AIG Insurance Reviews (2024 Guide) (2024)

Dash Lewis

Dash Lewis Content Writer

01/18/2024 06:46 PM

Key Points:

• American International Group (AIG) offers standard coverage options that can work for a variety of vehicles, from everyday cars, to classic vehicles, to golf carts.
• AIG is a good provider for owners of classic or luxury vehicles, but drivers looking for cheap coverage with multiple options and discounts should look elsewhere.
• AIG has a history of scandals and fraud that insurance shoppers should be aware of.

As part of our team’s research in the car insurance industry, we’ve read hundreds of online reviews, conducted customer surveys, and analyzed car insurance cost data to help you choose coverage that’s right for you. In this article, we’ll take a look at AIG insurance reviews, coverage, and more. Then, we’ll see how AIG auto insurance stands up to some of the industry’s best car insurance companies.

AIG Auto Insurance Review

We give AIG an overall rating of 3.8 out of 5.0 stars based on its reliability, availability, coverage, cost, services, and technology. AIG markets its auto insurance toward high-end lifestyle vehicles. We like how this provider holds an A rating from AM Best for its financial viability. However, we don’t like how it holds an F rating with the Better Business Bureau (BBB).

AIG Insurance Ratings

See our ratings by category for AIG Auto Insurance.

*Ratings are determined by our editorial review team. Learn more about our scoring methodology below.

AIG Scandal

It’s important to know that AIG had a scandal in 2017 after former chief executive Maurice Greenberg admitted to a $500 million accounting scam. He was ordered to pay $9 million while AIG ex-CFO Howard Smith was ordered to pay $900,000.

According to CBS News, the then-New York Attorney General Eliot Spitzer filed a suit in 2005 after AIG admitted to bogus transactions in 2000 to 2004 to make itself look better financially–by about $500 million.

Is AIG Auto Insurance Good?

From a client’s perspective, AIG has a lot to offer. When you own a luxury car or a high-value vehicle, you don’t want the cheapest coverage–you want the best coverage. High limits, worldwide coverage, and agreed value are a few extra perks that come with AIG’s coverage.

However, AIG’s negative customer service and industry reputation are hard to ignore. There are other reputable auto insurance companies with better reviews that can offer luxury car coverage.

AIG Insurance Company Overview

In 2009, Farmers Insurance bought out the car divisions of American International Group, Inc.–except for the AIG Private Client Group. But in February 2023, AIG announced it was moving to a new independent platform called Stone Point LLC and rebranding as Private Client Select Insurance Services (PCS).

About AIG Auto Insurance

Available in: All 50 U.S. states and internationally
Founded: 1967
AM Best financial strength rating: A (Excellent)
BBB rating: F

The American International Group (AIG) is one of the world’s largest insurance and finance companies. AIG auto insurance is mainly for people with luxury cars and multiple vehicles. AIG does business through a number of subsidiaries, including:

• American General Life Insurance Company
• Western National Life Insurance Company
• American Home Assurance Company
• Variable Annuity Life Insurance Company

AIG Insurance Industry Reviews

The 2022 Property and Casualty Insurance Industry report by the National Association of Insurance Commissioners (NAIC) tells us more about the way AIG operates. The NAIC is an organization that studies the earned money, written premiums, customer complaints, and more of insurance companies across the U.S.

According to the NAIC, AIG was the 12th largest property and casualty insurance company in the United States in 2022. However, AIG auto insurance accounted for only a small portion of the company’s written premiums–about $250 million. In contrast, Geico wrote about $38 billion in premiums that year.

The bulk of AIG’s policies are for other types of general insurance, commercial insurance, workers’ compensation, medical insurance, home insurance, and industrial products.

AIG doesn’t rank in J.D. Power studies, which focus on customer satisfaction.

