Paul Sanchez
Selective Insurance Company is a regional insurance provider that has been operating in the United States since 1926. Selective offers property and casualty insurance products to individuals, businesses, and public entities across 15 states, although some sources state 27. The company has a unique business model that combines field-based underwriting and insurance claims processes with agency automation technology. Selective Insurance has received mixed reviews, with some praising its affordable rates, efficient claims process, and helpful agents, while others have criticised the company for its failure to pay out claims and poor customer service. In terms of ratings, Selective Insurance has been rated A+ (Superior) by AM Best, indicating strong financial stability, and 2.9/5 stars on The Zebra. The company also ranked 50th out of 87 companies in the Crash Network's 2023 Insurer Report Card, receiving a C+ rating.
| Characteristics | Values |
|---|---|
| Number of States Covered | 15 or 27, including AZ, IL, IN, IA, MN, MD, NJ, OH, PA, RI, SC, TN, UT, VA, WI, and DC |
| Types of Insurance | Auto, home, business, property, casualty |
| Customer Service | Poor, with multiple complaints about denied claims |
| Discounts | Multi-policy, advanced quote, loss-free, anti-theft, commercial vehicle, defensive driving, young driver |
| Financial Stability | A+ (Superior) rating from AM Best |
| Affordability | 10% cheaper than the national average for a 6-month policy |
| Customer Satisfaction Score | 2.9/5 stars |
| Claims Satisfaction | Mixed reviews, with some praising efficient claims process and others criticising delays |
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What You'll Learn
Selective Insurance's financial stability
Selective Insurance Company is a regional insurance provider that has been operating in the United States since 1926. The company offers property and casualty insurance products to individuals, businesses, and public entities. It has a unique business model that combines field-based underwriting and insurance claims processes with leading-edge agency automation technology. With a workforce of over 2,000 people, Selective Insurance maintains a strong team committed to delivering quality service and customer support.
Selective Insurance has limited policy information on its website, making it difficult to compare its coverage limits, deductibles, and benefits to other companies. However, the company offers several discount opportunities to policyholders, such as multi-policy, advanced quote, loss-free, and anti-theft discounts.
In terms of financial stability, Selective Insurance has received positive ratings from credit rating agencies. AM Best, a leading global credit rating agency, gives Selective an "A+" or "Superior" rating, indicating that the company is financially sound and can meet its financial obligations, including paying out claims. This rating is based on thorough assessments of the company's operating performance, business profile, and financial statements. With a financial size of $1.5 billion to $2 billion, Selective has earned a reputation as a stable insurance company with a positive outlook for the future.
However, it is important to consider mixed customer reviews when evaluating Selective Insurance. While some customers have praised the company for its efficient claims process and helpful agents, others have expressed frustration with claim denials and internal disorganization. Overall, Selective Insurance is recognized as a legitimate insurance company offering various insurance products, including auto, home, and business insurance.
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Customer reviews
Selective Insurance is a legitimate company offering various insurance products, including auto, home, and business insurance. It is a regional insurance provider that has been operating in the United States since 1926. The company offers property and casualty insurance products to individuals, businesses, and public entities.
Selective Insurance has received mixed reviews from its customers. While some customers have praised the company for its quick help with property damage claims and the convenience of its mobile app, others have complained about rude customer service, difficulties in getting claims approved, and internal disorganization.
One customer shared their experience of having their claim denied multiple times, even after providing multiple estimates for repairs. They felt that the company was unwilling to pay out their claims and expressed frustration with the lack of support during a difficult time. Another customer described their experience with Selective Insurance as a "nightmare," citing issues with the claims process and delays in payment to their roofers.
On the other hand, some customers have had positive experiences with the company. One customer praised Selective Insurance for its quick response and helpfulness when dealing with property damage. The company's mobile app has also received positive reviews for allowing users to submit claims, view and save coverage cards, and make payments conveniently.
Selective Insurance has received an "A+" (Superior) rating from AM Best, indicating that the company is financially stable and able to pay out future claims. This rating suggests that Selective Insurance is a reliable choice for customers seeking guaranteed and secure coverage. However, it is important to note that the company is not accredited by the Better Business Bureau.
Overall, while Selective Insurance has received some negative reviews, it is important for prospective customers to consider their specific needs and research the company's offerings and reputation further before making a decision.
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Discounts and savings
Selective Insurance Company is a regional insurance provider that has been operating in the United States since 1926. The company offers various insurance products, including auto, home, and business insurance. While Selective Insurance does not provide an online quote tool, they offer several discount opportunities to their policyholders.
Selective Insurance offers a range of discounts to its customers, including:
- Multi-policy discounts: Customers who bundle their homeowners, condo, or renters insurance with auto insurance can qualify for a multi-policy discount.
- Advanced quote discount: Customers may qualify for a discount if they receive a quote at least eight days before their current auto insurance policy expires.
- Loss-free discount: Customers who haven't experienced an auto insurance loss over a certain period can apply this discount.
- Anti-theft discount: Drivers with vehicles equipped with specific qualifying safety or anti-theft features may be eligible for this common discount.
- Commercial vehicle discount: Customers who own a commercial vehicle in their household may qualify for a discount.
- Defensive driving discount: Customers who have completed an approved defensive driver course may be eligible for a reduced rate.
- Young driver discount: Young drivers who have completed an approved driver training course or maintain good grades may qualify for a discount.
