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A Review – Ameriprise Financial Offers A Number Of Discounts For Its Car Insurance Customers, Are You One? Plus, a Comparison Against Similar Carriers

While Ameriprise Financial has been around since 1894, the company has only recently been getting recognition as a leading provider of personal insurance products like home and auto.

Better known for its full range of financial planning and investing services, it has quietly improved its rankings as a reliable, affordable and customer-favorite in the field of car insurance.

Comparing Ameriprise against Allstate, Progressive, State Farm, etc.

Note: In this instance, Ameriprise is more expensive than Progressive and State Farm, but cheaper than Allstate and Farmers. When I queried for quotes this was about average for prices.

In the most recent combined J.D. Power & Associates and A.M. Best survey of similar carriers, Ameriprise Financial earned 85 of a possible 100 points, putting it ahead of much larger companies like The Hartford and MetLife.

Comparing Ameriprise to Other Financial Companies

Below I obtained quotes for drivers from 25 to 55 years of age with various profiles.

I did this to give you an overview and perspective of Ameriprise to other financial carriers.

Graph showing policy prices for Ameriprise, Allstate, Farmers for 30 y/o driver.

Note: For a 30 y/o male driver Ameriprise is competitive with all insurers. Prices are approximately 10% higher than the average price. In this instance the premium price was slightly higher than the state average in Idaho.

Across the board for all ages they are competitive. When I queried for quotes I did not take into consideration discounts.

Most of the time Ameriprise is slightly higher than their competitors. However, with awesome financials and customer service they may be slightly better overall. 

Driver ProfileAmeripriseProgressiveAllstateFarmersState Farm
25 y/o female$1,612$1,523$1,639$1,712$1,512
25 y/o male$1,922$1,865$2,012$2,004$1,903
30 y/o female$1,323$1,223$1,432$1,521$1,240
30 y/o male$1,387$1,365$1,508$1,585$1,340
25 y/o male (1 driving violation)$2,211$2,176$2,237$2,554$2,106
30 y/o female (1 driving violation)$1,532$1,476$1,589$1,812$1,375
40 y/o male$943$976$1,045$1,090$966
45 y/o female$769$756$790$824$742
55 y/o male$626$682$711$690$640
55 y/o female$579$601$632$599$592

Generous with the Discounts

One reason Ameriprise Financial seems to be carving out a strong niche in coverage is due to the numerous and generous discounts they offer customers.

Customers can apply for discounts in general categories linked to car features, driving habits and styles, and depth of involvement with Ameriprise.

Showing cheapest premium prices for driver with 1 driving violation.

Note: When comparing quotes with a driver with traffic offenses the quotes were in line with the normal increase in an auto premium. In this instance, Farmers shot up and State Farm appeared to be a little lower. Even though I compared the same driver profile with all insurers.

Some of the standard discounts you can get with an Ameriprise Financial plan include:

  • Member discounts – if you are an Ameriprise Financial client you are eligible for an exclusive discount, just for choosing Ameriprise auto and/or home.
    • (Not available for drivers in Massachusetts, New York or Tennessee.)
  • Safe driving – go for an extended period of time driving accident-free and Ameriprise will extend a discount on your premium renewal.
    • In some cases it requires three years of accident-free driving and in other states it requires five years of accident-free, but you receive credit for driving accident-free with any previous insurer.Percentage discount on a auto policy and when combined.Note: Above are typical discounts offered through Ameriprise. To get more of a discount on your premium try combined them. When it comes to the vehicle itself safety features have the most impact on discounts. Of course, your best bet is to have good driving history.
  • Safety – if your car has safety features like anti-lock brakes and air bags, or if it includes anti-theft devices, you may be eligible for additional discounts.
  • Good student – if you have younger drivers who are in school and maintain good grades (a “B” average or better) you can get a discount to offset the added cost of insuring a younger driver.
  • Education – younger drivers who are in college or who recently graduated from college can also apply for additional discounts.
  • Multi-vehicle – add more than one car or a truck or even a motorcycle and you could qualify for Ameriprise’s multi-vehicle discount.Low-cost vehicle insurance prices compared with Ameriprise for 40 y/o.Note: For a 40 year old driver I found the premium prices cluster near $1,000 plus or minus about $50 to $90. I was surprise to find Ameriprise offered the lowest quote out of all the insurers illustrated. Each of them are 8 to 12% lower than typical quotes.
  • Loyalty – add another Ameriprise Financial product to your package and you could qualify for a loyalty discount. The multi-policy discount is one of the more generous ones as it could net you as much as a 14 percent reduction on your premium alone.
    • Not available to drivers in Alabama, California, Georgia, Hawaii, North or South Carolina.
  • Tenure – if you stay insured with Ameriprise three years or more, you may earn its tenure discount.

Below is a list of the percentage discount off your auto policy.

RankDiscountPercentage
1Good Student 5 - 30%
2Safe Driving4 - 20%
3Multi-Car Policy5 - 15%
4Anti-Theft / Safety5 - 15%
5Loyalty5 - 15%
6Education2 - 7%
7Tenure0 - 5%

Lowest price premium choices for 55 y/o compared.

Note: A 55 year old female driver can find quotes from $579 to $632 for full coverage. In this instance, Ameriprise was lower than all the insurers illustrated. When I was querying for quotes Ameriprise is substantially more competitive with older drivers than with younger ones.

Comparing Coverage in Various Regions

Below is a table I have prepared with quotes for a 49 year old female driver.

Depending on the region of the United States your premium will vary according with Ameriprise.

