UPDATED: Jul 22, 2020
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|Key Info||Provider Specifics|
|Current Executives||CEO - Jack Stansbury
President - Scott Tadlock
|Number of Employees||12|
|Headquarters Address||7450 Coca-Cola Dr, Hanover, Maryland 21076|
Researching the best insurance companies can be difficult, especially if you’re looking at a smaller company that doesn’t have a lot of information on its website.
We’re here to help. We’ve done the research for you and gathered it all together here for you to in this Agency Insurance Company review: what policies are offered by Agency Insurance Company, who sells these policies, the company’s financial information and consumer ratings, and any customer complaints against them. Keep reading to find out what you need to know about AIC car insurance quotes and more.
Something of a new kid on the car insurance block, Agency Insurance Company of Maryland (AIC) is a regional company that specializes in vehicle insurance. From personal auto to commercial and specialty vehicles, AIC has a full range of options and promises competitive rates.
Before you read our Agency Insurance Company review, take a moment to enter your ZIP code, and compare rates now.
AIC Rates and Quotes
AIC does not offer online quoting and instead will direct you to an agent who can provide a quote. Since the company doesn’t offer quotes online and also doesn’t write insurance in our rate test states, we’re unable to provide a rate comparison.
The company promises low rates; however, they write policies only through agents, which generally points to higher premiums than direct-buy companies. Furthermore, small regional insurers rarely come in at premium levels that can compare to the larger national companies.
We can get an idea of AIC’s rates based on mandatory reporting data from insurance companies that sell policies within Maryland. Using this information, the Maryland Insurance Administration publishes insurance company rates based on specific scenarios so that consumers can get an “apples to apples” comparison.
Many factors get incorporated into car insurance rates, so each scenario is very specific. Here’s just one example:
Specifications: Single female, age 50, not a homeowner. Drives a 2014 Hyundai Elantra 60 miles each day total for work, 20,000 miles annually. No accidents or violations in the past three years. No credit history. No companion policy discount. Policy includes: liability $100,000/$300,000/$100,000; full PIP $2,500; uninsured motorist $100,000/$300,000/$100,000; comprehensive with $250 deductible; collision with $500 deductible.Average Annual AIC Car Insurance Rates for Single 50-Year-Old Female by ZIP Code
|Maryland ZIP Code||Average Annual Rates|
As you can see, even ZIP code is a factor used in determining premium rates. This is complicated stuff, which is exactly why we like to help you out with this research.
That said, AIC does advertise low rates and budget-friendly payments, so they may well be competitive with similar companies. AIC provides financing through its sibling company, Agency Services, Inc., or ASI. AIC and ASI share a holding company, Agency Holding Company of Maryland, Inc.
ASI predates its affiliation with AIC. ASI was once an insurance premium financing company that did business in all 50 U.S. states. At one time, it had financed more than $500 million in insurance premiums. Based on a review of selected state records, ASI’s corporate status was withdrawn in 1990 in all but the states in which it currently conducts business.
One additional note is that ASI’s website provides instructions for how AIC’s agents can arrange for ASI financing of premiums related to policies through the Maryland Automobile Insurance Fund (MAIF). MAIF is a state-run insurance fund that provides car insurance to drivers who aren’t able to obtain private insurance.
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AIC Insurance Products
AIC insures all kinds of vehicles, offering a standard personal car insurance program and commercial vehicle coverage. It also covers many different specialty vehicles, such as motorcycles and off-road vehicles.
AIC Car Insurance
AIC writes standard car insurance coverage that includes all of the basics required by law, as well as common options such as comprehensive, collision, roadside assistance auto insurance, and rental reimbursement car insurance. It has a fairly good list of available discounts as well, including multi-policy, homeowners (this is a discount for owning a home, not an auto-home discount), and paid-in-full discounts.
AIC also offers the option of accident forgiveness, which is one of the most popular add-ons and is not always offered by smaller insurers. Buying accident forgiveness as part of your car insurance coverage will help to keep your premiums from increasing if you’re in an at-fault accident, so this can be an appealing option. As always, check the fine print to make sure you’re getting what you expect.
Coverage For Other Vehicles From AIC
AIC offers coverage for a long list of other types of vehicles, with coverage and availability varying by state, including:
|Privage Vehicles Covered|
In addition, AIC provides personal coverage that can include the following:
|Available Personal Coverage|
|Bodily Injury / Property Damage|
|Personal Injury Protection|
|Uninsured / Underinsured Motorists|
|Comprehensive / Collision|
|Towing and Labor|
So if you have a garage full of recreational vehicles, AIC could potentially provide you with one-stop shopping.
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AIC Commercial Auto Insurance
AIC writes commercial car insurance business coverage for vehicles that are used in various types of business activities, including:
|Commercial Vehicles Covered|
|Any Commercial Auto|
AIC policies include all of the basics of coverage as well as add-ons to suit the needs of a particular business. Among the commercial options they offer are:
|Available Commercial Insurance Coverage|
|Motor Truck Cargo|
|Coverage Limits up to $1 Million Combined Single Limits (CSL)|
|Federal Filing and MCS-90 Filings|
AIC could be a particularly convenient solution for smaller construction companies and other similar businesses.
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AIC accepts claims over the phone, by fax, and via email. Its toll-free, 24/7 claims line can be reached at the AIC toll-free phone number, 1-800-841-5241. The fax number is local-only: 410-684-3271.
The AIC claims email address is email@example.com. This is the only option for filing a claim online; there is no online claims form for direct submission to the company, and therefore there is no AIC Insurance login.
If you happen to be looking for the AIC Insurance Schools login, take note: in spite of the similarity of their names, these two companies are not related to each other.
