Market Report from ValChoice Highlights How Publicly Traded Auto Insurance Companies Cost Consumers $18.9 Billion by Overcharging and Underpaying Claims

Jan 26, 2016, 08:00 ET from ValChoice

BEDFORD, N.H., Jan. 26, 2016 /PRNewswire/ -- ValChoice®, the only analytics company for consumers of insurance, today announced a new market analysis report that shows how publicly traded auto insurance companies, who are pressured to deliver profits to their shareholders, have cost consumers $18.9 billion by overcharging and underpaying claims.  Click here to access the full report and click here to access an infographic.

"Our analysis shows a clear economic conflict between policyholders and shareholders of publicly traded insurance companies, creating a shift from protecting consumers to increasing profits," said Dan Karr, CEO of ValChoice. "This type of information is critical for consumers to know in order to ensure they make good choices when selecting auto insurance to protect themselves and their families."

In addition to market analysis, ValChoice also offers a ranking service that enables consumers to know which insurance companies are good and offer the best value and which companies will likely not protect them.  Click here for a free report on your auto insurance company.

Overview of Report

The ValChoice market report analyzes the U.S. private passenger auto insurance industry to determine whether the economic conflict between insurance company policy holders and shareholders results in higher prices and/or lower claims payments compared to private companies. The study was undertaken to provide consumers with better information on how to best protect themselves with insurance. The analysis was performed for the five-year period from 2010 to 2014. Over the five-year period, this conflict cost auto insurance policyholders $18.9 billion in increased auto insurance, $12.4 billion in unpaid claims or some combination of the two.

About ValChoice

ValChoice® is the only company to provide consumers, agents and advisors with information on which home and auto insurance companies offer the best value: price, protection and service.  The company's analytics platform collects and analyzes over 1.5 million financial and complaint data points and delivers the results in an easy-to-use service that Forbes Magazine describe as "Carfax for insurance." Using ValChoice, consumers are finally able to shop for insurance based on value rather than making decisions blindly based on price or advertising campaigns.

Copyright 2016. All rights reserved. ValChoice and the ValChoice logo are registered trademarks of ValChoice, LLC.

 

SOURCE ValChoice



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