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Reliance Auto Insurance Review

Reliance Insurance Company is among one of the first insurance firms in the United States of America. Its roots can be traced back to the initial Philadelphia’s Fire Association in the year 1817. In 1820, this association was incorporated officially and since then the firm had been issuing out insurance covers to both individuals and businesses. Compare auto insurance companies with our FREE ZIP code search!

In the beginning, the company provided insurance against fire but by the 19th Century, the firm had expanded its wings and was involved in providing auto and home owner’s insurance covers. However, after the 1850 Philadelphia fire, the firm stopped issuing its clients with fire insurance policies and later came up with a totally new business plan. They opted out of fire insurance since they lost all their assets during that fire.

Auto insurance reviewReliance’s Location

Since the company is now under liquidation, it is rather difficult to contact the company officials at their usual address. The best approach would be to contact the officials who are in charge of liquidation or follow the links that are provided on the company website. At the website, it is easy to get vital information in regards to those in charge of the company and the current state of affairs. Any relevant future plans can also be found on the site.

Information about where the interested clients would file a claim is not visible at the site. However, this does not imply that the claims cannot be made. Issues on claims can be addressed by the Pennsylvania Insurance Department. They are well placed to provide those interested with advice on the next course of action to take.

Where did the company go wrong?

Irrespective of the fact that the company has a long history, the company succumbed to some hard times after poor management decisions were made by the parent company that was refereed to as Reliable Holdings Inc. In the year 2001, the firms operations were seized in Philadelphia state and the process of liquidation commenced. By the month of June 2011, the procedure of liquidation was still going on.

The failure of Reliance Insurance can be attributed to the following factors:

  • Heavy losses that greatly affected the company operations in the late nineties.
  • The Company was managed poorly by the Stenberg family.
  • Saul Steinberg suffered a stroke in 1998, which affected the company operations.
  • Robert who was Saul’s brother took over the operations of the company but was not successful in reviving it.
  • The company made poor investments that dug in to the company’s working capital.

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The Company Reviews

It is very unfortunate that Reliable Insurance Company is going through liquidation and yet it is one of the highly reputed firms in the industry. For a long period of time, the company has provided its clients with nothing short of the best. Factors that made the company highly reputed included:

Even after the fire that took place in 1850, the company made sure that it paid up all its claims until all its assets were completely depleted. This dedication made them become one of the most admirable companies in the industry today.

It is worth noting that the company has not issued out polices on the last ten years. This makes it difficult to get latest customer reviews. However, those who had auto insurance before were satisfied with the company performance. It would be prudent to acknowledge the fact that the company has stayed in business for the last two hundred years and this was made possible by its good services.

Yes, Reliable Insurance Company has gone down but this only proves that the insurance industry today is very fragile. Most of the insurance firms invest in other areas so as to make good profit margins that can sustain the company’s growth and development efforts. Howeve, it is advisable to compare the different auto insurance quotes of various insurance companies so as to get the best auto insurance deal. Compare auto insurance reviews and find the best company by entering your ZIP code below!

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