Personal auto policy information can also be accessed via AIC’s mobile app, which you can find in the App Store or Google Play by searching for “Agency Insurance Company” or “AIC Mobile.” Once you’ve downloaded the app, you need to create an account with your email address, policy number, and ZIP code. Policyholders can then view their ID cards, make payments, access policy and agent information, and receive assistance for claims or an accident.
The company’s website does not provide further information regarding its claims process, although it most likely follows a standard procedure of assignment to an adjuster, investigation, and determination of available benefits.
The site likewise doesn’t indicate whether or not AIC offers a preferred vendor network for guaranteed repairs. Not all smaller companies offer this service, but it’s not unheard of for a multi-state regional insurer like AIC.
It would be an added benefit to see a claims information page added to the website to give customers a little more insight into the process.
AIC Insurance Reviews and Complaints
AIC (as Agency Services, Inc.) currently has a B+ rating with the Better Business Bureau (BBB). There have been 20 complaints against the company in the past three years, nine of which were closed in the past 12 months. This B+ rating is made according to the BBB’s assessment of the timeliness and relevance of AIC’s responses to these complaints and is intended to represent how AIC interacts with its customers.
Google reviews for the company seem to be either extremely favorable or extremely unfavorable, averaging out to somewhere in the middle. Comments are written by AIC agents as well as customers, so relying on the overall rating number may not be the best approach from a customer perspective.
The complaints from customers, and from those who have had an accident involving an AIC customer, fall into two main categories: poor customer service and poor claims handling. Complaints included delays in communication such as calls not returned or claims not resolved in a timely fashion, and dissatisfaction with the claims investigation outcome and AIC’s billing processes.
Looking at some recent data from the National Association of Insurance Commissioners (NAIC), an insurance oversight organization, we see an unfavorable trend in terms of the number of complaints lodged against AIC:
|Private Passenger Policies Complaint Data||2017||2018||2019|
(better or worse than National Index)
|U.S. Market Share of Complaints||0.04%||0.05%||0.15%|
Total premiums have increased for AIC through this time period as well, so perhaps the company is experiencing some growing pains that have resulted in increased customer complaints. This possibility seems to be supported by a recent Glassdoor review in which a former employee describes a growing caseload for claims adjusters with no hiring to meet the increased demand.
Subrogation is when an insurance company covers the claim for its customer but then pursues the other, at-fault driver to recover the loss. Based on Maryland court filings, this firm found that AIC has filed about 25 subrogation cases a year for the last several years, and note that this is a high number given AIC’s smaller size.
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AIC’s Financial Strength
Let’s get a little more technical and take a look at AIC’s financial health. The credit rating agency A.M. Best looks closely at the financial condition and operating performance of insurance companies and provides expert guidance regarding its findings. For AIC, A.M. Best provides the following assessment:
- Grade: B++
- Financial outlook: Stable
According to A.M. Best, a grade of B++ means that an insurance company has a good ability to meet its ongoing insurance obligations.
It’s also worth noting that A.M. Best downgraded AIC’s financial outlook from positive to stable in October 2018 due to an apparent increase in a measure that correlates with solvency.
In other words, AIC could be at some risk in the future of not making enough money to pay its bills, including insurance claims. This is something worth keeping an eye on, especially if this particular trend continues.
However, A.M. Best also noted that AIC’s other measures, such as its investment strategy and reserves, indicated adequate financial health.
What are independent agents?
Since AIC’s business model involves the use of independent agents, let’s spend a few moments talking about what that means.
An independent agent is someone who sells insurance on behalf of many different companies. They are different from captive agents, who work for only one company, or brokers, who work on your behalf to help you shop around for insurance.
The video below from an insurance agent provides some additional details on how independent agents and other insurance sales channels work:
When shopping for car insurance, it can be useful to know about the different types of insurance agents, who they work for, and how they make their money. Understanding what sales channel an insurance company has chosen to deploy can also shed some light on that company’s operations and business practices.
As a reminder — insurance laws vary by state, so also be sure to check what rules and regulations are applicable in your state.
All About Agency Insurance Company of Maryland
Agency Insurance Company (AIC) was founded in 1990 in Maryland to provide an affordable alternative for car insurance to local drivers and business owners. It has since expanded coverage to two other states, offering insurance products in Pennsylvania and Virginia. The company’s headquarters is located in Hanover, MD.
Unlike many other smaller car insurance companies, AIC writes insurance policies for a complete range of vehicles, from motorcycles to trailers. The company aims to provide cost-efficient coverage with a solid insurance program that offers multiple options and discounts.
AIC also promises low down payments and flexible payment plans, things we usually see offered by non-standard insurance companies. AIC, however, does not present itself as a non-standard insurer, at least not in any obvious way.
AIC policies are sold through independent agents across the states they serve — they do not offer online quoting or direct sales. There are more than 1,500 of these agents, so if you’re looking for an AIC insurance agency in Maryland, Pennsylvania, or Virginia, you shouldn’t have to look too far to find an AIC agent near you.
AIC Insurance: The Bottom Line
Agency Insurance Company of Maryland (AIC) is a relative newcomer to the insurance market and promises low rates — a promise we’re unable to verify due to the lack of online quoting. Although they’re not labeled as a non-standard company, they do give the impression of catering to a budget market and may appeal more to those who haven’t had much luck with bigger companies.
AIC has a few complaints, and although there’s nothing serious overall, it’s difficult to highly recommend the company due to a general lack of detailed information on its website. You may want to consider it if you’re already receiving multiple quotes from an agent who offers AIC’s products, just to do a price comparison, but it would be wise to compare quoted rates against other companies before committing to a policy.
Now that you’ve learned all about Agency Insurance Company and AIC car insurance, let us help you get the best rates. Just enter your ZIP code for free quotes.