Principal Financial Insurance Review & Ratings (2024)

Principal Financial Insurance is a well-established insurance company that has been in business for over 140 years. The company’s mission is to help individuals and businesses achieve financial security and success.

They offer a range of insurance products, including car insurance, which is available in over 30 states. Customers can choose from a variety of coverage options and take advantage of discounts to save money on their premiums.

The company’s car insurance rates are generally affordable and competitive, and the claims process is praised by many customers for being easy and straightforward.

While some customers have reported issues with billing and payments, and some have experienced delays in the claims process, the majority of reviews are positive and suggest that Principal Financial Insurance is a good choice for car insurance coverage.

What You Should Know About Principal Financial Insurance

In this article, we will delve into the key topics related to Principal Financial Insurance, including their history, mission, coverage options, costs, discounts, and customer reviews.

Interesting attributes of Principal Financial Insurance:

• Offers a variety of products and services.
• Strong financial ratings.
• Discounts available for safe driving.

With so many car insurance companies to choose from, it can be challenging to find one that fits your needs and budget. To ensure you get the best rates from top insurance providers in your area, simply enter your zip code and compare quotes now.

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Principal Financial Insurance History and Mission

Principal Financial Insurance has a long history of providing financial services and insurance products. The company was founded in 1879 as the Bankers Life Association and was created to provide life insurance coverage to Midwesterners. Over the years, the company expanded its product offerings to include disability insurance, retirement planning, and car insurance.

Today, Principal Financial Insurance is a leading provider of financial services and insurance products. The company’s mission is to help individuals and businesses achieve financial security and peace of mind. They do this by providing a variety of insurance products, including car insurance, to help protect customers’ assets and provide financial stability.

In addition to providing insurance products, Principal Financial Insurance also offers retirement planning and investment management services. The company’s financial advisors work with customers to develop personalized financial plans that help them achieve their financial goals.

Principal Financial Insurance Coverage Options

Principal Financial Insurance offers a variety of coverage options for car insurance customers. Some of the coverage options available include:

• Liability coverage: This is a requirement in most states and provides coverage if you’re at fault in an accident and cause damage to another person’s property or bodily injury to another person.
• Collision coverage: This coverage helps pay for repairs or replacement if your car is damaged in an accident.
• Comprehensive coverage: This coverage helps pay for repairs or replacement if your car is damaged by something other than an accident, such as theft, vandalism, or natural disasters.
• Personal injury protection (PIP) coverage: This coverage helps pay for medical expenses and lost wages if you or your passengers are injured in an accident.
• Uninsured/Underinsured motorist coverage: This coverage helps protect you if you’re in an accident with a driver who doesn’t have insurance or doesn’t have enough insurance to cover the damages.
• Roadside assistance: This coverage provides help if your car breaks down or you have a flat tire while on the road.

States Where Principal Financial Insurance Is Available

Principal Financial Insurance offers car insurance coverage in a variety of states throughout the United States. Principal Financial Insurance provided car insurance coverage in the following major states:

• California
• Florida
• Texas
• Illinois
• Pennsylvania
• Ohio
• Michigan
• New York
• Arizona
• Virginia
• North Carolina
• Georgia
• Colorado
• Minnesota
• Indiana

If you’re interested in finding out if Principal Financial Insurance offers car insurance coverage in your state, you can follow these four steps:

• Start by visiting the Principal Financial Insurance website.
• Look for the section of the website that provides information about car insurance.
• Within the car insurance section of the website, look for information about the states where Principal Financial Insurance offers coverage. This information may be listed on the homepage, or you may need to click through to a specific page for more details.
• If you’re unable to find information about coverage on the website, you can contact Principal Financial Insurance directly to confirm if they offer car insurance coverage in your state. You can find contact information for the company on their website.

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Principal Financial Insurance Rates Breakdown

The cost of car insurance from Principal Financial Insurance can vary depending on a variety of factors. These factors may include:

• Age: Younger drivers may pay more for car insurance due to their lack of driving experience.
• Driving record: If you have a clean driving record with no accidents or tickets, you may be eligible for lower rates.
• Vehicle type: The cost of insurance may vary depending on the type of vehicle you drive. Luxury or high-performance cars may be more expensive to insure.
• Location: Insurance rates can vary depending on where you live. If you live in an area with high rates of accidents or thefts, you may pay more for insurance.
• Coverage amount: The amount of coverage you choose can also impact the cost of your insurance.

