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Bankrate Auto Insurance Scores Methodology

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

Updated Mar 19, 2024

Overall Bankrate Score for auto insurance

Our 2024 Bankrate Score for auto insurance considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%

Cost & ratings score

To determine how well auto insurance companies satisfy these priorities, quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the National Association of Insurance Commissioners (NAIC), were analyzed.

J.D. Power is a consumer data and analytics company that conducts several annual studies across various industries, including the annual U.S. Auto Claims Satisfaction Study, Auto Insurance Study, Insurance Digital Experience Study and more.

AM Best is the largest and oldest credit agency in the world, and it specializes in the insurance industry. An AM Best rating is a letter grade based on the carrier’s historical ability to pay out claims, the amount of debt a carrier holds and other financial obligations.

Demotech, Inc. is a financial analysis firm that provides objective and independent Financial Stability Ratings® (FSRs) for property & casualty insurance companies, life & health insurance companies and title underwriters, among others.

The NAIC is composed of insurance commissioners and its role is to standardize insurance agencies and their practices in the United States. The NAIC Complaint Index keeps track of customer complaints it receives about insurance companies, converting these complaints into a complaint index score. 

Coverage & savings score

We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.

Support Score

To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from Standard & Poor's (S&P) and Moody’s and factored a company’s corporate sustainability efforts.

S&P is primarily a credit rating agency that produces regular reports on the debt carried by private and public companies, countries and regional governments. S&P’s long-term issuer credit ratings are represented as letter grades — AAA is the highest and D is the lowest. 

Moody’s is a bond credit rating business with global long-term and short-term rating scales. Ratings focus on the relative credit risks of financial obligations issued by financial institutions, public sector entities and more.