Commerce Car Insurance Company Review
Commerce Insurance is a localized provider of personal insurance products focusing on the New England markets of Massachusetts and New Hampshire. In addition to automobile insurance, Commerce offers insurance products for homeowners, earthquake and flood protection, and business insurance.
Commerce Insurance is a subsidiary of MAPFRE USA Corporation, a global insurance provider headquartered in Spain. The MAPFRE group of companies acquired Commerce in 2008. MAPFRE has a presence in the insurance market in over 45 countries, making it a strong and financially stable parent company of Commerce Insurance.
About Commerce Car Insurance Company
Commerce Insurance was founded in Massachusetts in 1972. The company was started with the goal of providing independent insurance agents with a partner company that focused on giving the best service and solutions to their customer’s insurance needs.
Over the 40 years that it has been in business, Commerce Insurance has grown rapidly in the Massachusetts market. Currently, the company has more than 1,800 employees in its Massachusetts home office. It is estimated that they underwrite about $1.6 billion in premium.
Although Commerce is limited geographically in the markets it serves, the company still has a very large customer base. In 2010, A.M. Best rated Commerce as the 18th largest personal automobile insurance group.
Commerce operates primarily in New England, but the company also has several affiliated insurers in other U.S. markets. In 1995, Commerce acquired Western Pioneer Insurance Company, giving it a presence in California. The division was renamed Commerce West.
The company also has personal automobile and property insurance operations located in Ohio and New York through affiliated and acquired companies. These companies do business under separate names from Commerce Insurance.
Commerce Car Insurance Features and Benefits
Commerce offers a range of automobile insurance solutions to customers in the Massachusetts and New Hampshire markets. The company writes policies for new drivers and college students, family use automobiles, and individual auto owners.
In addition to its range of consumer car insurance options, Commerce Insurance also provides insurance for business and fleet vehicles. The company is also popular for its AAA discount policies, which can help drivers save on their insurance policy if they have a membership with the American Automobile Association. Commerce offers a 15% discount off a driver’s policy premium if he or she is a member of AAA.
Commerce Car Insurance Facts and Stats
While Commerce Insurance operates in a relatively small geographic area, the company has a deep presence within its main market. Currently, they are responsible for the insurance of an estimated one out of every four vehicles registered in Massachusetts. With over $1.6 billion in premiums written every year, Commerce Insurance is a well-established company in its market.
Commerce Insurance’s parent company, MAPFRE, has annual revenue of over 17,700 million Euros. Besides being very large, the company is also stable and profitable, making Commerce a financially sound organization. In fact, MAPFRE currently holds an A rating from A.M. Best for financial stability. This may give Commerce customers peace of mind that their insurer is financially solid.
Commerce Car Insurance Reviews
Commerce Insurance has been rated both by independent consumer review agencies, such as J.D. Power and Associates, and by individual consumers sharing their experiences with the company. Overall, the company has received fair to solid reviews in many areas.
In 2011, J.D. Power and Associates gave Commerce Insurance a two star rating across the board. Commerce was rated with two stars in the categories of billing and payment, contacting the insurer, policy offerings, pricing, and overall satisfaction. This rating denotes Commerce Insurance as a middle of the pack insurer.
In contrast, the best-rated insurers received four stars in every category from J.D. Power and Associates. Insurance companies that received higher ratings than Commerce include Amica, USAA, and Auto Owner’s Insurance.
Reviews provided by individual customers may shed some more light on why Commerce Insurance’s ratings from J.D. Powers and Associates were not higher. Overall, the complaints about Commerce Insurance have focused on difficulty of claims processing and poor customer service. Some customers felt that it took too long to settle their claims or that the company was not fair with the settlement.
Many of the positive customer reviews for Commerce Insurance focus on the company’s selection of insurance products, pricing, and discounts. Commerce is generally regarded to be a lower cost insurance provider than many of its competitors. In addition, many consumers were happy with the discount that they received for being AAA members.
For customers in Massachusetts and New Hampshire who are looking for an affordable automobile insurance policy, this company may be a good option to investigate. Commerce Insurance may be especially interesting to those drivers who have an AAA membership and would like to take advantage of the associated discount offered by Commerce Insurance.