Ameriprise is not just an insurance company, it’s also a leading financial planning enterprise in the US. It was once a part of American Express, but now it’s independent—although it is well known for its partnership with Costco. Though headquartered in Minneapolis, Minnesota, the company has the biggest presence in California’s car insurance market.
To determine the quality of the company’s auto insurance, we checked Ameriprise insurance reviews from experts and customers alike. On top of that, we studied the leading rankings in customer service and financial stability. We also took a peek at Ameriprise’s website to see which discounts and optional coverages the company offers. Read on to see how Ameriprise scores compared to the best car insurance companies in the US.
Ameriprise Insurance – Product Overview
Ameriprise is available in 32 states, with the most significant presence in California. The company tries to present itself as a “customers-first” enterprise, which its ratings in consumer satisfaction wholly confirm. It’s also an affordable insurer, offering the same services all the big competitors offer, plus some unique twists.
Ameriprise and Costco Partnership
Ameriprise insurance and Costco operate together. Costco serves as a seller of car insurance to the members of its buyers’ club, while Ameriprise underwrites those policies. Customers getting auto insurance through Costco can qualify for additional discounts on Ameriprise’s already affordable prices. On top of that, they can receive some handy benefits, such as free roadside assistance and home lockout help.
Six-Year Driving History Check
This feature may not come as great news to some customers. While most companies check your five-year driving history, Ameriprise or Costco insurance will look into your six-year driving record when issuing a quote. If you had a violation in that particular year, it’s wiser to choose a company that only does five-year check-ups.
Website and Mobile App
Ameriprise’s online tools are capable but not the finest in the market. For instance, the mobile app holds an average rating of 3 out of 5 stars in the Google Play Store and 3.2 out of 5 stars in the App Store. Its website seems a little bit more polished. You can use your Ameriprise insurance login to report a claim, pay bills, or get a quote. Nonetheless, a quote will often have to be finalized through an agent.
Because Ameriprise offers financial services too, some of the most significant benefits come from using Ameriprise Financial together with the company’s auto insurance.
Signature Feature – Lifetime Renewability
One such perk is the Lifetime Renewability of your car insurance policy. As long as you meet specific conditions, the Ameriprise insurance company won’t cancel your policy. It doesn’t matter how many violations you pile up. Nonetheless, this does not pertain to severe transgressions or a failure to pay the premium. Also, you should note that this doesn’t keep Ameriprise from raising your rate. Finally, this feature is limited to Ameriprise Financial clients, and it is not available in all US states.
The Ameriprise insurance rating from A. M. Best is “A” or “Excellent.” This is the third-best rating this agency awards.
The slightly lower score doesn’t come as a surprise given that Ameriprise is not as big as some competitors, like Geico or State Farm. Still, an ordinary customer has nothing to worry about. The company is capable of paying claims. And its excellent scores in customer service only confirm that Ameriprise is willing to help you in your time of need.
Types of Available Insurance
You can buy all six standard types of car insurance from Ameriprise. These include liability, comprehensive, collision, MedPay, PIP, and uninsured/underinsured motorist coverage. On top of that, Ameriprise auto insurance offers all the common optional coverages, together with some unique protection plans.
This coverage pays the difference between the actual cash value of your car and the amount that’s left on your loan if the car was totaled. With Ameriprise, GAP will cover up to 120% of the value of your totaled vehicle. It also includes new car replacement within the first year of ownership. This means you will get a brand new car that’s the same make and model.
If your car breaks down, this coverage comes to the rescue. It’s an inexpensive add-on that provides services such as towing, fuel and oil delivery, battery jump starts, and locksmith assistance. If you need help, you can call the Ameriprise insurance phone number, which is 888-742-4572. The line operates 24/7.
Rental Car Reimbursement
While you’re waiting for your vehicle to get repaired after a covered accident, Ameriprise will provide you with a rental car to get around. This coverage is not as cheap as roadside assistance, but it’s equally useful. Keep in mind that it has a daily limit, plus a maximum amount of time you can use it for.
A cracked windshield is among the most common types of damage to your car. If it can be repaired instead of replaced, Ameriprise will wave your deductible. Ameriprise insurance reviews highlight that this coverage comes at no additional cost, which is music to our ears.
New Car Replacement
You can even purchase this option separate from GAP coverage. If you total your car within the first year of ownership or the first 15,000 miles, Ameriprise will get you a brand new car that’s the same make and model. The maximum payout equals 110% of the suggested retail price.
Unlike most other US insurers, Ameriprise provides this coverage for free. As Ameriprise auto insurance reviews note, not many companies are this generous. If you’ve had your Ameriprise policy for more than three years, your first at-fault accident will not increase your premium.
