If you're looking for a car insurance program that offers something different from the main multinational insurance companies, many smaller insurance companies are developing programs that cater to specialty drivers and auto owners. One of the most challenging sectors of car insurance is the luxury and classic car market, as these cars require insurance that guarantees a higher value and focuses more on the car as an asset than a tool for driving. Classic car collectors often find it hard to get insurance from car insurance providers and have to go to more expensive luxury-goods insurers, but this Allianz car insurance review will introduce you to an alternative.
Another area of insurance that can be challenging is travel and car rental insurance. Travelers who rent cars and businesses that provide cars for business trips can find themselves on the hook for large sums in a no-fault accident if they're not properly insured, and many top insurers don't offer coverage when you're driving a car not registered with them. Traditional car insurance is geared towards regular drivers who drive the same car every day, rather than those who switch between cars or collect them.
For those drivers, collectors, and travelers who are looking for an insurance company that cares about their interests, Allianz Car Insurance provides an alternative to traditional comprehensive policies. In this Allianz Car Insurance review from Policy Academy, you'll learn all about this alternative insurance company's offerings and how it compares to a pair of top insurance companies. Read on to discover how Allianz Car Insurance can solve your problems as a classic car owner or frequent traveler.
What Is Allianz Car Insurance?
Allianz is a German multinational financial services company based in Munich, founded in 1890, that specializes in insurance policies and asset management. It is the world's largest insurance company, but its American presence is small compared to competitors and primarily focused on the classic car and rental car markets - two areas often neglected by competitors. Globally, it offers fire, home, auto, life, and liability insurance and sets itself apart by offering policies to both general customers and those looking to insure high-end assets.
Allianz Car Insurance is one of the smaller divisions in the Allianz conglomerate, but it has a loyal following among luxury and classic car owners. It's downsized in recent years, selling many of its policies to competitor Chubb, but it is still taking on new clients with large investment portfolios. It also works with major American car rental companies to provide coverage to travelers renting a vehicle, and with companies with a large fleet of professional vehicles.
Allianz offers comprehensive coverage for specialty vehicles, focusing on classic and luxury cars and business or rental vehicles owned by large companies. Allianz has fewer clients than most car insurance providers, focusing on "big money" clients who are likely to be long-term customers. As one of the largest financial services companies in the world, their financial stability is second to none with an A++ rating from A.M. Best and an AA rating from S&P.
Allianz offers comprehensive coverage in the following areas - bodily injury liability, property damage liability, collision damage and repairs, comprehensive coverage for other expenses, travel insurance coverage, and agreed value coverage for classic cars with personal or sentimental value. It lets you choose your own repair shop, offers rental car reimbursement at nine times the rate of average auto companies, and provides coverage for the purchase of original equipment from the manufacturer.
Allianz specializes in luxury and classic cars, which means it offers higher coverage amounts than standard companies. Most companies max out coverage at 100,000/300,000, but Allianz and its associated insurer Chubb provide custom policies based on assets negotiable with customers. One of Allianz' weak points is in its discounts - it offers savings for bundling multiple vehicles into a policy, ideal for owners of business car fleets, but doesn't have the rate-reduction tools of big companies.
Allianz is a car insurance company geared towards luxury and classic car owners, and those with a large fleet of business vehicles. Its premiums are significantly higher than competitors geared towards the average driver, but its rates are comparably low to other luxury goods insurers. It also offers low-cost travel insurance policies for those who are traveling and renting a car from one of Allianz' car rental partners.
How It Compares
We picked a few similar products available on the market to see how they compare.
Allianz Car Insurance
Ease of Application
Allianz car insurance is a specialty insurer and policies are developed through one-on-one interaction with a customer service agent. Unlike top insurers like Geico, there is no online sample quote process and developing a policy will involve assessing your fleet of cars for value, mechanical health, and liabilities. Travelers who rent cars from one of Allianz' partners will be offered a coverage policy at the point of rental.
Allianz offers claim filing options through its online portal, over the phone, and through e-mail. To file a claim, either log into your account on the Allianz website, call 646-472-1481, or e-mail US claims team leader Terry Campbell at email@example.com. You should have the following information on hand - policy number, detail of the accident, information of all involved people, description and license numbers of any cars involved, any photos, and any police information.
Customers praise Allianz for its responsive customer service agents during the application and policy development phase, but had complaints about the speed of claim resolution.
