its products and services, and they are licensed in specific states.
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Discounts and optional coverage
American National Insurance offers a range of discounts and optional coverage for its customers. The company's average rates are cheaper than the national average for every driver category.
American National offers discounts for bundling multiple policies together. For example, customers can expect to pay $56 per month for liability insurance and $101 for full-coverage insurance. This is significantly cheaper than the national average of $195 per month for full coverage and $107 per month for liability insurance.
The cost of coverage varies depending on the state and location. For instance, if your state has higher minimum-coverage requirements or your ZIP code has a higher accident rate, you may pay higher average rates. Additionally, American National offers discounts for safe driving habits, with rates decreasing over time if you have a clean driving record.
Age is also a significant factor in determining the cost of coverage. Teen drivers pay the most due to higher accident rates and limited driving experience, while senior drivers may also face higher rates due to increased risk of injury in accidents. As a result, American National's rates decrease the older the customer gets.
While American National offers some optional coverage, it is not as extensive as other companies. Their policies with collision and/or comprehensive insurance include rental car expenses, with collision and comprehensive coverage of up to $2,000 in customized equipment.
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Frequently asked questions
American National Insurance has received generally positive feedback from consumers in terms of customer service and claims. Fifty per cent of survey participants were completely satisfied with the customer service provided, and 41% were completely satisfied with the ease of filing a claim. The Better Business Bureau rated American National as 1.67/5 in overall auto customer satisfaction.
American National Insurance has the lowest average costs in our rating, at $970 per year, compared to the national average of $2,012. However, your actual rates will depend on many factors, including your age, location, and driving history.
American National Insurance has received an AM Best Financial Strength rating of A (Excellent). Standard & Poor's rating of American National Insurance falls between AA and CCC, with plus (+) or minus (-) modifiers showing the relative standing within these categories.
