The Hartford Car Insurance Company Review
The Hartford Car Insurance Company is part of The Hartford Financial Services Group, Inc., which provides multiple lines of insurance and financial management services such as investments. The company started out in 1810 as The Hartford Fire Insurance Company. Historical customers have been Yale University, Confederate General Robert E. Lee, President Abraham Lincoln, frontiersman “Buffalo Bill” Cody, Babe Ruth, and President Dwight D. Eisenhower.
Today, the company is a global provider of financial services and insurance. They offer insurance in every state in the U.S. Their corporate headquarters are located in Hartford, Connecticut, and their auto insurance division, under The Hartford Fire and Casualty Group, is headquartered in Lexington, Kentucky.
Auto Insurance Coverage from The Hartford
The Hartford offers many different auto insurance options. They offer bodily injury and property damage liability, uninsured/underinsured coverage, no-fault personal injury protection (PIP), collision, comprehensive and accident costs such as towing and rental car reimbursement. They also have specialty collector car insurance for antique and classic vehicles.
Drivers can also benefit from special features The Hartford company offers. For instance, The Hartford will not refuse to renew a policy based on traffic violation convictions or accidents. This policy stands as long as convictions are not related to driving under the influence of drugs or alcohol, an operator’s license is valid and as long as a driver can prove through a doctor’s certification that he or she is medically fit to drive.
Another feature, called RecoverCare, acts like extended accident insurance. If a policyholder suffers an accident that includes a serious injury, The Hartford will pay for assistance with daily chores such as cooking, cleaning, and shopping.
The company also offers upgraded features through its Advantage Plus Package. Benefits that can be found in the package include First Accident Forgiveness, where a driver’s first accident won’t cause rates to go up; again, this is true as long as the accident was not a result of driving while impaired.
Furthermore, there are many upgrades concerning a policy’s deductible. For example, The Hartford will waive a policyholder’s deductible if an accident was the other driver’s fault, they will reduce the deductible by $150 if a policyholder remains accident free. In addition, they will waive $100 of the deductible if a policyholder chooses an approved auto body shop for accident repairs.
Market Shares and Financial Information
The Hartford Financial Services Group Inc. claimed $1.9 billion in core earnings for 2010, according to the 2011 letter to its shareholders. The National Association of Insurance Commissioners (NAIC) listed the Hartford’s Property and Casualty division as the 11th largest in the county for 2011. The company was listed has having over 10 billion direct premiums written, earning the company 2.13% of the U.S. insurance market.
The Hartford also ranked within the top 25 providers of private auto insurance, according to the report by the NAIC. The company had over 2 billion direct auto premiums written in 2011. That amounted to a 1.39% share of the U.S. private auto insurance market. The company was also in the top 25 providers of commercial auto insurance, workers’ compensation insurance, homeowner’s insurance and other liability insurance
Commercial and Advertising
The Hartford is recognized by its Stag logo. It is a depiction of a large buck with a trophy-size rack of antlers. The company maintains that the oldest surviving depiction of the Stag logo is on paperwork for the policy issued to President Abraham Lincoln.
Later Stag logos were inspired by the Sir Edwin Landseer painting, “Monarch of the Glen.” The stag was depicted as standing near a stream to represent the company’s name, Hartford. A male deer or hart is standing in, or fording the stream. The background stream has disappeared over the years, but the Stag remains as the company’s logo. The current artistry resembles an engraving, and the company chose a burgundy monotone to denote fiscal strength and endurance.
The Hartford Ratings and Awards
The Hartford has high financial ratings from many industry-rating agencies. The company’s auto and property insurance division was rated as an A or Excellent by A.M. Best, an A+ by Fitch ratings, an A2 by Moody’s and at an A or Strong rating by Standard & Poor’s. These high ratings indicate that The Hartford has little risk of default and will be able to honor its financial commitments in the future.
For 3 consecutive years, The Hartford was named among the World’s Most Ethical Companies by Ethisphere, a think-tank institute and magazine that is dedicated to promoting best practices in business such as accountability and corporate responsibility. Ethisphere maintains that principled business results in profit, and they award the annual designation to those companies that exemplify ethical practices in methods and procedures.
Customer ratings from the 2011 J.D. Power and Associates National Auto Insurance Study ranked The Hartford as Average. The company received a three out of five rating for each of the four categories surveyed: billing, communication, options and pricing. J.D. Power and Associates’ Power Circle Ratings are a result of surveys with actual customers.