WalletHub’s insurance company reviews are designed to help consumers efficiently find the best car insurance, home insurance and other types of coverage by providing impartial, data-driven ratings for insurance companies across the country. More specifically, WalletHub evaluates insurance companies in seven key areas – ranging from cost and customer service to claims and transparency – in order to demonstrate each company’s suitability for a variety of different types of people who may be shopping for insurance coverage.
Each category in WalletHub’s review framework has a certain maximum point value attached to it, reflecting WalletHub’s estimation of its importance in the process of choosing an insurance provider. Each category also has a list of criteria and benchmarks that companies must fulfill or hit to earn a certain number of points, which reflect WalletHub’s definition of a 5-star insurer – based on market conditions and what we believe are reasonable terms.
Points earned for each category are ultimately added up to produce a final rating for each insurance company, out of a possible 100 points, which is then converted to a 5-point scale. Metrics for which no data is available are excluded from the calculations.
Below, please find the complete grading rubric used to evaluate insurance companies and produce WalletHub’s insurance ratings. Where possible, information described in this rubric is sourced directly from each insurance provider’s website, though cost metrics are based on pricing data from Quadrant Information Services.
Cost – Max 30 Points
Quotes and rankings are based on the largest state with data available for each company. Points are assigned based on the following quartile system:
- First quartile (99%-75%) of cheapest companies for car insurance: 30 points
- Second quartile (74%-50%) of cheapest companies for car insurance: 20 points
- Third quartile (49%-25%) of cheapest companies for car insurance: 10 points
- Fourth quartile (24%-0%) of cheapest companies for car insurance: 0 points
When companies are compared, WalletHub uses data from the same state to draw an accurate contrast. For more information about the specific states used in each review, visit the methodology section at the bottom of a company’s review page.
Quote information is based on 40 different driver profiles and takes into account age, driving record, gender, mileage, car type, and more. Premium data is provided by Quadrant Information Services. Individual rates will be different.
Customer Service & Reviews – Max 30 Points
- Average rating on WalletHub of 4+: 10 points
- Average rating on WalletHub of 3 to 3.99: 5 points
- Average rating on WalletHub of less than 3: 0 points
- NAIC rating below 1: 5 points
- JD Power rating of 4+: 5 points
- BBB rating of A or higher: 5 points
- 24/7 Live Customer Service: 5 points
Claims Process – Max 15 Points
- Customers can file a claim online: 5 points
- Customers can file a claim by phone: 5 points
- 24/7 claims phone support: 5 points
Financial Stability – Max 10 Points
- A.M. Best rating of A or better: 3 points
- Moody’s rating of A or better: 3 points
- Standard & Poor’s rating of A or better: 3 points
- Top marks on all three ratings: 1 point
Types of Insurance and Additional Services Offered – Max 5 Points
- Offers the combination of car and home insurance or life and health insurance: 3 points
- Offers 5+ types of insurance: 2 points
- Offers fewer than 5 types of insurance: 0 points
Discounts – Max 5 Points
- 15+ discounts available: 5 points
- 10-14 discounts available: 3 points
- 5-9 discounts available: 1 point
- 5 or fewer discounts available: 0 points
Transparency – Max 5 Points
- All important information is easy to find online: 5 points
- Some, but not all, important information is easy to find online: 3 points
- Most important information is not easy to find online: 0 points