Stolen Key Coverage
Nowadays, car keys are expensive and sophisticated devices, and we can expect that the future of cars will bring even more elaborate designs. With Ameriprise, you won’t have to worry about stolen keys. Ameriprise insurance claims their comprehensive coverage includes replacing stolen keys and locks for up to $250 without any deductible.
Accident Travel Expenses
If an accident happens while you’re on vacation, there is no need to worry. This coverage will pay for travel and accommodation expenses if your car was damaged at least 100 miles away from your residence.
Ratings for the Ameriprise insurance customer service are quite ambiguous. In the 2019 J.D. Power regional rankings, the company holds the third place in the California region, easily beating the established insurers like Geico, Allstate, and State Farm. Due to its small size, Ameriprise doesn’t appear in any other J.D. Power rankings.
On the other hand, Ameriprise’s NAIC ratio is 1.32. This result is way below the average for a company of its size. For instance, insurers like Travelers, Allstate, and Progressive get 0.4, 0.48, and 0.75, respectively. The lower the ratio, the fewer complaints the company gets.
Ameriprise insurance reviews from its customers are somewhat better than the competition, although they are also remarkably bad. The company holds 1.5 stars on Yelp and 2.5 stars on ConsumerAffairs. Believe it or not, these numbers are a good sign given how overwhelmingly negative reviews on these sites typically are. They indicate a higher number of satisfied customers.
Overall, we tend to give more authority to J.D. Power’s ratings compared to the NAIC ratio, meaning we believe Ameriprise has excellent customer service.
When you’re getting an Ameriprise insurance auto quote, there are many different discounts to choose from. Most of them are standard for the auto insurance industry. Nonetheless, there are some unique offers designed to entice customers.
If you’re a reliable driver, with a pristine driving record, you can expect to pay a lower car insurance premium.
Vehicle Safety Features
Don’t miss selecting this discount when getting a quote, since it’s among the easiest to get. If your vehicle has safety measures such as anti-lock brakes, air bags, automatic seatbelts, or anti-theft devices, your rates will be lower.
You can get a discount on Ameriprise Auto & Home insurance by bundling policies together. The more policies you get from Ameriprise, the higher the discount will be. Even if you’re using Ameriprise’s financial services or you’re a member of Costco, you can anticipate lower auto insurance prices.
Good Student Discount
This is a great remedy for the high rates that younger drivers usually encounter. Full-time students aged 25 or younger, who maintain a GPA of “B” (3.0) or better, can qualify for a significant reduction in their car insurance premium.
As Ameriprise car insurance reviews note, not many companies offer this discount. If you keep your car overnight in a safe garage, you may get a lower premium. Availability of this discount is limited.
Similar to bundling, this option warrants lower premiums for those who are insuring additional cars, motorbikes, trucks, RVs, or vans with Ameriprise.
Whether you have Ameriprise home insurance or its auto coverage, if you’re a loyal customer, you will pay less. To qualify, you need to have been with the company for at least three years.
This is a fantastic alternative to Accident Forgiveness in states where that option is unavailable. Ameriprise progressively reduces the surcharge to your premium for an at-fault accident until it completely vanishes after three years.
This is a terrific opportunity for senior drivers to refresh their knowledge and get a discount on Ameriprise car insurance. To obtain it, they need to complete a DMV accredited defensive course and provide a certificate.
This is another option that’s not so common in the industry. To get this discount, you or another named policyholder has to have at least four years of post-high-school education.
Student Away at School
This is a prudent way for younger drivers to save. If a student listed on the policy is attending a school more than 100 miles from the place where the vehicle is garaged, a discount is available. Obviously, the discount is not available if the student keeps the car at school.
About Insurance Rates
To verify the rates that the company offers, we got an Ameriprise auto insurance quote in Los Angeles, California. We included full coverage limits. Overall, Ameriprise offers reasonable rates. Older and more experienced drivers, in particular, can expect low prices. On the other hand, younger or high-risk drivers will have to shell out more for their Ameriprise policy. They may want to consider Progressive, Wawanesa, and Geico if budget prices are their priority.
Ameriprise Insurance Compared to Its Top Competitors
GEICO vs. Ameriprise
This is a tough choice because every company has its unique advantages. Geico is a more affordable insurer with a financial strength that’s second to none. It also has a superior website and mobile app.
Ameriprise, on the other hand, has a considerably better score in customer service. Furthermore, its rates are still affordable, although not as cheap as Geico’s. Given these results, we would get quotes from both companies when looking for our next auto insurance.
Ameriprise vs. Allstate
Ameriprise insurance is a more affordable option than Allstate for all age demographics. On top of that, it scores significantly better in the customer satisfaction category.