Progressive is known for being one of the most accessible insurance companies, offering low-cost coverage to all drivers - including hard-to-insure clients like young drivers and those with an accident history. It offers a variety of plans for its customers, including Snapshot - a usage-based plan that is ideal for drivers in urban areas who use public transportation regularly. Its discounts are its biggest selling point, offering deals for good drivers, students who maintain good grades and take driver safety courses, and those who install safety features in their cars.
Where Progressive excels is in its appeal to families, making it easy to bundle multiple plans into one or to add a teen driver to your plan. Starting rates are among the best for drivers with an accident history, but aren't as competitive for older drivers with a clean record. Progressive has a reputation for treating all clients equally, and that's a boon for some and a detriment for others.
Ease of Application
Progressive has an online application system that lets you plug in your information and get a sample quote within minutes. From there, you apply with an online customer service agent or at an in-person Progressive office. Progressive has one of the simplest, most intuitive application processes among major insurance companies.
Claims can be filed through Progressive's website or app, over the phone, or in person at a Progressive officer. Progressive has an above-average reputation for approving claims, but claim speed can be slow due to the size of the company.
Progressive is one of the largest insurance companies in the world, and its customer service process is designed to maximize efficiency. You can expect to talk to an algorithm designed to solve the most common issues before sending you to a live agent. Customer service can be impersonal, but is overall effective.
New Jersey Manufacturing, or NJM, is one of the best insurance agencies most people have never heard of. While it delivers a combination of financial solvency, respectful customer service, and reasonable premiums, it has a more limited customer base than most with restrictions for who can sign up. NJM is a local insurance company that offers coverage for New Jersey and Pennsylvania residents who are employed by the state of New Jersey or a member organization of the New Jersey Business and Industry Association.
The company is also open to prior policyholders, spouses, or owners of vehicles or homes previously covered. As a mutual company, it returns excess profits back to its policyholders as dividends, reducing premiums further. It averages 17% lower premiums than the state average and has particularly low rates for young male drivers - one of the hardest groups to insure.
Ease of Application
NJM offers coverage through its website and through its partner organizations. You apply for coverage and verify your residency and employment, and your policy is processed. The approval process can be slower than for-profit companies.
Claims can only be filed through NJM's claims office by phone. You dial 800-232-6600, press 2 twice, and enter your policy or telephone number. To speak to a customer service representative, press five, followed by two and zero.
As a small local insurer, NJM has fewer customer service agents than competitors. It is common to encounter delays and holds when calling the office, but customers report helpful and responsive agents when they reach them.
Nationwide is a popular all-inclusive insurance company, offering comprehensive coverage for auto, home, and life insurance along with discounts for bundling these together in an insurance package. It is one of the most financially stable companies on the list, with an A+ superior rating from A.M. Best and a good reputation for paying out claims in a timely fashion. Its customer reviews are above average, with people praising its responsiveness and its many opportunities for discounts.
Nationwide offers coverage for all major accident liabilities and comes with additional features that help you save money on your premium and deductible. The SmartRide option tracks your driving behavior and sets up a discount for safe driving, while the Vanishing Deductible takes money off your deductible for every accident-free year. Accident forgiveness helps you avoid a rate increase after one accident on your policy, and the On Your Side Review gives you a free review every year to help you reduce your rates.
Ease of Application
Nationwide has one of the easiest application processes of major insurance companies, with an online estimate system that can give you a quote in minutes. You then meet with a customer service agent online or in person who will set up your policy.
Claims can be filed on the website, over the phone, or in person at a Nationwide office. The claims process gets above-average reviews, with claim approval being near-automatic but the speed of approval varying.
Nationwide is a large company and customer service can be spotty, but customers report that agents are responsive and helpful.
Allianz Car Insurance Review—The Conclusion
This Allianz Car Insurance review looked at Allianz compared to three of the nation's best and most popular insurance options. While the other options have more coverage choices and lower premiums, Allianz provides strong coverage for drivers with a large fleet of cars or valuable classic cars. Ideal for collectors or car rental businesses, Allianz wins points for its comprehensive coverage but struggles with its customer service and claim resolution speed.
If you're a regular driver, we recommend Nationwide over Allianz, but Allianz serves its audience of luxury and business car fleets effectively. We give Allianz Car Insurance 3 out of 5 stars.
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