JD Power & Associates Insurance Company Ratings
JD Power & Associates is a consumer rating company that provides product, service, and overall company ratings in fields ranging from automobiles to travel. Since JD Power insurance company ratings come directly from people who use or purchase the products, you are able to gain a better understanding of how a certain insurance company performs based on the level of their rating.
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UPDATED: Jul 16, 2021
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Founded in 1968 by James David Power, JD Power & Associates is a consumer ratings company which provides product, service, and overall company ratings in fields ranging from automobiles to travel. Rather than performing independent surveys, JD Power and
Associates accumulate consumer behavior, consumer insights, reviews, and ratings, organized into facets describing the rating. They rely heavily on customer experience with the companies. For example, the JD Power and Associates page for insurance company ratings provides 4 categories or ratings, plus a fifth category for the overall score:
- Policy Offerings – How consumers felt about the range of options, and types of policies available from that insurance company
- Pricing – Provides an average overview of how consumers reacted to the price of products offered through that company.
- Billing and Payment – Rates the accuracy, timeliness, and efficiency of billing and claim settlements.
- Contacting the Insurer – Rates each company on how accessible customer service is, and how helpful the company behaves towards customers with questions or problems concerning their policies.
Why Consumer Ratings Matter
The concept of categorized and collected consumer ratings is that potential buyers can get an average opinion of possible insurers. Since J.D. Power’s insurance rankings come directly from people who use or purchase the products being rated, you are able to gain a better understanding of how the company can be expected to perform. The alternative rating system would be evaluated by the rating company, an indicator that provides statistical ratings, but not actual customer viewpoints.
JD Power has rankings on companies in the health insurance, auto insurance, cellphone providers, automotive providers, computer manufacturers, etc. Essentially, the average customer can find almost any rating they need.
JD Power and Associates Insurance Company Ratings Scale
The JD Power and Associates rating scale is designed to be easy to understand. Instead of having to decipher a letter grade like with AM Best Ratings, you are presented with a scale of 1 to 5 stars, with 5 being superior and 1 being inferior. For example, an overall rating of 3 would be an average score, while an overall rating of 1 would be cause for further investigation before purchasing from that company.
Available Consumer Ratings Categories
J.D. Power insurance company ratings are only one of many categories that are reviewed. While the company is probably best known for its automobile ratings, it is also a key research tool for other products, travel destinations and accommodations, and insurance and financial institutions. Here is a list of the major industries rating fields:
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!