In addition to these discounts, Selective Insurance is known for offering affordable rates and competitive pricing. The national average cost of a 6-month car insurance policy is around $880, while the cost of Selective Insurance coverage is approximately $795, making it about 10% cheaper than a typical policy.
Selective Insurance also has a strong financial stability rating from AM Best, indicating that they are financially sound and able to pay out future claims. This rating provides customers with the assurance that Selective Insurance can offer secure coverage and meet its financial obligations.
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Coverage options
Selective Insurance is a regional insurance provider for property and casualty insurance products. The company offers a range of coverage options for individuals and businesses.
Selective Insurance provides coverage options for both individuals and businesses.
Individual Coverage Options
Selective Insurance offers various insurance options for individuals, including:
- Homeowners insurance: This covers residential real estate against property damage and other unforeseen events.
- Auto insurance: This includes basic liability, comprehensive, and collision insurance, as well as optional coverages like accident forgiveness, diminishing deductible, and newer car replacement.
- Renters insurance: Selective offers coverage for individuals renting apartments or condos.
- Other personal lines: Selective also provides insurance for other personal needs, such as automobile coverage.
Business Coverage Options
For businesses, Selective Insurance offers a range of coverage options, including:
- Auto service and repair shop coverage: This protects against lawsuits, property damage, and other liability issues specific to auto service and repair shops.
- Consulting business coverage: This type of insurance covers consulting businesses against claims of negligence and other potential risks.
- Barber and beauty shop coverage: This insurance option helps protect against costly lawsuits and accidents that may occur in barber or beauty shops.
- Manufacturers insurance: Selective offers coverage for businesses with equipment and manufacturing processes, including protection against workplace injuries and property damage.
- Specialty areas: The company also provides expertise in specialty coverage areas such as abuse and molestation coverage, contractual risk transfer, management liability, cyber liability, and surety bonds.
Customizable Coverage
Selective Insurance prides itself on offering customizable coverage options. They work closely with business owners to provide a highly personalized insurance experience. Their policies are designed with built-in flexibility, allowing customers to upgrade their coverage as needed. Additionally, Selective offers a range of optional coverages and add-ons, such as the Selective Edge policy package, which includes roadside assistance, key replacement, and pet injury coverage.
Discount Opportunities
In addition to coverage options, Selective Insurance provides several opportunities for discounts, including:
- Multi-policy discount: Customers who bundle homeowners, condo, or renters insurance with auto insurance can qualify for this discount.
- Advanced quote discount: Receiving a quote at least eight days before your current auto insurance policy expires may earn you a lower rate.
- Loss-free discount: If you haven't experienced an auto insurance loss over a certain period, you may be eligible for this discount.
- Anti-theft discount: Vehicles with certain safety or anti-theft features may qualify for a reduced rate.
- Young driver discount: Young drivers who have completed an approved driver training course or maintain good grades may be eligible for a discount.
While Selective Insurance does not offer online quotes or direct purchases through their website, their independent insurance agents work closely with customers to find the best coverage options and discounts.
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Claims handling
Selective Insurance Company is a regional insurance provider for property and casualty insurance products. It offers a range of insurance products and services through a network of distribution partners and agents. The company operates in the following states: AZ, IL, IN, IA, MN, MD, NJ, OH, PA, RI, SC, TN, UT, VA, and WI.
Selective Insurance has received mixed reviews for its claims handling processes. Some customers have praised the company for its efficient claims process and helpful agents. One customer review mentioned that Selective Insurance provided quick help when dealing with property damage, with efficient claims handling.
However, another customer review highlighted an incident where it took longer than expected to resolve a claim due to paperwork discrepancies. This suggests that there may be room for improvement in their claims handling processes, particularly in terms of streamlining paperwork and reducing processing times.
In terms of industry ratings, Selective Insurance has received varying scores. The company was ranked 50th out of 87 companies in the Crash Network's 2023 Insurer Report Card, earning a C+ rating based on the assessments of collision repair professionals regarding claims handling policies, payment practices, and customer service. On the other hand, Selective Insurance has been rated "A+" (Superior) by A.M. Best, recognizing the company's financial stability and reliability.
Selective Insurance offers a variety of discounts and optional coverages that can save money for eligible policyholders. These discounts contribute to the company's overall competitiveness in the insurance market. However, the company's limited online presence makes it challenging to compare its coverage limits, deductibles, and benefits with other insurance providers. Those interested in Selective Insurance may need to contact an insurance agent to obtain detailed information about their policy offerings and rates.
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Frequently asked questions
Selective Insurance has mixed reviews. While some customers have praised the company for its efficient claims process and helpful agents, others have complained about issues with claim denials and delays in payment.
Selective Insurance has been rated "A+" (Superior) by AM Best, indicating that the company is financially stable and capable of fulfilling its financial obligations, including paying out claims.
In the Crash Network's 2023 Insurer Report Card, Selective Insurance was ranked 50th out of 87 companies and received a C+ rating based on collision repair professionals' assessment of their claims handling policies, payment practices, and customer service.
Selective Insurance offers affordable rates, with the cost of a 6-month car insurance policy being approximately 10% cheaper than the national average.
According to MoneyGeek's ranking system, which considers customer satisfaction, affordability, claims service, coverage, and financial stability, Auto-Owners is the best regional car insurance company in most states, followed by American Family. Selective Insurance has an overall rating of 2.9/5 stars, indicating that it is a decent insurance company.
