Is GMAC a good insurance company?

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Asked November 23, 2011

1 Answer

Spun out of the General Motors Corporation in 1919, GMAC insurance provides lines of insurance for private and commercial auto coverage, homes and special coverage's such as RVs. GMAC was recently purchased and belong to the Ally Bank Corporation. The company is now part of the Ally Insurance Group.

Financial Rating
A.M. Best gives the GMAC insurance company a financial rating of B++ (stable). The company has assets of over $100 billion, and has currently underwritten premiums totaling more than $1.3 billion. GMAC is a publicly traded stock, and is available on the NYSE under the GMAC ticker symbol.

Customer Satisfaction
Overall, GMAC has received a 52% customer approval rating, with 35% reporting that have been very satisfied with the level of service provided by the company. In view of the fact that most online surveys receive more negative responses than positive ones, this is an indication the company is very well-liked by their existing customers.

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Company Availability
Ally Insurance is sold throughout the United States, its territories and more than 35 other countries around the world. They are primarily represented by independent agents and brokers at more than 14,000 locations. No matter where your life or business may take you, you are probably going to be able to find an Ally Insurance agent nearby. The good news for you is that independent agents work harder to give you the coverage you need without trying to sell you erroneous insurance. The independent broker works for you, not the insurance company.

The Bottom Line
GMAC suffered a shake up during the financial crisis of 2008 and was subsequently purchased, a move that lowered the company's financial rating to B++ from the previous A-. As one of the companies that the U.S. Congress singled out as being too big to fail, this is a good investment as well as a viable choice for personal insurance.

Answered November 23, 2011 by Anonymous

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