Newark Auto Insurance Review

The Newark Insurance Company has been liquidated for about 5 years now. This won’t be a traditional review so much as a post-mortem, a look at what happened to the company and what they might have done to have remained active.

If you’re looking for a great insurance company to keep you covered, go ahead and type your ZIP code into our free auto insurance comparison tool to turn up some great quotes. This post-mortem won’t tell you much about who to buy insurance from, but it may prove of interest if you’re fascinated by how the insurance market works.

The Rise and Fall of Newark Insurance Company

You always hear of fly by night companies disappearing, you hear of companies starting up with big hopes only to be

squashed by the realities of the economy shortly thereafter. Well, Newark was neither of these. In fact, Newark had a

history dating back to 1811. If they had survived just 4 more years past their 2007 expiration date, they would have just celebrated their two hundredth anniversary.

It was in 1991 that the company first started having some serious financial troubles. They struggled on, but ultimately, nothing they could do was enough, and they finally closed their doors in 2007 after a number of ups and downs both great and small.

The specific details on the company are difficult to ascertain given that they have folded, but the New Jersey based insurance group had an expansive range of insurance products from marine to burglary to personal and commercial auto and home insurance and so on and on.

It could well be that the company tried too hard to maintain that expansive line of products instead of discontinuing the policies that they could no longer afford to cover.

Would downsizing have saved Newark Insurance? There’s no telling for certain, but certainly carrying on with “business as usual” didn’t work, either. Self-employment is on the rise in the post Web 2.0 era, so let it be a lesson to any business owners out there that if what you’re doing isn’t working, you need to do something different. It might not work, but if what’s working now is absolutely not working, there’s nothing to lose by experimenting in hopes of not winding up like Newark Insurance.

What to Look for in an Insurance Company

When Newark went out of business, they left quite a few customers uninsured. If you want to get insured and you don’t

want to risk having this happen to you, here’s what you need to look for in an insurance company: Stability, which is often shown in terms of a positive rating from AM Best. Great service, which can be identified by their Better Business Bureau rating. And finally, a great product for a great price.

You can read user reviews to determine those first two points, and as for the third, just use our free search engine to find some great auto insurance quotes and get set up with the right policy in minutes flat. It’s a great way to find the cheapest auto insurance for your needs.