Is Titan Insurance a good insurance company?
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Asked September 17, 2012
Titan Insurance is a wholly owned auto insurance subsidiary of the Nationwide Insurance. This gives Titan an extraordinary amount of financial backing for a company which is limited to operations in one state. The company was originally founded in the early part of the 1990's, and through a series of strategic acquisitions became one of the largest auto insurance companies in the state of Michigan before being absorbed into the Nationwide Insurance group.
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As a subsidiary of Nationwide Insurance, Titan Insurance enjoys the same rating of the insurance conglomerate. Since A.M. Best Company does not list individual ratings for wholly owned companies, Titan is rated as A+, mirroring Nationwide's stable financial foundation. Similarly, the long-term outlook is stable, as a result of being backed by one of the largest insurers in the world.
Titan Insurance, like the parent company, puts customer satisfaction high on the list of priorities. The most common complaints against the company, as with many insurance companies is with the speed of settling claims, and can be at least partially explained by impatience on the part of policyholders who are eager for settlement. In general, the company is well-liked and has earned its place as one of Michigan's largest auto insurance companies.
Unlike many insurance companies, Titan Insurance is only licensed for business in the state of Michigan. However, because of the backing of Nationwide Insurance, interested consumers can get access to coverage throughout the United States and its territories. Titan does not sell those out of state policies, but it will automatically refer you to the appropriate parent company website.
The Bottom Line
Titan is a stable company for both consumers and potential investors. Being backed by Nationwide Insurance gives the company a financial foundation that is among the most stable in the world, and even a rash of expensive claims is not likely to create a financial crisis. As with any financial transaction, make sure to get current statistics and information before you agree to the contract, but Titan is generally considered safe and sound.
Answered September 17, 2012 by Anonymous