The 10 Worst:
1. Allstate
2. UNUM
3. AIG
4. State Farm
5. CONSECO
6. Wellpoint
7. Farmers
8. United Health
9. Torchmark
10. Liberty Mutual
A report released over the Summer named the top ten “worst” insurance companies in the nation. The report, complied by the American Association for Justice, or the AAJ, named Allstate Insurance as the number one worst insurance company. The report found a practice among the insurance companies of refusing to pay just compensation on claims, employing hardball tactics against policyholder, all while rewarding its executives with extravagant salaries, raising premiums and hoarding excessive profits.
The data reviewed for the report was compiled from court documents, state insurance department investigations and complaints, SEC and FBI records, newspaper stories, and the testimony of former insurance agents and adjusters.
The AAJ found that our nations insurance industry takes in premiums of more that $1 trillion annually and has $3.8 trillion in assets. This amount surpasses the Gross Domestic Products of all countries but the United States and Japan.
Top offenders include: (1) Allstate, (2) UNUM, (3) AIG, (4) State Farm and (5) CONSECO.
I can tell you that in our experience, that there is no question that Allstate is absolutely the worst insurance company to deal with. On cases where the collision is on the mild to moderate side, they consistently offer peanuts to settle the claim and will frequently tell us that their offers are take-it-or-leave-it. Some people who have Allstate Insurance might think that because a claim in a car wreck is against the other guy’s insurance that it doesn’t matter if they have Allstate or not. The fact is, however, that if the other guy is uninsured or carries only a minimum policy of $25,000, then you very well could be making a claim against Allstate and run into similar problems as the ones the study found.
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