The best OSAGO insurance company: list, features and reviews

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The problem of choosing an insurance company is faced by both beginners and people who in the past had a negative experience when buying a policy. Most often this is due to unreasonable expectation of payments. Therefore, it is important to know how to choose the right company. It is important to understand how to take into account not only subjective factors, but also real financial indicators. For more information on how to determine which insurance company is best for OSAGO and any other type of insurance, read on.

Problem

Annually, 42 million car owners purchase an OSAGO policy and another 5 million buy a CASCO policy. After changes were made to the legislation in 2014, customers only apply to their insurer for damages. The amount of the payout depends on the policy of the company. How to understand which insurance company is better to apply for OSAGO?

Finding Information

A good OSAGO insurance company is a reliable company that can quickly fulfill its obligations. Even the most unfavorable insurer must be able to pay out and not go bankrupt.

The complexity of choice is exacerbated by the number of companies operating on the market. How to choose from hundreds of organizations which insurance company is best for OSAGO? You can, of course, conduct your own analysis of open information posted on official websites, forums, blogs and social networks. It will not be superfluous to get the opinion of former clients of the company. Do not forget about the annual ratings of insurers.

Information gathering

If we are talking about a small or little-known company, then the first thing to do is to check if it has a license to operate. Only companies with the appropriate license can provide insurance services. In Russia, there are more than 400 of these, and each of them has dozens of agents. The register of insurers is presented on the website of the Bank of Russia in the financial market section. It is better not to contact insurers registered in the territory of another country. Organizations that have been on the market for more than 10 years deserve more trust.

Payouts

The spread of damages is smaller today than it was before. All organizations, when calculating the cost of repairs, must apply the methodology approved by the Bank of Russia. Differences can only be in terms of payments. This is how the situation looksin theory. In practice, in 2014, insurers collected 150 billion rubles, and transferred only 90.3 billion to the victims, despite the fact that, according to the law, 77% of the collected funds should be paid to the victims. The explanation is simple. Firstly, in 2014 there was still no single methodology for determining the cost of repairs. Secondly, at the time of purchase of the policy, funds are deposited at the cash desk. An insured event may occur at any time in the future. Therefore, most of the collected premiums are sent to the reserve.

Financial sustainability

The ability of an organization to fulfill its obligations in any economic situation is reflected in financial performance. It is especially important to analyze reporting when it comes to long-term cooperation. Even a good OSAGO insurance company can have problems with payments. What should I pay attention to?

The authorized capital must exceed the minimum established (120 million).

The growth of the organization's assets reflects the positive dynamics of development, especially if it is carried out at the expense of collected premiums. A good OSAGO insurance company has a large amount of free cash.

The number of contracts signed must match the financial capacity.

Insurance reserves most often do not exceed inflation. But their decline in dynamics is a bad trend.

Too high payout levels should also alert potential customers. After all, in fact, the organization's earnings are the collected bonuses. How can a company exist if it paidcustomers more money than raised?

Large companies transfer up to 50% of the insurance portfolio to other organizations.

This is how a good insurance company (OSAGO) works.

Reviews

Every case is different. Even after analyzing the reviews on the forums, it is difficult to determine which organization is the best OSAGO insurance company. All customers face the same problems:

• long consideration of the application (it may take a month to check documents);
• underestimated amount of payments (each insurance company compares all calculations of appraisers with the PCA reference book, the resulting value is adjusted for the VAT refund, and the rest must be paid to the client).

Customers who purchased an insurance policy in the Crimea suffer the most. Not all insurance companies have their offices there. Therefore, customers have to return to Rosgosstrakh for payments.

Insurance rate

Low prices should alert potential customers. Dumping is done by small or completely new companies that are trying to attract customers. The strategy is relevant only at the first stage of work. Over time, it threatens bankruptcy. There is no point in chasing low prices when concluding a long-term contract.

