Cincinnati Insurance was founded in 1950 as part of the Cincinnati Financial Corporation. The combined companies within the Cincinnati Financial Corporation (Cincinnati Insurance Company, The Cincinnati Indemnity Company, The Cincinnati Casualty Company) account for 1% of the United States market share for property and casualty insurance. This 1% makes them the 20th largest insurance company in the country.
Coverage Options
Cincinnati Insurance offers personal and business auto policies. Business auto coverage policies differ greatly based on your business needs and risks. However, below are the lines of coverage Cincinnati Insurance offers for personal auto policies:
- Liability – Almost every state requires some form of liability insurance. If you cause an accident, liability coverages include bodily injury coverage which will assist with the other parties’ medical expenses and property damage. Property damage covers damages caused to another vehicle or any type of property such as a fence or wall.
- Collision and Comprehensive – Collision coverage covers your vehicle if it is involved in an accident regardless of fault. Comprehensive coverage includes damages caused by vandalism, theft, or a storm.
- Medical Payment – Most non-standard insurance carriers do not offer medical payment coverage. This is an optional coverage that will help pay for medical funeral expenses related to an accident regardless of who is at fault.
- Uninsured Motorist – This line of coverage will help if you were injured in an accident and the at-fault driver can’t be identified, doesn’t have valid insurance, or doesn’t carry enough liability coverage.
Optional Enhancements
- Capstone Auto Plan
- Agreed value – In the event of a total loss, you receive the full agreed value of the vehicle.
- New car replacement for qualified autos – If your new auto is totaled or stolen, it’s replaced with a vehicle in the most recent model year.
- Original equipment manufacturer parts – Your policy covers the cost to use only OEM parts on your vehicle.
- Transportation expense – While your car is being repaired after a covered loss, you receive a rental with no daily expense limit. Your policy also provides coverage while driving your rental replacement vehicle (not available in all states).
- No deductible – After a covered event, you pay no deductible for replacement of airbags, glass repair or replacement, child safety restraint seat replacement, lock replacement or injury to a pet (coverages vary by state).
- Roadside assistance – You recover your emergency repair, towing and labor expenses if your vehicle is disabled, including delivery of gas, tires or batteries to the place of disablement.
- Trip interruption expenses – If your vehicle is damaged or breaks down when you’re traveling more than 50 miles away from home, you can recover your incurred expenses for meals and lodging. Worldwide liability except in areas under US economic or travel restrictions.
- Cash settlement option – You have the option to accept a cash settlement when the physical damage to the auto is 50 percent or more of the agreed value (in some states).
- Collector car insurance
- Prefixed vehicle value – You establish the vehicle value once the policy is made so if the vehicle is totaled, you know exactly what you will receive.
- Gap coverage – pays the difference between the value of your auto and the unpaid balance on your lease or loan agreement in the event of a total covered loss.
A.M. Best Review
A.M Best gives Cincinnati Insurance an “A+” rating. Only the top approximately 10 percent of property-casualty insurer groups receive A.M. Best’s A+ or A++ ratings in the Superior category. This is extremely important as they are capable of paying claims in a timely matter especially in the event of a major event.
Customer Reviews
Pros
- A multitude of different types of policies and add-ons if you can afford more for insurance.
- An A.M Best A+ rating is rare and lets you know you will not have issues if you are involved in a catastrophic loss.
- Cincinnati Insurance offers so many types of coverage; multiline policy discounts are possible especially for business owners.
- Student discount if the student maintains a B or above grade score.
- Sells car insurance in 41 states, so nearly a nationwide insurance carrier.
Cons
- Not the cheapest option.
- Not a good option for those with prior accidents. Because they have such a good credit rating, they do not want to insure higher-risk drivers.
- Quotes cannot be obtained online – customers have to call a local agent.
Overall
Across all review websites, the average score for Cincinnati Insurance is 4 out of 5 stars. However, despite the well above average rating this company isn’t for everyone. It is ideal for those with significant assets. The custom policy options and need to speak with an agent makes sense for those with multiple lines of coverage and/or vehicles. If you are looking for a simple auto insurance plan, Cincinnati Insurance is likely not a competitively priced option.