Review of Auto-Owners Car Insurance & Policy Options
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UPDATED: Nov 19, 2020
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If you are in a region where Auto-Owners insurance offers coverage, you might want to put them on your list to get quotes.
Particularly if you are looking for a customized policy and value having a one-on-one relationship with an agent.
Vern Moulton founded Auto-Owners insurance in Michigan in 1916. In 1935 they expanded operations to Indiana.
Note: Comparing all the insurers illustrated above, Auto-Owners is 2nd most expensive and a little less than State Farm. USAA, Erie, and The Hartford offered substantially lower quotes. This doesn’t include any discount options.
Today, Auto-Owners is listed as a Fortune 500 company ranking 375.
They have 6 billion in written premiums and over 20 billion in assets.
They are the 17th largest auto insurance company in the United States.
AM Best has ranked Auto-Owners as the highest with A++.
|AM Best Financial Strength Rating||A++|
|NAIC Complaint Index||0.58 (Better than Average)|
|Better Business Bureau||A+|
JD Power has ranked the company as the best in the north-central region of the country.
Note: For a 25 y/o female driver, the quotes came out the same except at a lower price than the male counterpart. Auto-Owners is the 4th least expensive out of the five. USAA, Erie, and The Hartford offered substantially lower quotes.
What is Auto-Owners Policy & Coverage Options?
With Auto-Owners car insurance, you can purchase minimum liability coverage to include:
– Property damage liability
– Bodily injury liability
You can get Roadside Assistance (also called Road Trouble Service), New Car Replacement, and Rental Car Coverage.
Other coverages include:
– Uninsured motorists protection
– Underinsured motorists protection
– Home insurance
– Business insurance
Another optional coverage is Pet Medical Insurance.
Their website doesn’t reveal if you can bundle Pet Medical Coverage or not.
Note: As illustrated, out of the five carriers, Auto-Owners is the 4th least expensive. Offering quotes on par with State Farm. And substantially higher than USAA, Erie, or The Hartford.
Another feature they offer that should be looked into is the Personal Automobile Plus Package.
With this package, you get 10 additional coverages for one price.
Coverage included are transportation expenses if your vehicle is stolen, legal expenses and bail bonds, waived, or reduced deductibles.
If you are in the market for Rideshare Coverage, you don’t want to go with Auto-Owners in some states.
You may get a commercial package; however, this can be costly for most Uber or Lyft drivers.
Other optional coverage is below:
|Glass Coverage||If you get a chip or broken window you are covered.|
|Gap Coverage||If your vehicle is loaned or leased and totaled, Gap coverage may pay for the difference between the cash value of the vehicle and the unpaid balance of the loan or lease.
|Pet Coverage||Helps cover veterinary expenses in the event that your pet is injured or dies in a collision.
|Rental Reimbursement||Reimburses the per day cost of a rental car (daily and maximum reimbursement may vary)
|Road Trouble Assistance||Typically adds coverage for towing, tire changes, lockout services, and more
|Collector Car Coverage||Covers your antique or collectors edition car.
|Umbrella Policy||Adds protection against liability claims/judgements when your auto insurance liability limits have been reached.
What are the Additional Benefits to an Auto-Owners Policy?
If you are in an accident with another driver who carries an Auto-Owner policy, your collision deductible is waived.
This isn’t a huge benefit, but every dollar counts.
They have another feature called Common Loss Deductible.
If you have your automobile and house covered through Auto-Owners and have a loss that involves damage to both, they will reduce the auto deductible by the amount of the personal property deductible.
You are probably wondering where this would be of use, but I can think of a couple of times teenagers learning to drive and crashed the vehicle into the garage.
Note: In this instance, the quotes clustered between $732 and $865. Auto-Owners is the highest at $865. In comparison, USAA is the cheapest at $732. State Farm is offering lower quotes a couple of dollars cheaper than Auto-Owners. As I surmised, you fare best with a company like Auto-Owners if you have multiple policies and coverage.
How Does Auto-Owners Compare to its Competitors?
The only drawback to Auto-Owner’s car insurance is the price.
Both USAA and Erie offer practically the same coverage for less.
Two other insurance companies that are lower in price is Country Financial and The Cincinnati.
Below I have compared four other insurance companies with Auto-Owners.
USAA and Erie offer quotes that are cheaper than Auto-Owners.
The Hartford is about on par; however, they are cheaper for young drivers.
Note: Quotes clustered between $896 and $1,098, which is a wide variance. Auto-Owner is the 4th least expensive with quotes $14 less than State Farm. USAA, Erie, and The Hartford offered quotes less than Auto-Owners. However, for this age, the only one substantially lower is USAA.
State Farm offers coverage, which is more expensive.
For older drivers, State Farms coverage is less expensive than Auto-Owners.
If you are looking for the least costly coverage, you will find coverage that costs less elsewhere.
