Short History of the company
Motors Insurance company eventually became GMAC Insurance after it was founded in 1939. GMAC has more recently been part of the financial company that was once called GMAC which stands for the General Motors Acceptance Corporation. GMAC has been purchased by the bank holding company Ally Financial which has more than 15 million customers worldwide. The services provided are insurance, auto financing, mortgage financing, banking and online banking. This purchase was funded as part of the 700 Billion dollar bailout by the United States Treasury in December of 2008. Basically this company has become a nationalized company with the Unites States Treasury owning 56.3% of its stock. The bank holding company is supervised by the Federal Reserve Board of Governors. All Mergers and acquisitions, capital standards and regulations are established by the Federal Reserve.
GMAC Insurance now has more than $1.4 billion in policies written and has financial assets well over 300 billion. Because of the legacy relationship with General Motors GMAC is one of the most respected financial institutions. GMAC will only use original parts and equipment and will repair a damaged car with guaranteed repairs and fast claim sercice.
Pros of The Company
Several discounts are available from a discount for paying your premium in full, to discount for loyalty and a multi policy discount as well. Also GMAC is a nationalized company which should insure that all backing is secure as all underwriting is regulated and established by the Federal Reserve Board of Governors. As long as the United States Treasury is sound, the company will be solid.
Clients interviewed remarked about how personable the customer service representatives are. The customer rated the representative with a high score and said that the help desk. The customer went on to say that making a claim was pleasant and she did not feel intimidated by the customer service agents.
Cons of Company
There has been a question mark by many economists in 2008 and 2009 based on the record spending by the United States Congress about the solvency of the United States Treasury if spending is not controlled. GMAC has less ability to compete in the market place and sell their products for lower prices since the backing of the company is harnessed by governmental regulation.
Special Services offered
When an accident happens, a rental car is dispatched to the scene if one is needed. The On Star subscription also qualifies the policy holder to a discount as long as the subscription is paid on time. Because of the connection of General Motors directly to the company, OEM parts are always used and available for repairs.
GMAC auto insurance is available in all 50 states with some limitations due to state insurance regulations.
Overall rating and satisfaction by consumers
In a survey that was conducted where the question was asked, “Overall, how satisfied are you with GMAC auto insurance?” 62% of the participants were satisfied from extremely to somewhat satisfied and 38% were unsatisfied to very unsatisfied.