Aequicap Auto Insurance Review

The saga of Aequicap Auto Insurance provides a perfect example of why it is essential to compare different car insurance companies with our free quote comparison tool before making a purchase. Incorporated in 1985, the Ft. Lauderdale, FL company has had a long and enduring run.

Individuals and businesses in Florida, Georgia, South Carolina and Oklahoma all held Aequicap policies.

The ups and downs of this business have been chronicled in various pages online, providing limited snapshots of the company’s success or failure.

We will set the record straight here. Our goal is to provide an accurate auto insurance comparison that give you the information you need to make a smart decision. Find free auto insurance quotes now with our zip code search!

Receivership, Rehabilitation and Policy Cancellations

As of February 16, 2011, Aequicap no longer accepted new customers. The company entered into receivership and was ordered into rehabilitation by Leon County.

During this period existing customers continued to pay premiums and receive claim payments. The company did not enter into rehabilitation, however, and on April 6, 2011, the county canceled all Aequicap policies.

Aequicap will still operate in a limited capacity while in receivership. Leon County will meet the company’s responsibilities to its employees, obtain and distribute funds, and assist former policyholders in replacing their insurance coverage.

For anyone who held or believes they still hold an Aequicap auto insurance policy, claims may be filed until March 7, 2012. If you are pursuing a lawsuit, there is no deadline.

The company is also required to provide loss runs. This includes support for any losses incurred through the end of its customers’ policies.

Aequicap Auto Insurance Rating

One of the best ways to compare the overall effectiveness of auto insurance companies is to compare their BBB ratings.

However, if you find a report on the Internet that suggests Aequicap has a coveted A+ rating, you might want to do further research. This rating may not capture the full extent of the company’s status with the Better Business Bureau.

The BBB website lists the company’s rating as A+ but also states that it is not accredited by the BBB.

Six major complaints have been filed against the business in the past decade, many of which happened within the past two years.

There is no record of the company entering into receivership, which indicates that the BBB is simply behind the times with regards to Aequicap.

The whole issue with Aequicap’s BBB rating shows that while BBB data comparison is important, it is also important to compare companies based on other news, statistics and prices.

We provide free auto insurance quotes, so you don’t have to search all over the Internet trying to find what you want.

The insurance company’s Weiss rating has been E+ since 2007. Weiss Ratings reported that Aequicap had sustained a loss of over $2.3 million in 2010 due to the weakening economy.

With Risk-Adjusted Capital ratios of 0.44% and 0.34%, the company was not considered financially viable.

Additionally, Aequicap’s A.M. Best rating was downgraded from C++ to E in March 2011 following the company’s receivership and calls for rehabilitation.

Aequicap’s A.M. Best credit rating was downgraded from “b” to “rs.”

Aequicap Auto Insurance Coverage

This long-standing insurance company used to be a key provider of truck and taxicab insurance. It also provided business insurance to shipping and transport companies.

The company was also a claims service, and it helped customers receive payments in the event of an accident where the other driver was at fault.

Aequicap insisted that its policy holders drive safely and carefully; therefore, it also ran a risk management service responsible for many “How’s My Driving” stickers on trucks, vans and taxis.

While the company was virtually unknown outside of Florida, Georgia, South Carolina and Oklahoma, it held a respected status in these states throughout much of its lifetime.

It was only around 2007 that Aequicap started going downhill. When the recession hit in 2008, the company’s finances took a turn for the worse. Aequicap finally folded in 2011.

However, many of the policies that helped keep Aequicap doing business have remained intact throughout the receivership process. While the business may be past its prime, it remains a strong advocate for its former customers.

Whether you need to insure a truck, car, taxicab or other vehicle, you should do as much research as you can on all the types of auto insurance options available before you choose an auto insurance company.

However, most of us don’t have time to find up-to-date information about every company out there. That’s why you need to find auto insurance reviews. Our informed articles and free quote comparison tool do all the work for you.

We will help you choose the best place to put your money – try our free zip code search today, and see how much you can save!