Topa Insurance Company, California(CA): Overview, History and Market Share, Partnership and Affiliates, Services, Contact Information, Financial Strength, Claim Process, FAQs

Why Topa Insurance Company is the Best Choice for Your Insurance Needs

If you are looking for a reliable and trustworthy insurance provider, you might have heard of Topa Insurance Company. But what is Topa Insurance Company and what makes it stand out from the rest? In this post, we will answer these questions and more, we will as well explore the history, services, benefits, and customer reviews of Topa Insurance Company.

What is Topa Insurance Company?

To begin with, Topa Insurance Company is a boutique carrier that provides personal and commercial insurance lines. With a focus on superior service. Furthermore, the company is part of the Topa Insurance Group, a specialty insurance platform that also includes Dorchester Insurance Company (USVI), Hines Peak Claims Adjusters, and Topa Insurance Services (USVI). The group is also governed by a board of directors, led by Chris Greco as the chair.

 

An image illustration of Topa Insurance
Topa Insurance: Your Trusted Insurance Partner
Photo Courtesy: topains.com

 

Topa Insurance Company History and Market Share

Topa Insurance Company was founded in 1981 as Universal Security Insurance Company.Furthermore it was originally owned by Sperry and Hutchinson (S&H Green Stamps). The company was then later acquired by John E. Anderson in 1984. Topa Insurance then became part of his Anderson Holdings business. Furthermore, the name was changed to Topa Insurance Company in honor of Anderson’s favorite mountain peak in Hawaii.

Topa Insurance Company is headquartered in Calabasas, California, and operates in several states across the US, as well as in the US Virgin Islands.To add to that, the company also has a market share of 0.02% in the US property and casualty insurance industry, according to the National Association of Insurance Commissioners.

 

What are the Partnerships and Affiliates of Topa Insurance Company?

Topa Insurance Company has established strong relationships with various wholesale brokers, general agents, and MGA’s who distribute its products and services. Some of the company’s partners include:

Arrowhead General Insurance Agency: A national program manager that offers a range of insurance solutions for personal, commercial, and specialty lines.

Cabrillo Coastal General Insurance Agency: A Florida-based agency that specializes in homeowners insurance products.

Cannasure: A leading provider of cannabis insurance solutions for cultivators, dispensaries, processors, manufacturers, and ancillary businesses.

Pacific Gateway Insurance Agency: A California-based agency that offers commercial auto liability and physical damage coverage for hard-to-place risks.

Topa Insurance Company also supports various charitable causes and organizations through its corporate social responsibility initiatives. Some of the beneficiaries of the company’s donations and sponsorships include:

American Red Cross: A humanitarian organization that provides emergency assistance, disaster relief, and blood donation services.

Boys & Girls Clubs of America: A national organization that provides after-school programs for young people to develop their academic, social, and leadership skills.

Children’s Hospital Los Angeles: A pediatric hospital that offers comprehensive medical care and research for children with complex health conditions.

Los Angeles Regional Food Bank: A nonprofit organization that distributes food to people facing hunger in Los Angeles County.

What Services Does Topa Insurance Company Offer?

Topa Insurance Company offers a variety of insurance products for both personal and commercial lines. Some of the types of insurance that the company offers are:

Auto insurance: This covers bodily injury and property damage liability, medical payments, uninsured/underinsured motorist, collision, comprehensive, rental reimbursement, towing and labor, and gap coverage.

Homeowners insurance: This covers dwelling, personal property, loss of use, personal liability, medical payments to others, and additional coverages such as identity theft protection, equipment breakdown, service line coverage, and water backup.

Renters insurance: This covers personal property, loss of use, personal liability, medical payments to others, and additional coverages such as identity theft protection and water backup.

Condo insurance: This covers personal property, loss of use, personal liability

Topa Insurance Company Claim Process

The claim process of Topa Insurance Company is as follows:

If you become aware of an accident or incident that causes damages or injuries, or if you receive a notice that a claim may be made against you, you should act immediately and get all the details, preserve any evidence, and do not make any commitments or attempt to handle the claim yourself1.

You should promptly report the claim to Hines Peak Claims Adjusters, which is the company that handles Topa Insurance Company claims. Additionslly, you can contact them by phone, fax, email, or mail.

You should cooperate fully with Hines Peak and its assigned representatives in the processing of the claim. They will investigate the claim, determine the coverage and liability, and communicate with you and other parties involved.

You should also review your policy to become familiar with the protection it provides. If you have any questions regarding coverage, you should contact your retail agent through whom you acquired your policy.

