Are you looking for insurance coverage? Well, the United States has no shortage of those.
All sorts of firms, big or small, old or new, are offering all types of insurance services and discounts. One such firm is National General Insurance.
This firm can be considered as an institution in the car insurance department. And since they have branched out into other areas, then their presence can be sort of felt.
Is National General Insurance worth doing business with?
What is National General Insurance?
Formerly named General Motors Acceptance Corporate Insurance or GMAC for short, National General Insurance is a North Carolina-headquartered insurance company. It has been in service for decades now since its inception in 1920.
National General, although they now offer broadened insurance coverage, is still one of the largest car insurers in the US. Including their stint as GMAC, National General Insurance boasts 100 years of experience.
Since rebranding from GMAC into National General Insurance, the company has broadened its insurance offerings to include property, home, accident, and casualty coverages.
National General’s deep roots and experience in automobile insurance sets it apart from other competitors in the industry. National General Insurance offering both home and automobile coverage is a boon for those who want a one-stop insurance shop.
By The Numbers
- Their 2019 third-quarter numbers showed that their gross written premium grew by $82.6 million (representing a 6.7% increase) from their 2018 numbers in the same quarter. The gross written premiums now amount to $1,316.9 million.
- Income from service and various fees grew to $179.3 million (an increase of 11.8%).
- Stockholders’ equity of $2.56 billion and diluted book values per share of $18.16 represent growth of 15.3% and 19.1%, respectively.
- The return on equity (the amount of dollars a company generates with every single dollar of shareholders equity) was 14.5%. The ROE is a measure of profitability, and the higher the percentage, the better.
- Income was at $63.3 million in 2019 as compared to $60.5 million in 2018.
- Operating earnings as of the third quarter of 2019 was $68.2 million, a slight decrease from $70.8 million as of the same period in 2018.
- Based on 2016 direct written premiums, National Insurance placed 17 out of 25 auto insurers and boasted a 1.05% market share.
Coverage Options
National General Insurance has different coverage options for those who decide to do business with them.
Automobile Insurance
The company did not deviate away from its roots as a car insurance provider. They have a wide variety of auto insurance deals and coverage, including comprehensive, liability, general, and collision.
They also offer discounts to their policyholders. Talk to a National General Insurance agent to know more about these and to find out if you are eligible for any of them.
Some of these discounts are as follows.
- Low mileage discounts,
- Safe driver discounts,
- Multi-vehicle discounts,
- Paid in full discounts,
- Multi-policy discount,
- Anti-theft discount,
- Affinity discount,
- GM family first discounts,
- And many more.
Furthermore, the National General Motor Club is available to current National General customers. A member of the club will get added perks such as 24/7 roadside assistance, trip planning benefits, towing services, and many more.
Perks of their auto policy include:
- Guaranteed lifetime guarantee on collision repairs when through an approved Gold Medal Repair Shop, a National General Insurance-owned mechanic shop.
- A deductible waiver for those customers who are not satisfied with their claims handling (available in all states except Texas) .
- In the case of a collision or car damage, the company’s SmartValet services will pick up your damaged vehicle and give you a rental car for your use. National General will then bring your vehicle to the repair shop and will bring your newly repaired car to you while you return the rental.
This option is available to those policy owners having the rental reimbursement option within their auto policy.
Relevant: Also read how to get the cheapest car insurance rates here
Homeowner’s Insurance
National General also provides home insurance options, starting from basic policies to comprehensive coverage. Aside from standard policies, many get additional coverage to supplement the basic plan.
National General offers some great additions, such as:
- Replacement of your home in the case of a total loss
- Receipt of additional funds if you use environmentally-friendly materials to repair your home, referred to as the Green Upgrade coverage
- After your identity has been stolen (identity theft), the identity theft reimbursement can help you restore your identity.
- Increased coverage for expensive items
- Broadened coverage for several belongings
There are also reductions related to your home insurance policy, and you can lower the total insurance quote by asking about these discounts.
