Amica vs. State Farm Auto Insurance
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UPDATED: Apr 1, 2019
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Amica and State Farm are two of the more well-known car insurance providers in the United States. Between the two, they cover millions of drivers with everything from minimum liability policies to the most comprehensive policies money can buy.
Both have also won numerous industry awards throughout the years.
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If you’re wondering whether one of these two insurance companies is better than the other, there’s really no concrete way to say. Car insurance is very subjective according to the needs, desires, and personalities of individual customers. But we can tell you some things about both that might help you determine which one is better for you.
According to Amica, the company was started in 1907 as the Automobile Mutual Insurance Company of America. Apparently, their original three product lines included automobile, theft, and fire insurance.
In those days, automobile insurance was still a fairly new product with very few standard practices for insurers to follow.
Companies like Amica were the forerunners who forged ahead with what would become the model for today’s auto insurance.
In 2007, the company celebrated its 100th anniversary with a stable business model and a growing customer base. In 2012, Amica can boast being the oldest car insurance provider in America. They have more than three dozen offices located around the country.
State Farm Insurance
State Farm traces its roots back to 1922 and a retired farmer and insurance salesman who thought it would be a good idea to provide car insurance for America’s farmers. It was established as a mutual company, meaning it was an insurance provider owned by policyholders rather than shareholders or individual investors.
State Farm’s “like a good neighbor” motto is one of the more popular in the insurance industry. A company that began offering only auto insurance to farmers has since grown to include nearly 100 different insurance products for both consumer and commercial purposes.
Today, State Farm is the largest auto insurer in America, covering approximately 20% of the driving population. They service millions of customers in the U.S. and Canada through their main company and their many subsidiaries.
Customer Satisfaction Surveys
Since car insurance is so subjective, one of the best ways to gauge whether or not a provider is right for you is to check out the results of customer satisfaction surveys. J.D. Power & Associates, one of America’s leading market research companies, routinely conducts such surveys every year.
For 2012, J.D. Power ranked Amica the highest in customer satisfaction in the Northeast United States Region, according to a company press release.
Based on a 1,000-point scoring system, Amica finished a full 56 points ahead of the second-place finisher, USAA. Rankings are based on customer service, policy offerings, price, and claims satisfaction.
Awards and Recognition
State Farm ranked “about average” in the 2012 J.D. Power study. However, they beat out Amica in the area of corporate social responsibility. According to Boston College Center and Reputation Institute, which puts out an annual list of America’s top 50 companies, State Farm ranked 46th in 2011. Amica didn’t make the list.
State Farm has also won numerous awards for being a great place to work, being friendly to the military and their families, and doing their part to reduce their environmental footprint.
While their awards and recognition don’t necessarily translate into a better price for you, they do suggest a company that is concerned about communities rather than just profit alone.
That’s something certainly worth considering when you’re looking for a new car insurance policy.
Another thing you want to look at when comparing State Farm and Amica is their financial stability ratings. These ratings tell you how a company is doing in terms of their current bottom line and their ability to pay out claims. They also look at the future direction of the company in order to determine how they might do in the years to come.
A.M. Best is one of the financial ratings companies most relied on for this type of information. Both Amica and State Farm are rated by them.
Other financial ratings companies you might want to check out include Moody’s, Standard & Poor’s, and Fitch.
When you look at financial stability ratings, you’re gauging the industry’s confidence that an insurance company is on solid ground. One that gets a lower rating is not necessarily in trouble, but a company with the highest rating is more likely to be around for a long time.
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Armed with the knowledge of customer satisfaction surveys, financial information, and awards, it’s easy to see that both Amica and State Farm have their strengths and weaknesses. For the individual driver, the next task is to get quotes from both and compare them side-by-side.
Because both companies are nationally known, you should be able to get quotes in any number of ways.
First, you can use an online search tool like the one on this site. These types of search tools make it easy to get car insurance quotes quickly and efficiently without having to spend hours at it.
The second method of obtaining a quote is to speak to a local, independent agent in your region who represents one, or both, of the companies. The agent is a great way to find car insurance for those drivers who don’t want to go through the headache of shopping and comparing on their own.
The only downside is that independent agents are limited in the number of companies they can represent.
The third option is to contact both companies directly and obtain quotes either over the phone or online. Though this method is the most direct, it’s also the most time-consuming if you’re going to be comparing three or more insurance quotes.
It may be that your comparison of Amica and State Farm insurance indicates that neither car insurance company is right for you. That’s fine. There are dozens of car insurance providers all across the country from which you can choose. It just means you’ll have to do a bit more shopping.
Before you do, ask yourself why neither Amica nor State Farm is suitable. Is it just the price? Is it a lack of appropriate coverage?
When you know why the two companies aren’t a good fit, you’ll know what questions to ask as you’re shopping around for a competitor.
If the stumbling block for you is just the price, consider the fact that quotes are negotiable. If you get an online or e-mail quote you’re going to have to speak to an actual representative at some point before purchasing a policy, and this is a great time to put your negotiation skills to the test.
Sometimes you can use the quote of a competitor to negotiate a better rate from another company you might prefer. Just remember that, while there is some flexibility, it’s not likely you’re going to save several hundred dollars on a six-month policy.
Most car insurance companies are not that far apart on their pricing.
Bundling Policies Together
Being that both Amica and State Farm offer more than just auto insurance, you might be able to save some money by purchasing multiple policies. This is something known as bundling.
Amica offers auto, homeowner’s, life, and umbrella insurance policies. Not all policies are available in all states, but you can always contact them to find out what they offer in your area. As for State Farm, they have a much longer list of products.
State Farm offers all of the same products listed by Amica, plus some additional ones, including renter’s and condo insurance, health insurance, disability coverage, business insurance, and more. They also offer several different investment options including annuities, mutual funds, retirement accounts, stocks, and bonds.
This one area is where State Farm seems to be stronger than Amica.
While every driver doesn’t necessarily have a need for all of the extra financial services provided by State Farm, those who do may find a very attractive package by doing everything through a single company.
Which Company to Choose
To summarize the question of Amica vs. State Farm insurance, the company that is better for you depends on your specific needs. If you’re all about customer service and satisfaction surveys, then Amica appears to be the clear choice for 2012. In terms of financial stability, both companies come out about the same.
If you’re looking for multiple financial services all under one roof, then the better choice is State Farm. The fact that they offer so many services may actually increase your customer satisfaction because they can meet so many needs for you.
Finally, you may decide after comparing both companies that neither one is right for you. Thankfully there are lots of other big-name insurance providers you can choose. No matter what you do, however, don’t drive your car without adequate insurance coverage.
States take this very seriously; you will be in trouble if you’re found driving without insurance.
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