AIG Auto Insurance NAIC Complaint Index

AIG’s car insurance got a .66 rating in the 2022 NAIC complaint index, which means that AIG has far fewer complaints than other car insurance companies. A 1.0 rating is the industry average, and higher ratios indicate more complaints, while lower ratios indicate fewer.

AIG Insurance Customer Reviews

Unfortunately, since AIG doesn’t insure a large number of drivers, there aren’t many first-hand AIG insurance reviews. The company’s few reviews we found are about AIG’s travel insurance, life insurance, warranties or investment products, and they tend to be subpar.

AIG Insurance Reviews: BBB And Trustpilot

AIG Insurance currently holds a 1.0 out of 5.0-star customer review score and an F rating with the BBB, which is concerning. Many reviews we found are about AIG’s life insurance policies and travel insurance offerings, but the theme remains the same–many customers are unhappy with the customer service the company offers when filing an insurance claim.

AIG’s reviews through Trustpilot are no better. It holds 1.3 out of 5.0-star review rating, with 94 percent of the reviews being just one star. Many reviewers speak of difficulty contacting customer service, with one customer claiming that purchasing an insurance policy with the company is the same as being without one.

AIG Auto Insurance Coverage

With AIG car insurance, you can get the standard auto insurance options listed below. Some of these may be required in your state of residence, while others may be optional.

Due to the company’s lack of full transparency, it’s difficult to say what’s missing from AIG’s car insurance coverage and discounts. It’s always best to seek out an insurance provider that caters to your unique driving needs.

AIG Auto Insurance Benefits

AIG car insurance is synonymous with PCS car insurance. You can get the following benefits and coverage with its car insurance:

• Unlimited capacity: This lets you cover an almost unlimited amount of vehicles per policy ranging from regular-use cars and collector cars to motorcycles, golf carts, and motor homes.
• 360° support: You’re covered for personal property up to $2,500 per occurrence in a car that’s damaged or stolen. It also covers you and your pet for emergency living expenses up to $1,000 per occurrence if you’re far from home.
• Higher liability limits: Up to $1 million in liability can be included, and you can add umbrella coverage of up to $100 million.
• Agreed value: AIG car insurance policies can pay the agreed-upon value in the case of a total loss, instead of the current market value.
• Worldwide liability coverage: These policies cover accidents around the world.
• Cash settlement option: In the event of a 50-percent loss in value after an accident, you can take a cash settlement instead of repairing your vehicle.
• New vehicle replacement option: AIG will replace your car with one of the same make, model, and year if your new car is totaled within three years. Or, you can choose the same make but go with a similar model–you can switch to an electric or hybrid drivetrain, for example.
• Rental car reimbursem*nt: There’s no per-day limit for rental vehicles under a PCS policy, and you can pick a rental of comparable value to your own car. There’s a $12,500 limit per rental occurrence.
• Original manufacturer parts: AIG auto insurance can provide OEM parts to repair luxury and classic vehicles.

Can AIG Cover Classic Cars?

AIG’s All-in-One Protection policy covers numerous different kinds of vehicles, including antiques and classic collectors cars. It also offers agreed-value coverage, which means AIG works with you from the start to come up with the value of your automobiles. Should your car experience a total loss that’s covered in your plan, you’ll get that agreed-value amount, no matter what your car’s depreciation is.

AIG Car Insurance Costs

While there’s no concrete answer for the average cost of car insurance through AIG, according to Quadrant Information Services, drivers in the U.S. typically pay around $1,968 annually for full-coverage car insurance.

One thing to keep in mind is that AIG as a brand advertises its financial services to potential clients with higher-end lifestyles. On top of car insurance, it offers yacht insurance and homeowners insurance that’s clearly meant for policyholders with multiple homes–from condos to properties in other countries. This points to the likelihood that AIG’s car insurance costs will be higher than average.

If you’re a driver that needs a cheaper car insurance policy, you’re more likely to find what you need at other national companies like State Farm, USAA, and Geico.