- Auto companion discount
- Age of home discount
- Claims-free discount
- College education discount
- Gated community discount
- Homeowners association discount
- Superior construction discount
- And many more
Renter’s Insurance
In the event of a fire, storm, or other incidents that may destroy your belongings inside a rented home, a renter insurance policy will come in handy. It is advantageous to a renter to get his own renter’s insurance and not rely on the landlord’s insurance policy.
National General has a renters insurance plan to ensure that you have protection, and your personal property is covered.
You can ask your National General insurance agent about these discounts:
- Protective devices discount
- Multi-policy discount
- Gated community discount
- College education discount
- Claims-free discount
Other Insurance Coverage
Aside from those three, National General offers many more insurance products, such as:
- Flood Insurance (through the National Flood Insurance Program)
- Condo Insurance
- RV Insurance
- Umbrella Coverage
- Earthquake Insurance
- Motorcycle Insurance
- Mexico Insurance (available for cars, motorcycles, and RVs; complies with the laws of Mexico)
- Commercial Vehicle Insurance
- Health Insurance (through VelaPoint)
- Classic Car/Car Collector Insurance
National General Insurance Ratings
Better Business Bureau
National General Insurance scored an A+ on the Better Business Bureau (BBB) ratings. The BBB rating represents the opinion of the ratings-giving body on how likely the company is interacting with its customers.
The BBB assigns ratings from A+ to F, the former being the highest and the latter being the lowest. The scores are based on a variety of factors such as type of and time in business, their business practices, complaint history, and more.
Generally, a higher BBB rating means that the bureau deems the company suitable to do business with. However, BBB does not guarantee the performance or reliability of the business.
JD Power US Auto and Home Insurance Study
JD Power, a consumer intelligence and data analytics company, is known globally as an authority in consumer experience benchmark.
In JD Power’s 2019 Auto Insurance Study – Southeast National General Insurance is a low-ranker. The company scored less than satisfactory results on ‘Overall Satisfaction,’ ‘Policy Offering,’ ‘Billing and Policy Information,’ and ‘Claims,’ while scoring average on ‘Price’ and ‘Interaction.’
The 2019 JD Home Insurance Study released quite similar results: National General ranked among the lowest, averaging to only two out of five for each category.
These National General rankings from JD suggests that other companies are delivering better value and claims processing.
AM Best Rating
AM Best is a credit-rating company headquartered in the US. AM Best and their ratings are considered to be one of the most reliable barometers of a company’s financial stability and strength.
The rating company gave National General a rating of A-, an excellent rating. This suggests that National General is financially stable, with an ability to pay the customer’s claims.
Other Reviews and Ratings
- National General scored 2.8 out of 5 stars on Google Reviews. Many users complained of issues related to billing and claims processing.
- The site ConsumerAffairs gave National General a 2.8 out of 5 score, based on 90 user reviews.
- Clearsurance, an insurance marketplace, rates National General 2.6 out of 5 based on 364 user reviews.
- Yelp, based on 67 user reviews, gave National General a score of 1.5 out of 5.
- BirdEye, a site that gathers reviews and manages customer feedback, scores National General 4.8 out of 5, based on 6,351 user reviews.
Pros and Cons Of National General
National General has its advantages that set them apart from other companies, as well as disadvantages that may detract you from transacting with them. Here are some of the pros and cons of doing business with National General Insurance.
Pros
- Specializes in “high-risk” drivers
National General specializes in “high-risk” drivers. High-risk drivers are not necessarily bad drivers but are a subset of them who cannot get standard auto insurance from major companies.
Examples of “high-risk” drivers are those with DUI convictions, newly licensed, the elderly, or have poor credit ratings.
The company offers rates for first-time DUI violators cheaper than many insurance companies, provided they complete a therapy program on substance abuse and safe driving.
