21st Century Auto Insurance Review
21st Century Auto has been in the insurance business for over 50 years and is wholly owned by its parent company, Farmers Insurance, which serves over 20 million policyholders.
The company has been honored with the ACE Awards for Customer Excellence five times, and this is reflected in 21st Century Auto insurance reviews.
21st Century Auto Insurance Review: Ratings, Prices & Financials
Once a customer has created a policy with a 21st Century Auto representative, the give and take between the policyholder and the insurance provider is usually minimal.
Aside from the occasional contact to change small policy details, most interaction occurs during the claims process. This is why 21st Century Auto insurance ratings are so dependent on claims satisfaction.
When companies like J.D. Power create reviews for 21st Century Auto or other car insurance providers, the criteria they use to gather information and rate the companies reflects the insurance industry at large.
One thing they all rely on is the analysis of three key performance indicators that relate to the claims process:
- ease of service interaction, and
In the J.D. Power 2017 US Auto Claims Satisfaction Study, 21st Century Auto was rated 3 out of 5 for Overall Claims Satisfaction.
This rating is the average of six individual categories pertaining to the claims process, in all of which 21st Century Auto rated 3 out of 5. This score places the company just above American Family and Esurance, but below Allstate and Nationwide.
Overall Customer Satisfaction
The claims process isn’t the only factor used to create 21st Century Auto insurance reviews. All interactions between the consumer and insurance provider are considered, including how well the company responds to customer inquiries and how they handle complaints.
The J.D. Power shopping study provides customers with ratings for auto insurance companies that pertain to overall customer satisfaction. 21st Century Auto wasn’t included in this study, but its parent company, Farmers Insurance was. Farmers Insurance received a 3 out of 5 rating for Overall Customer Satisfaction.
This score is comprised of six individual categories, for which Farmers Insurance received a 3 out of 5 in all but Call Center Representative, for which it wasn’t rated.
In the California Complaint Ratio Study, which calculates a ratio based on complaints originating in California, the most populated state, 21st Century ranked 24th out of 50 insurers. Based on a total claim exposure of 694,049 and a total of 32 justified complaints received, the company’s complaint ratio sits at 4.9.
Several factors determine the price of any car insurance policy.
Some of these include the age, gender, and geographic location of the driver, and the car’s make and model.
For comparison purposes, the following scenario is used to review 21st Century Auto’s pricing:
- Single Male (licensed 9 to 15 years): One car (Toyota Camry), no violations, driving around 12,600 to15,000 a year, living in San Francisco County, California
In this scenario, 21st Century quotes a price of $1,152 which is considered midrange. AAA offered a low $664 for this scenario while one of the higher rates was from Liberty Mutual at $1,590.
If we change the scenario slightly, however, and give this single male a single traffic violation, the price increases to $1,452. If we adjust it again and move him to Los Angeles while keeping the rest of the scenario the same, it changes to $1,532.
Obviously, any small change in your situation can affect your insurance premium. Each company adjusts for these variables in different ways, and that is why it is important to collect several quotes when shopping for car insurance.
If a large-scale disaster were to occur and create a high volume of insurance claims, it’s important to know that 21st Century Auto can honor the policies it has written. This is why customers should look into the company’s financial strength when searching through reviews.
The Insurance Information Institute helps consumers to understand how financial ratings are issued from the five independent agencies and what the ratings mean.
Financial ratings for 21st Century Auto indicate that the company is very strong financially, although its credit rating has recently been downgraded slightly.
A.M. Best gave a Financial Strength Rating (FSR) of “A-“ (excellent) and the Long-Term Issuer Credit Rating of “A” to 21st Century.
Moody’s Investors Services has not rated 21st Century individually but has provided an Insurance Financial Strength Rating (IFS) of “A2” to members of the intercompany pool of Farmers Insurance Group, 21st Century Auto’s parent company.
Now that you’ve had a chance to read these 21st Century Auto reviews, you should have a better understanding of how insurance companies are rated. This should give you the confidence to find a suitable insurance policy for both your budget and your coverage needs.
21st Auto Insurance Plans Available
21st Century’s customers can choose the best coverage for their individual needs by creating a policy from the many insurance options available.
Here are just a few of the coverage options offered by 21st Century Auto:
- Liability Coverage: This pays for damages caused to property in the event of a collision where the insured driver is at fault.
- Collision Coverage: This option covers the cost of damages to the insured driver’s car in the event of a collision.
- Comprehensive Coverage: Comprehensive insures against vehicle theft and damages caused by acts of nature, vandalism, and other damage not related to collisions.
- PIP (Personal Injury Protection) Coverage: PIP takes care of medical expenses for the insured driver and passengers in an accident. Some PIP policies may include coverage for loss of wages or other costs related to an injury.