Factors That Affect Car Insurance Rates

The actual amount you’ll pay for AIG insurance will vary depending on your state’s requirements as well as demographic information, vehicle information, and driving habits. Here are a few factors that could influence your AIG insurance quote:

• Age and gender
• Marital status
• Vehicle make and model
• Age of car
• Driving history
• Driving activity

Car Insurance Costs And AIG Discounts

If you have budgetary limits, you can opt to get minimum-coverage auto insurance, which mostly protects other drivers and their property. Full-coverage insurance combines comprehensive and collision, which protects your car. If possible, it’s always best to choose this amount of coverage to fully protect yourself and avoid paying too much out of pocket.

Whenever you shop for car insurance, we recommend getting quotes from multiple providers so you can compare coverage and rates. As mentioned, factors such as your age, driving history, and vehicle make and model can affect your insurance premium, so what’s best for your neighbor might not be best for you.

AIG Auto Insurance Discounts

AIG Private Client Select Insurance Services doesn’t have a comprehensive list of discounts available on its website, but speaking with an agent will help with getting accurate cost information. To make sure you get the best coverage for the lowest price, we recommend getting quotes from multiple providers before making any decisions.

AIG Auto Insurance Reviews: Our Take

If you’re a jet setter with multiple properties worldwide, or if you have a collection of luxury vehicles, AIG car insurance could be a good option for you. However, if you’re a standard driver looking for cheaper coverage, or are concerned about the company’s industry and customer reputation, there are better places to shop for an auto insurance policy.

AIG Auto Insurance Competitors: Top Companies

We’ve researched a number of the top car insurance companies and ranked them based on things like customer service, cost, availability, and coverage options. State Farm and Geico rank high on our list, and many drivers find great rates with both companies.

State Farm: Best Overall Provider

We choose State Farm as Best Overall Provider for its many coverage options, add-ons, and discounts that make it stand out. In addition to offering roadside assistance and rental car reimbursem*nt, the insurance giant has accident forgiveness, gap insurance, and great availability with local insurance agents nationwide.

If you want to save up to 30 percent on your premium, enroll in State Farm’s Drive Safe & Save™ telematics insurance program. Unlike many other usage-based programs, you won’t be penalized for bad driving.

Read more: State Farm insurance reviews

Geico: Best For Basic Coverage

Geico also performed very well in our ranking of car insurance companies, and in many states, comes out as one of the cheapest options. Geico’s discounts include savings for good students, military members, and federal employees.

While Geico doesn’t have the global coverage options that AIG auto insurance does, it’s available in all 50 states. It also has a strong classic and luxury car policy option with coverage provided through Assurant or American Modern.

Read more: Geico insurance reviews

AIG Auto Insurance Reviews: FAQ

Below are commonly asked questions about AIG auto insurance:

How We Rate Insurers

Our review process aims to deliver consistent and unbiased assessments of car insurance providers. While there are multiple qualities that make a car insurance company successful, our review team focuses on those we believe are the most important for consumers:

• Cost: Cost can be difficult to compare between insurers because so many factors impact annual premiums. The cheapest insurer for one driver may not be the cheapest for another. To determine our cost score, we look at insurance rate estimates generated by Quadrant Information Services, discount opportunities, and consumer reports.
• Coverage: To determine our coverage score, we look at the number of coverage options available as well as coverage limits and deductible options. Our ratings also take into account additional services and benefits like roadside assistance.
• Reliability: It’s important that an auto insurer is able to meet its claims obligations. Companies with a strong financial strength rating from AM Best score best in this category. Established insurers with a long history of reliable service also receive positive marks.
• Service: We comb through customer reviews on sites like the Better Business Bureau (BBB) to learn about customer experiences. Insurers with a low volume of complaints score well in this area. We also consider the claims process, giving higher ratings to car insurance providers that offer easy-to-use claims apps.

*Data accurate at time of publication.

Dash Lewis Content Writer