The amount of payment in the event of an insured event is calculated based on the tariff multiplied by the amount of coverage chosen by the client. The resulting value is corrected for correction factors. In the case of OSAGO, these may beage of the driver, place of residence, method of storing the car, driving experience, etc. The more inexperienced the driver and the older the car, the more risks the companies will have to cover. This, in turn, will affect the amount of the contribution. A “penny” policy cannot cover all risks. The insurer will not fulfill the promise. The client will lose funds and insurance coverage.

The presence of bonuses and loy alty programs, on the contrary, has a positive effect on the company's image. A large company can reduce prices for regular customers.

Ratings

In the ranking, companies are ranked in five categories:

• highly reliable - class A;
• satisfactory level of risk - class B;
• low reliability - class C;
• bankruptcy - class D;
• license revocation - class E.

The best companies are additionally divided into three more groups: reliable, very reliable and exceptionally reliable.

The agency does not evaluate the work for free. Therefore, not all companies are included in the rating. At the same time, the absence of a company in the list does not mean that it cannot be trusted. "People's" ratings evaluate quantitative indicators, and agencies - qualitative ones. To derive a more or less adequate estimate, one should focus on data from several sources for one long period.

Expert RA grading scale

The largest rating agency of the Russian Federation "EXPERT RA" annually conducts a detailed analysis of the activities of insurers in many respects. All factorsare ranked according to their importance.

External factors:

• volume, dynamics of changes in assets, equity, capital, insurance premium;
• market position of the organization (participation in associations, associations, reputation, brand, relations with supervisory authorities and specialization);
• corporate governance (potential of owners, risk management, organizational structure, infrastructure, transparency);
• geography (the presence of a developed branch network).

Insurance business:

• insurance portfolio (risk diversification, profit by type of insurance);
• customer base (availability of regular counterparties, share of terminated contracts, methods of distributing policies, reinsurance partners);
• reinsurance activity (reliability, efficiency and diversification of protection, reinsurance of risks, the ratio of the amount of payments to own funds).

Financial performance analyzed for:

• liquidity and solvency;
• profitability and unprofitability;
• investment policy.

It is quite difficult to determine which is the best OSAGO insurance company. The rating of the "people's" vote has the right to exist, although it is very subjective and biased. It is also worth looking at the reviews of real people with skepticism, since any insurer has fans and opponents. Despite all these factors, one can imagine the general tonefeedback on the leaders of the insurance market to determine the best insurance companies for OSAGO payments.

VTB Insurance

In the 16 years of its existence, the insurance group has opened branches in 114 cities across all regions of the Russian Federation. The international agency Standard&Poor's assigned VTB Insurance the highest BB+ rating among Russian companies. Agency "EXPERT RA" in 2015 classified the company among the most reliable. In addition to auto insurance services, the company provides a wide range of other products: property protection, savings, investment programs.

ROSGOSSTRAKH

The oldest insurance group in the Russian Federation leads in terms of the number of open branches. In the EXPERT RA rating, ROSGOSSTRAKH ranks first in terms of paid premiums, reserves and assets. Although in some regions cases of violation of the law were recorded when customers were forced to purchase auto insurance policies. For such violations, the organization's license was temporarily withdrawn.

SOGAZ

Another large and good OSAGO insurance company ranks second in terms of the number of premiums collected in the Russian Federation. The structure of the group includes 9 domestic and foreign organizations serving 14 million people and 40 thousand legal entities. The main advantages of the organization include the optimal price-quality ratio for OSAGO policies.

Final stage

Before making a final decision, it is worth visiting the offices of several organizations to:

• assess the levelservice;
• request calculations and compare them;
• examine the terms of the contract.

The best OSAGO insurance company will not only select an individual rate, but also tell you in detail about the main nuances of the contract.

Conclusion

It is quite difficult to determine which insurance company is better for OSAGO. Reviews of real people are subjective and are most often associated with inflated expectations for payments. "People's" ratings also do not provide an adequate assessment of the financial condition. Official statements are analyzed in detail by professional analysts once a year. But even after collecting all the information, it is difficult to determine which is the best OSAGO insurance company. After all, there is also the factor of human error, from which no one is immune.