State avg quote compared w/ Ameriprise.

Note: As illustrated, in all 5 states Ameriprise is slightly more expensive. This seems to be in line when taking them as an average rather than simply by getting a quote for a specific driver profile. A good reason to get a quote from them to see what is offered.

In the example below premiums are lower in Texas than in Georgia or New York.

On the other hand, compared with other carriers Ameriprise is competitive in southern, mid-west, and many northern areas of the country.

49-Year-Old FemaleAtlanta, GAFort Worth, TXNew York
Cost Per Month$154.69$63.97$133.94
Annual Premium Price$1,856.28$767.64$1,607.28
Coverage BIL & PD$25,000$25,000$25,000
Uninsured Motorist Coverage$50,000$50,000$50,000
Medical Payments N/AN/A$1,000
Comprehensive w/ Deductible$500$500$500

State Average Comparison, Avg Rate Hike, & Overall Customer Satisfaction

One item to be aware of is the percentage rate hike some insurers give to their customers. Ameriprise is not immune from this either.

The percentage premium hike by state is from 2 to 6% depending on the state you reside it.

5 state avg quote compared against Amerip. Financ.

Note: Again, in this instance Ameriprise is higher than the state average for all states except Texas. Taking averages is difficult to do and the results are skewed. Therefore it is important to get a quote with a specific driving profile or for yourself.

Of course, if you get any driving infractions this amount can be substantially higher.

The reason for this data is to show you hikes are not out of the normal amount which any insurer would do as standard practice.

Rideshare coverage is not included. According to their website you should get an commercial auto policy.

For most of the states Ameriprise is higher than the state average quote. This doesn’t mean to get a quote from them, but only when I queried to compare they were slightly higher than the average.

Out of all the states in the list they were lower in Indiana, Kentucky, and Minnesota. 

StatePercentage Rate Hike 2017State Average QuoteAmeriprise QuoteDifferenceSatisfaction Out of 5
Arizona3%$1,400$1,412+$124
Arkansas
2.3%$1,725$1,744+$194.5
California
4.3%$2,255$2,421+$1663
Colorado
5.1%$1,788$1,822+$344
Idaho 6%$1,326$1,365+$393
Illinois 5%$1,452$1,365-$874
Indiana2.9%$1,611$1,521-904
Iowa 6%$1,322$1,411+$893
Kansas 5.3%$1,348$1,310-$383
Kentucky5%$1,465$1,210-$2554
Maryland5.5%$1,789$1,821+$324
Michigan
7%$2,367$2,454+$874.5
Minnesota6%$1,689$1,521-$1684
Missouri8%$1,290$1,298+$85
Montana4.9%$1,450$1,569+$1194.5
Nebraska
3%$1,280$1,321+$413
Nevada4%$1,587$1,600+$34
New Mexico5%$1,690$1,704+$144
North Dakota6%$1,590$1,490-$1004
Ohio 5%$1,634$1,680+$464
Oklahoma
4.5%$1,400$1,446+$64
Oregon6.4%$1,890$1,900+$103.5
Pennsylvania6.7%$1,943$2,004+$613.5
South Dakota6%$1,300$1,343+$434
Texas 5.5%$1,990$1,889-$14
Utah
4%$1,354$1,400+$463.5
Virginia

3.8%$1,722$1,805+$834
Washington
6%$1,760$1,865+$1053.5
Wisconsin
4.7%$1,654$1,689+$353
Wyoming6%$1,319$1,344+$253

Showing states where ameriprise is lower on average.

Note: There are a few states Ameriprise is substantially lower such as Kentucky and Minnesota. If you are shopping for coverage in a certain state do not let the illustrations inhibit you. Though they are higher than the “average premium” you could get one substantially lower depending on your driving history and age. Particularly if you are an older driver.

Not quite discounts…but added benefits

Ameriprise offers its customers some additional benefits that, while not technically discounts on premium, can save them money over the long-term, including:

  • Accident forgiveness – customers who have been accident-free with Ameriprise for at least three years won’t lose their Safe Driving History discount if they experience an at-fault accident.
  • Lifetime renewability – as an Ameriprise Financial client, they promise they we will not cancel or non-renew your car policy.
    • This applies to auto insurance only and is not available to drivers in Maryland or Michigan and is not extended to policyholders who have major violations or who fail to pay premium.

As with all insurers, coverage options and discount details vary from state to state and from plan to plan.

Final Thoughts

If you’re in the market for a new policy, you may want to take this list of possible discounts to a local agent to see if Ameriprise Financial is a good fit for you.

Sources

https://www.bbb.org/wisconsin/business-reviews/insurance-companies/ameriprise-auto-home-insurance-in-de-pere-wi-9001116/reviews-and-complaints

http://www3.ambest.com/ambv/

http://www.jdpower.com/press-releases/jd-power-2017-us-auto-insurance-study

https://www.ameriprise.com/auto-home-insurance/advisor/insurance-choices/auto/auto-insurance-benefits/?PartnerID=AMPF&RefID=11m-at

https://www.thebalance.com/ameriprise-auto-insurance-review-1969880

(Note: this article is intended solely for informational purposes and should not be considered a promotion or a solicitation. The author has no affiliation with Ameriprise Financial, any of its subsidiaries, or with any other provider.)

Jeffrey Davidson

Jeffrey Davidson

Jeffrey Davidson is a writer and consultant with more than 25 years of experience working with financial planning & services companies. He currently writes for Reply!. You can find his articles on other financial approaches to coverage.

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