Principal Financial Insurance Discounts Available

Principal Financial Insurance offers a variety of discounts to help customers save money on their car insurance. Here are some of the discounts that may be available:

• Good driver discount: This discount is available to customers who have a clean driving record with no accidents or violations.
• Multi-policy discount: If you have more than one policy with Principal Financial Insurance, such as home or life insurance, you may be eligible for a discount on your car insurance.
• Safety features discount: If your car has safety features such as anti-lock brakes or airbags, you may be eligible for a discount.
• Student discount: If you’re a student with good grades, you may be eligible for a discount on your car insurance.
• Pay in full discount: If you pay your premium in full rather than in monthly installments, you may be eligible for a discount.
• Paperless discount: If you opt to receive your policy documents and billing statements electronically rather than through the mail, you may be eligible for a discount.
• Renewal discount: If you renew your policy with Principal Financial Insurance, you may be eligible for a discount.

Gaining Insight Into Principal Financial Insurance Claims Procedure

Ease of Filing a Claim

Principal Financial Insurance offers a straightforward and hassle-free claims process for its customers. Claimants have the convenience of filing a claim through multiple channels, including online, over the phone, and through mobile apps. This flexibility ensures that customers can choose the method that suits them best, making it convenient to report accidents, damages, or other insurance-related issues.

Average Claim Processing Time

One critical aspect of an insurance company’s performance is the speed at which they process claims. Principal Financial Insurance strives to provide prompt claim processing to its policyholders. While specific processing times may vary depending on the complexity of the claim, the company aims to efficiently handle claims to minimize any potential financial stress on its customers during challenging times.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is invaluable in evaluating an insurance company’s performance in handling claims. Principal Financial Insurance has garnered positive reviews from customers regarding its claim resolutions and payouts. Customers have reported satisfaction with the company’s ability to settle claims fairly and promptly, ensuring that policyholders receive the financial support they need when it matters most.

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Principal Financial Insurance Tech-Forward Approach: Redefining Insurance Standards

Mobile App Features and Functionality

Principal Financial Insurance offers a user-friendly mobile app that empowers policyholders with convenient access to their insurance accounts. The app provides features such as policy management, claims filing, and bill payments, all from the palm of your hand. With a well-designed and intuitive interface, customers can easily navigate through their insurance-related tasks with ease.

Online Account Management Capabilities

In addition to the mobile app, Principal Financial Insurance provides robust online account management capabilities. Policyholders can log in to their accounts through the company’s website to access a wide range of self-service options.

These options include updating personal information, reviewing policy details, and obtaining important documents, ensuring that customers have control over their insurance accounts at all times.

Digital Tools and Resources

Principal Financial Insurance understands the importance of providing customers with digital tools and resources to enhance their insurance experience. The company offers informative resources, such as educational articles and calculators, to help policyholders make informed decisions about their coverage.

These digital resources contribute to a more informed and empowered customer base, enabling individuals to make the right coverage choices.

How Principal Financial Insurance Ranks Among Providers

Principal Financial Insurance is a well-established insurance provider with a history spanning over 140 years. In assessing its competitive position within the insurance market, several key factors, including history, coverage options, costs, discounts, and customer feedback, must be considered.

Competitors:

• State Farm: A major player in the insurance industry, offering a wide range of coverage options.
• Allstate: Known for its extensive network of agents and diverse insurance products.
• Geico: Recognized for competitive pricing and a user-friendly online platform.
• Progressive: Emphasizes innovation, providing usage-based insurance and a variety of discounts.
• Nationwide: Offers a range of insurance products with a focus on customer satisfaction.

To maintain and improve its competitive edge, Principal Financial Insurance should consider emphasizing technological advancements, providing more transparent cost data, and addressing reported customer service issues.

Customer Reviews of Principal Financial Insurance

Customer reviews of Principal Financial Insurance can provide valuable insight into the company’s strengths and weaknesses. Here is an overview of what customers are saying about the company:

Strengths:

• Customers praise the ease of the claims process with Principal Financial Insurance.
• Many customers report that the company’s rates are competitive and affordable.
• The company’s customer service is highly rated, with many customers saying that representatives are helpful and responsive.
• Customers appreciate the variety of discounts that Principal Financial Insurance offers.

Weaknesses:

• Some customers report difficulty reaching customer service representatives, with long wait times on the phone.
• A few customers have reported issues with billing and payments, including unexpected charges.
• Some customers have experienced delays in the claims process, although this seems to be less common than positive experiences.

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