- Lots of discounts
National General offers a whole host of discounts for their different policyholders, depending on their status or other merits. Due to this, you can slash off a decent chunk off of your insurance costs, provided you are eligible to take them.
- SR-22 Form Availability
An SR-22 form is required to prove that a driver is covered by insurance after being involved in a DUI incident, or any other serious violation of traffic rules. Many states need an SR-22, while Virginia and Florida drivers may need a similar form, called an FR-44.
The FR-44 shows that they are covered for more than the minimum required car insurance of the state.
- Emergency costs allowance
While waiting for the reimbursement of a claim, National General Insurance can cover food, travel, and lodging. This allows you not to get stranded while you wait for your money.
- Waiving of Deductible
National General Insurance will waive a part of your insurance deductible (up to $250) once you are not satisfied with the claims services and processing. Note, however, that this benefit is not available in all states.
- SmartValet
The SmartValet offering of National General Insurance will let you receive a rental car in the event of an accident. Your vehicle will be delivered to you after it is repaired, and National General Insurance will return the rental for you.
This benefit screams convenience, and if you want that, then National General Insurance is probably right for you.
- 24/7 Availability
National General Insurance, with its 24/7 claims services availability, makes filing a claim easier and more accessible, no matter when the accident occurred.
- Other benefits
National General Insurance offers more perks, such as a lifetime guarantee on auto repairs made through its Gold Medal shops and the Motor Club.
Cons
- A large number of complaints
According to the National Association of Insurance Commissioners, there were far more complaints reported than the number they expected, given the size of the company.
- Below-average customer service reviews
National General Insurance received a lot of negative reviews online, mostly because of their unsatisfactory customer service.
JD Power seems to share this sentiment, as they consistently rated the company below average in the customer satisfaction department.
The reviews seem to imply that these customer satisfaction complaints may outweigh the benefits the company affords.
- No mobile app
This is especially significant for some, particularly for people mainly on-the-go and who have no time to drop by the office. Managing your policy straight from your phone is convenient and easy.
In this era, where a mobile device is everywhere, not having an app can be detrimental and can turn your potential customers away.
Frequently Asked Questions
How can I get a National General Insurance Quote?
To get a quote, you can call their quote line, fill out an online form, go to their office in person and inquire for quotes, or contact an agent.
You will need to give information about your vehicle year and make, the other drivers of the car, and more details they will need regarding car insurance. Information on the value of your home, its age, and other relevant details are required for home insurance.
The auto insurance line is 1-800-462-2123, while the home insurance line is 1-888-745-2507.
How can I file a claim?
File a claim using the National General Insurance 24/7 claims chat line found here, or call the claims line at 1-800-325-1088.
How long do claims processing take?
The process depends on the situation, but when the details are correct and complete, then the process can be finished in as little as 24 hours.
Does the insurance cover all my belongings?
The insurance will cover up to a dollar amount, and no more beyond that. However, you can purchase supplemental or additional coverage to insure the remaining amount.
Wrapping up!
National General Insurance is one of the longest-standing companies in the US, delivering value through their insurance offerings. In the past, they focused on auto insurance, but have, through the years, branched out into other areas.
National General Insurance claims are pricier than some other companies, but they make up for it with a slew of discounts. If you value this and other features such as waiver of a part of the deductive and the SmartValet option, then they are a great choice.
However, if you value excellent customer service, then National General may not be for you. They have received numerous complaints regarding less than average customer satisfaction, and it is enough to detract some potential customers.
Overall, National General Insurance is not for everyone.
Yes, they have cool perks, and the discounts are nice. But when you weigh them against their reputation for not being able to deliver good service, then it might not be worth it, especially considering that the prices are quite higher.
I would give National General Insurance a 6 out of 10 ratings. A serviceable insurance company you could work with but could be so much better.
And that concludes the review of National General Insurance. How was your experience with National General?
Drop your thoughts on the comments section below.
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