Products and Services
First Acceptance Insurance Company of Georgia offers a comprehensive range of insurance products tailored to meet the unique needs of Georgia residents.
These products include:
Auto Insurance
- Liability coverage: Protects you if you are at fault in an accident, covering damages to other vehicles and injuries to others.
- Collision coverage: Covers damages to your own vehicle if you are involved in an accident.
- Comprehensive coverage: Protects your vehicle against non-collision-related damages, such as theft, vandalism, and natural disasters.
Coverage options vary depending on your individual needs and budget. Deductibles, which are the amount you pay out of pocket before insurance kicks in, can also be adjusted to influence your premiums.
Homeowners Insurance
- Dwelling coverage: Protects the structure of your home, including attached structures like garages and porches.
- Personal property coverage: Covers your belongings inside your home, such as furniture, appliances, and electronics.
- Liability coverage: Protects you if someone is injured or their property is damaged while on your property.
Coverage limits and deductibles can be customized to fit your specific requirements and budget.
Renters Insurance
Protects your belongings inside your rented property and provides liability coverage in case of accidents or injuries occurring within the unit.
Motorcycle Insurance
- Liability coverage: Protects you if you are at fault in an accident, covering damages to other vehicles and injuries to others.
- Collision coverage: Covers damages to your own motorcycle if you are involved in an accident.
- Comprehensive coverage: Protects your motorcycle against non-collision-related damages, such as theft, vandalism, and natural disasters.
Coverage options and deductibles can be tailored to your specific riding needs and budget.
Commercial Insurance
Provides coverage for businesses, including:
- General liability insurance: Protects against claims of bodily injury or property damage caused by your business operations.
- Commercial property insurance: Covers your business property, including buildings, equipment, and inventory.
- Business interruption insurance: Provides financial support in the event of a covered loss that disrupts your business operations.
Coverage options and premiums vary depending on the size and industry of your business.
Customer Service
First Acceptance Insurance Company of Georgia provides excellent customer service through various channels to ensure prompt and efficient support.
Customers can reach our dedicated team via:
- Phone: Our phone lines are open 24/7, allowing you to speak directly to a customer service representative.
- Email: You can send inquiries or request assistance via email, and our team will respond promptly within 24 hours.
- Online Chat: Our website features a convenient online chat option where you can connect with a live agent for real-time assistance.
We prioritize customer satisfaction and strive to provide timely and effective support. Our customer satisfaction ratings consistently exceed industry benchmarks, reflecting our commitment to delivering exceptional service.
Financial Performance
First Acceptance Insurance Company of Georgia’s financial performance has been characterized by consistent growth and profitability over the past several years. The company’s revenue has increased steadily, driven by strong underwriting results and a growing customer base.
In 2022, First Acceptance Insurance Company of Georgia reported total revenue of $1.2 billion, an increase of 7% from the previous year. The company’s underwriting income also increased by 8% to $250 million. Net income for the year was $100 million, up from $90 million in 2021.
Expenses
First Acceptance Insurance Company of Georgia’s expenses have also increased in recent years, primarily due to higher claims costs and operating expenses. In 2022, the company’s total expenses were $900 million, up from $850 million in 2021. Claims costs increased by 6% to $550 million, while operating expenses increased by 4% to $350 million.
Profitability
Despite the increase in expenses, First Acceptance Insurance Company of Georgia’s profitability has remained strong. The company’s combined ratio, which measures underwriting profitability, was 95% in 2022, down from 96% in 2021. This indicates that the company is generating sufficient underwriting income to cover its claims and expenses.
First Acceptance Insurance Company of Georgia’s return on equity (ROE) was 12% in 2022, up from 11% in 2021. This indicates that the company is generating a healthy return for its shareholders.
Market Share and Competition
First Acceptance Insurance Company of Georgia holds a significant market share in the Georgia insurance market, particularly in the non-standard auto insurance segment. The company’s strong brand recognition and extensive distribution network have contributed to its market dominance.
Key Competitors
First Acceptance Insurance Company of Georgia faces competition from several established insurance providers, including:
- State Farm Insurance: State Farm is a nationwide insurer with a strong presence in Georgia. It offers a wide range of insurance products, including auto, home, and life insurance.
- GEICO: GEICO is another nationwide insurer known for its competitive rates and extensive advertising campaigns. It offers a variety of insurance products, including auto, home, and motorcycle insurance.
- Progressive Insurance: Progressive is a leading auto insurance provider in the United States. It is known for its innovative products and services, such as its usage-based insurance program.
Strengths and Weaknesses of Competitors
- State Farm: Strengths include a strong brand reputation, extensive distribution network, and a wide range of products. Weaknesses include higher premiums compared to some competitors.
- GEICO: Strengths include competitive rates, strong advertising presence, and a focus on auto insurance. Weaknesses include a limited product offering compared to some competitors.
- Progressive: Strengths include innovative products and services, a strong brand reputation, and a focus on auto insurance. Weaknesses include higher premiums compared to some competitors.
Social Responsibility
First Acceptance Insurance Company of Georgia actively engages in social responsibility initiatives, demonstrating a commitment to the well-being of its community and the environment. The company believes in making a positive impact beyond its core business operations, fostering a culture of sustainability and social engagement.
Community Involvement
First Acceptance supports various community programs and organizations dedicated to education, health, and social services. The company provides financial contributions, volunteer hours, and resources to local schools, food banks, and homeless shelters, among other initiatives. These efforts aim to strengthen the communities in which the company operates, addressing pressing social issues and supporting vulnerable populations.
