CIM Insurance Corporation is one of the members of Ally Insurance Group, a leading provider of insurance products and services in the United States.
In this blog, we will review some of the key aspects of CIM Insurance Corporation, such as its history, products, financial details, coverage, claims, and customer experiences.
We hope that this blog will help you to get a better understanding of CIM Insurance Corporation and its offerings.
CIM Insurance Corporation Company Details
CIM Insurance Corporation was founded in 1966 as a foreign for-profit corporation in the state of Florida. It is a subsidiary of Motors Insurance Corporation, which is also a member of Ally Insurance Group.The company is domiciled in Detroit, Michigan, and operates in several states across the country.
The current CEO and president of CIM Insurance Corporation is Mark Manzo, who has been in this position since 2018. He leads a team of experienced and qualified executives, directors, and managers who oversee the various functions and operations of the company.
According to the latest available data, The company has a market share of 0.02% in the US property and casualty insurance industry, ranking 1,028th among 2,538 companies. The company has total assets of $1.3 billion, total liabilities of $1.1 billion, and policyholders’ surplus of $225 million as of December 31, 2020. The company has an A+ (Superior) rating from AM Best, indicating its strong financial strength and ability to meet its ongoing obligations to policyholders.
CIM Insurance Corporation Basic Information
Here is a table that summarizes some of the basic information about The company:
| Phone Number | 800-642-2886 | ||
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| Address | 500 Woodward Avenue, 14th Floor, Detroit, MI 48226 | ||
| Customer Service Contact | [Contact Us] | ||
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| Fax Number | (313) 656-4177 | ||
| Operating Hours | Monday-Friday: 8:00 AM – 5:00 PM (Eastern Time) |
CIM Insurance Corporation Services & Products
The company offers a variety of insurance products and services to meet the needs of different customers. Some of the types of insurance offered by the company are:
- Auto insurance: This covers the liability and physical damage for vehicles owned or leased by individuals or businesses.
- Home insurance: This covers the dwelling, personal property, liability, and additional living expenses for homeowners or renters.
- Life insurance: This provides financial protection for the beneficiaries in case of the death of the insured person.
- Commercial insurance: This covers the property, liability, workers’ compensation, and business interruption for businesses of various sizes and industries.
CIM Insurance Corporation also offers special packages or bundled services that combine different types of insurance for more convenience and savings. For example, customers can get auto and home insurance together with a single payment and a discount.
Additionally, it provides international coverage for customers who travel or work abroad. The company has an affiliate company called Ally International Insurance Company Ltd., which is domiciled in Bermuda and offers reinsurance solutions for global risks.
CIM Insurance Corporation Financial Details
CIM Insurance Corporation strives to offer competitive and affordable premium costs for its customers. The premium costs vary depending on several factors, such as the type of insurance, the coverage amount, the deductible amount, the risk profile, the location, and the discounts applied.
The company also offers flexible payment options for its customers. Customers can choose to pay their premiums monthly, quarterly, semi-annually, or annually. Customers can also choose to pay their premiums online, by phone, by mail, or by automatic withdrawal from their bank account.
The company also has a high claim payout ratio, which means that it pays a large percentage of the premiums collected as claims to its customers. According to the latest available data, It had a claim payout ratio of 87.6% in 2020, which is higher than the industry average of 69.4% . This indicates that The company is generous and fair in settling its claims.
CIM Insurance Corporation Coverage Details
CIM Insurance Corporation offers comprehensive and customized coverage for its customers. The coverage details vary depending on the type of insurance, the policy options, and the customer’s preferences. However, some of the general coverage details are:
- Policy exclusions: These are the situations or events that are not covered by the policy. For example, some common exclusions for auto insurance are intentional damage, wear and tear, racing, and driving under the influence.
- Coverage limits: These are the maximum amounts that the policy will pay for a covered claim. For example, some common coverage limits for home insurance are $250,000 for dwelling, $100,000 for personal property, and $300,000 for liability.
- Add-ons or riders: These are the additional features or benefits that can be added to the policy for an extra cost. For example, some common add-ons or riders for life insurance are accidental death benefit, disability income benefit, and waiver of premium benefit.
CIM Insurance Corporation Claims
CIM Insurance Corporation aims to provide a fast and easy claim process for its customers. The claim process varies depending on the type of insurance, but some of the general steps are:
- Report the claim: Customers can report their claim online, by phone, by email, or by fax. Customers should report their claim as soon as possible after the incident.
- Provide the required documents: Customers should provide the necessary documents to support their claim, such as police reports, photos, receipts, medical records, etc.
- Review the claim: A claim representative will review the claim and contact the customer to discuss the details and verify the coverage.
- Settle the claim: The claim representative will determine the amount of payment and issue it to the customer or a third party.
The average claim approval time for The company is 10 days, which is faster than the industry average of 15 days. This means that The company is efficient and responsive in handling its claims.
CIM Insurance Corporation Customer Experiences
The company has received mixed customer reviews and ratings from various sources. Some customers have praised the company for its low rates, friendly service, and prompt claims. However, some customers have complained about the company’s poor communication, hidden fees, and policy cancellations.
FAQs:
Q: How do I cancel my policy with CIM Insurance Corporation?
A: You can cancel your policy with The company by contacting your agent or calling the customer service number. You may need to provide a written notice and pay a cancellation fee depending on your policy terms.
Q: How do I file a complaint against CIM Insurance Corporation?
A: You can file a complaint against The company by contacting the company’s complaint department or filing a complaint with your state’s insurance department.
Q: How do I get a quote from CIM Insurance Corporation?
A: You can get a quote from The company by visiting its website or calling its toll-free number. You will need to provide some personal and vehicle information to get a quote.
Q: How do I check the status of my claim with CIM Insurance Corporation?
A: You can check the status of your claim with The company by logging into your online account or calling the claim number. You will need to provide your claim number and policy number to check your status.
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I’m Jose, a business enthusiast and an expert in the insurance field. As a graduate of Eastern University in Business Administration, I have gained significant knowledge insurance. Join me as we delve into everything you need to know about insurance.