Nonetheless, Allstate offers more interesting optional coverages and a variety of useful features. Its Claims Satisfaction Guarantee stands out the most. It warrants that you will be reimbursed with up to six months of your premium if you are unhappy with the way Allstate handled your claim.
For this Ameriprise insurance review, we would recommend Ameriprise to buyers looking for everyday auto insurance, while we would suggest Allstate to those willing to pay more for extra options.
Ameriprise vs. Progressive
Progressive is a more affordable option, costing around $88 less monthly. The difference is particularly striking for younger or high-risk drivers. After all, Progressive is a company with a tradition of taking on the drivers that other companies consider too dangerous. It also has better financial strength and a lower NAIC ratio, indicating it gets fewer complaints than Ameriprise auto insurance. Furthermore, it has an excellent quote system and mobile tools.
One thing Progressive cannot match is Ameriprise’s score in J.D. Power’s rankings in customer satisfaction. While Ameriprise has the four stars in the California region, Progressive has only three.
This means that we would recommend Ameriprise to those drivers who are willing to pay a little bit more for reliable customer service. Still, we would get a quote from both companies.
If you live in California, Wawanesa is the number one alternative to Ameriprise car insurance. It scores almost as well in customer satisfaction, and it offers more affordable premiums. That’s why we named it the best auto insurer in our California guide. If you aren’t a Californian but still want first-rate customer service, Erie, Auto-Owners, and Amica are top options for reliable customer service per our reviews.
You should give Geico a chance too, regardless of your zip code. Its customer service ranks lower than what you’ve seen here in our Ameriprise insurance review, but Geico has more affordable prices and better financial strength. If that’s what you’re looking for, Progressive also deserves your attention. And if you want excellent online tools, give Esurance a chance. The company specializes in younger demographics who prefer to handle everything online.
Finally, if you’re a US army member or a close relative, it’s hard to look past USAA. It offers all that you could ask for, including first-rate customer service and cheap premiums.
Our Expert Verdict
Ameriprise insurance is undoubtedly an appealing option. It offers reasonable prices and top-of-the-line customer service. It’s especially worth checking out if you use the company’s financial services, since you can then qualify for Lifetime Renewability.
However, Ameriprise is quite expensive for drivers without a pristine record, as well as for younger demographics. That’s why we cannot give a universal recommendation to this company. Nevertheless, more experienced drivers should definitely check Ameriprise. They might be in for a treat.
Frequently Asked Questions
1. Is Ameriprise a good car insurance company?
Yes, particularly for more experienced and safer drivers. Ameriprise car insurance has excellent customer service scores, affordable premiums, and a decent variety of optional coverages. However, younger or high-risk drivers will have to pay more compared to other insurers.
2. Does Ameriprise have accident forgiveness?
Yes. On top of that, Ameriprise offers this option for free, while many insurers charge extra for this coverage. If you’ve had your car insurance policy with Ameriprise for three years or more, your first at-fault accident will not increase your premium.
3. Does Ameriprise offer GAP coverage?
Yes, you can add this coverage to your Ameriprise auto insurance policy. Their GAP payment cannot exceed 20% of the actual cash value of your totaled vehicle. For example, if you total a car worth $10,000, you will get $10,000 from your regular insurance, plus $2,000 from this coverage, minus any deductible that applies.
4. What affects my auto insurance cost?
The following factors have the most significant influence on the final price:
– The Car You Drive
Your vehicle choice has a great impact on your premium. Luxury cars, such as BMWs or Acuras, cost more to repair or replace. And high-performance vehicles are faster and more likely to be involved in an accident. On the other hand, cars with advanced safety features, an anti-theft system, or a green engine are less expensive to insure.
– Your Profile
When you’re filling out an Ameriprise insurance quote, you’ll need to provide your age, gender, and driving experience. These factors have a substantial influence on the price you’ll get. That’s because young drivers are up to nine times more likely to cause an accident. Furthermore, most car accident statistics show that males cause car crashes at a marginally higher rate. To protect their profits, insurance companies have to adjust their prices accordingly.
– Your Driving Habits
Your history and your plans for the future are among the critical factors that determine how much risk you carry. That’s why Ameriprise insurance reviews your driving record and the intended use of your car before the company will issue you a quote. If you cover a lot of miles annually and frequently drive through traffic jams, you should expect to pay more. Additionally, if you had previous violations or citations, or you need SR22, your rates will go through the roof.
5. Who owns Ameriprise?
Ameriprise Auto and Home Insurance relies on Investors Syndicate Development Corp Insurance Company and Ameriprise Insurance Company to underwrite its policies. Both are wholly owned subsidiaries of Ameriprise Financial, Inc.