For overall customer satisfaction and policy coverage protection, put Auto-Owners on your list to get quotes.
|Driver Profile||Auto-Owners||USAA||Erie||State Farm||The Hartford|
|25 y/o female||$1,566||$1,287||$1,398||$1,646||$1,462|
|25 y/o male||$1,789||$1,488||$1,650||$1,820||$1,704|
|30 y/o female||$1,244||$1,005||$1,102||$1,287||$1,180|
|30 y/o male||$1,489||$1,265||$1,327||$1,512||$1,411|
|25 y/o male (1 driving violation)||$2,322||$1,908||$2,231||$2,532||$2,300|
|30 y/o female (1 driving violation)||$1,875||$1,532||$1,763||$1,945||$1,779|
|40 y/o male||$1,098||$896||$1,022||$1,112||$1,065|
|45 y/o female||$865||$732||$774||$863||$840|
|55 y/o male||$697||$594||$673||$684||$652|
|55 y/o female||$558||$492||$532||$519||$509|
What are the Discounts Offered?
When I made a comparison of quotes, I wasn’t able to apply discounts.
Auto-Owners offers an assortment of discounts to help drivers save a little money on their premiums.
All of the discounts are typical ones which national companies offer.
Note: For a 55 y/o driver, the quotes clustered between $594 and $697, a $103 variance, or about 20%. Auto-Owners is the most expensive out of the five illustrated insurers. Erie, State Farm, and The Hartford are essentially offering comparable quotes. In comparison, USAA is substantially cheaper, with a low quote at $594.
Personally, I think this one of the advantages of the company.
I have found many large companies looking to insure everything for you, including your house, car, life, and other items.
If you have the ability to bundle insurance policies, you could find the price reasonable.
Some of the discounts offered are:
Multi-policy: If you combined policy packages, you would get a lower rate through all premiums.
Payment History: Pay your premium on time or early; discounts are applied.
Multi-car: Have more than one vehicle; you may pay less for each.
Student Discount: Students away at school, good grades, and monitoring can all be applied when you have a teen driver.
Paid in Full: Pay your premium for six months or a year and save 10% or more.
Life Multi-Policy: If you have life insurance and you combined with auto insurance, you possibly get a discount on both.
Others you can get:
– Paperless billing
– Green discount
– Safety feature discounts
Below is a table of the additional discounts offered by Auto-Owners and a comparison with other companies.
|Company||Good Driver||Multi-Policy||Passive Restrain||Low Mileage||Student Away Discount||Multi-Vehicle||Safety Features|
What Other Coverage is Offered?
With Auto-Owners, you will be able to protect everything from a boat, ATV, or classic vehicle.
Any life insurance coverage to include annuities, long-term care, and disability.
About anything related to business to include bonds, worker’s compensation, and loss control.
This is a huge advantage for anyone who has a lot of assets looking to save.
One of the main perks is to protect many items then bundle where you find excellent savings.
If you are looking for a company to stay with long term, Auto-Owner should be one to look into.
What States is Auto-Owners Available?
They are currently available to buy a policy in 26 states online or through their 48,000 registered agents.
They offer multiple lines of insurance, including life, home, auto, and business.
Below is a list of 26 states where you can purchase an Auto-Owner policy.
The area of the country where they dominate is North Central U.S.
Think Michigan, Wisconsin, and Minnesota.
They are very competitive in those states.
Note: For a driver with a violation, Auto-Owners appears to be slightly more competitive than drivers without a violation. They are the 4th least expensive behind State Farm. The Hartford is practically equal with Auto-Owners. Both with quotes at $2,300 and $2,322 respectfully. For four companies, there is not much of a variance, particularly for a young driver. USAA can offer substantially lower quotes.
The three states where they offer higher than average quotes are Missouri, Pennsylvania, and Virginia.
Included in the list is the average rate hike you might find year over year.
The average is from 2% to 3%, which is normal.
If you get a traffic violation, the rate hike could be 20% or more.
This is normal for all carriers.
Compared to the state average quote Auto-Owners is below 5% to near 15%.
If I would have to give you an opinion, they have about average quotes across all states in general.
The main advantage offered through Auto-Owners is the policy options, claims service, and discounts.
Customers report excellent claims satisfaction across most states where they offer protection.
|State||Percentage Rate Hike||State Average Quote||Auto-Owners Quote||Difference||Rideshare Coverage||Satisfaction Out of 5|
If I were in the market for a policy in one of the states where Auto-Owners auto insurance is offered, I would certainly get quotes.
While the prices are higher than their competitors, it appears Auto-Owners is doing this intentionally using the strategy of many national carriers.
Which is to get the customer in and try to insure everything.
Large companies, such as Auto-Owners, have a much better strategy for doing this.
They will have a long-term customer.
If you have more than one vehicle, a house, or anything else, you are the type that would find competitive rates with Auto-Owners auto coverage.
A single young driver protecting only their vehicle will find them on the side of a higher price.
If you own a home or have another policy, you could effectively get all the coverage through Auto-Owners insurance products, and the prices would be reasonable when you apply discounts.
At first, I didn’t understand why JD Powers & Associates gave the company such a high rating.
Through policy offerings, customer service, and discounts, this makes Auto-Owners, a highly competitive company.
Quadrant Information Services
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