Furthermore, the claim process may also vary depending on the type and complexity of the claim, so it is important to follow the instructions and guidance of Hines Peak Claims Adjusters. They are committed to providing efficient, fair, and quality claims service that will exceed your expectations.

 

Topa Insurance Company Financial Strength

Topa is a boutique carrier that has a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of bbb+ (Good) from AM Best1. This means that the company has a good ability to meet its ongoing insurance obligations, but may be vulnerable to adverse changes in underwriting or economic conditions.

According to AM Best, the ratings reflect Topa’s very strong balance sheet strength, which is supported by an adverse development cover that protects the company from reserve volatility, adequate operating performance, which has improved in recent years due to better underwriting results and expense management, and limited business profile, which focuses on niche market program business and specialty lines.

However, the ratings are under review with negative implications, as AM Best is concerned about the potential impact of the company’s strategic shift to exit the California auto market and reduce its exposure to catastrophe-prone regions. AM Best will monitor the company’s progress in executing its new business plan and maintaining its financial strength.

Topa Insurance  is part of the Topa Insurance Group, which is owned by Topa Equities Ltd., a diversified holding company with interests in insurance, beverage distribution, real estate, and automotive dealerships. The group has a combined policyholders’ surplus of $92.6 million as of December 31, 20225.

 

Some of the Frequently Asked Questions (FAQs) about Topa Insurance Company

How do I get a quote from Topa Insurance Company?

You can get a quote from theCompany by contacting one of its partner agencies, such as Arrowhead, Cabrillo, Cannasure, or Pacific Gateway. You can find their contact information on the company’s website.

What are the payment options for Topa Insurance ?

You can pay your premium online, by phone, by mail, or by automatic withdrawal from your bank account. Furthermore, you can also choose to pay monthly, quarterly, semi-annually, or annually. You can find more details on the company’s website.

What are the discounts and promotions offered by Topa Insurance ?

The Company offers various discounts and promotions depending on the type of policy, the state, and the partner agency. Some of the common discounts include multi-policy, loyalty, good driver, good student, and low mileage. You can ask your agent for more information on the available discounts and promotions for your policy.

 

What are the Customer Reviews and Ratings of Topa Insurance Company?

The Company has a Financial Strength Rating of B++ (Good). Furthermore it has a Long-Term Issuer Credit Rating of bbb+ (Good) from AM Best2. However, the ratings are under review with negative implications. This is due to the company’s strategic shift to exit the California auto market. The company has an average rating of 3.5 out of 5 stars on Yelp based on 10 reviews. The reviews are mixed, with some customers praising the company’s service and claims handling, and others complaining about the premium increases and policy cancellations.

 

How do I contact Topa Insurance Company?

To get in touch with Topa Insurance Company, you have several convenient options:

  • Phone: Reach out to the company’s customer service team by calling 818-466-5900.
  • Email: Secondly, you can send your inquiries and messages via email to customerservice@topains.com.
  • Online Form: Otherwise, visit the company’s website, where you’ll find an online form that allows you to submit your questions or requests.
  • Address: Furthermore, If you prefer traditional mail or an in-person visit, you can reach Topa Insurance Company at 24025 Park Sorrento Suite 300, Calabasas, CA 91302.
  • Operating Hours: The company’s customer service team is also available to assist you from Monday to Friday, with service hours extending from 8:00 am to 4:30 pm Pacific Time.
  • Fax: However, for those who need to transmit documents or information via fax, you can use the company’s fax number at 818-591-9893.

Whether it’s by phone, email, online form, traditional mail, or fax, Topa Insurance Company provides a range of communication channels to accommodate your preferences and needs.

 

Some additional information that you might find useful

If you suspect or witness any fraud related to your claim, you can report it anonymously to the National Insurance Crime Bureau (NICB) by calling 1-800-TEL-NICB or by reporting online at www.nicb.org/about-nicb/report-fraud. The Company is committed to combating fraud and supports the NICB’s efforts.

According to the company’s website, Topa Insurance Company is no longer writing automobile insurance in California, and will non-renew all existing policies effective their renewal date. This means that if you have an auto policy with Topa in California, you will need to find another insurance provider before your policy expires.

Non-renewal is different from cancellation, as it does not affect your current coverage or premium. Cancellation, on the other hand, means that your policy is terminated before its expiration date, and may result in a loss of coverage or a refund of premium.

The Company is a boutique carrier that cares about the society and the environment. The company supports various charitable causes and organizations through its corporate social responsibility initiatives. Some of the beneficiaries of the company’s donations and sponsorships include:

 

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