Atlantic Mutual Auto Insurance Review

Atlantic Mutual Auto Insurance had a long run, but it appears to be over now. The company survived for 173 years and even managed to live past the Titanic. It all came to an end in 2011 when the company was forced into liquidation by the court.

Before this time, it was one of the more successful insurance companies capable of offering all types of different insurance products, but now those who need cheap auto insurance for their personal and/or commercial automobiles will have to purchase it from some other company. Try our FREE quote generator by entering your ZIP at our website!

The Beginning of Atlantic Mutual Auto Insurance

Atlantic Mutual Auto Insurance was founded in 1838 to become the biggest insurance company selling insurance products within the shipping industry. It only took it 14 years to make it to the very top.

The Civil War

The Civil War saw Atlantic Mutual Auto Insurance delve into doing business with the military as it became the main insurance company charged with insuring the Union’s shipping vessels.

The Atlantic Mutual Auto Insurance Company began to distinguish itself as the best record-keeper for the shipwrecks that occurred at the time.

Everyone needing this type of information began to go to Atlantic Mutual Auto Insurance for what they needed.

The RMS Titanic

The Titanic sank on April 15, 1912, and Atlantic Mutual was the insurer for this ship. Atlantic Mutual had to pay several claims for this disaster, but even this was not enough to sink the company. The company continued in the insurance industry for several decades after that.

An Expansion of Its Business

Atlantic Mutual began to expand its business into areas other than the shipping industry with the help of two companies: Centennial and Countrywide. Centennial is the company that made it possible for Atlantic Mutual Auto Insurance to provide the insurance coverage that other insurance companies would sell. Countrywide helped to bring Atlantic Mutual into the financial sector.

The Beginning of the End

After Atlantic Mutual Auto Insurance had such a glorious past, its collapse was attributed to its Worker’s Compensation claims. Atlantic Mutual found that the awards offered for Worker’s Compensation claims were extremely high. It had so many claims to cover that it depleted its monetary surplus in its entirety around the year 2000.

Continuing In the Industry

Even though they were having extreme financial difficulties, Atlantic Mutual Auto Insurance remained in business. The company may have recovered, but the recession hit, causing more trouble with Worker’s Compensation.

High unemployment encouraged fraud amongst the Worker’s Compensation industry, compounding Atlantic Mutual Auto Insurance’s woes.

Ceasing Commercial Auto Insurance Products

In order to decrease the problems they were having, Atlantic Mutual Auto Insurance ceased to offer commercial insurance products. This made it possible for them to discontinue offering Worker’s Compensation to only offer their affordable auto insurance and other products for their personal customers.

The Company’s Liquidation

Although they were concentrating on their various types of auto insurance, Atlantic Mutual Auto Insurance could not leave its previous Worker’s Compensation and other commercial claims unpaid. Because of this, its finances were in negative territory by the year 2010. At this time, the court decided to liquidate the company.

Office Closings around the Country

All of Atlantic Mutual Auto Insurance’s offices have all closed their doors except for the main headquarters in New York. This office remains open because all of its obligations have not been met yet. When they are, the doors of the final office of Atlantic Mutual Auto Insurance will be closed forever.

Filing a Claim with Atlantic Mutual Auto Insurance

Atlantic Mutual Auto Insurance has claims that are being adjudicated, but it’s possible that there are people who believe they have a legitimate claim to file, and they may be able to do so even now. To learn whether or not this is the case for them, they will need to contact the New York Superintendent of Insurance and not Atlantic Mutual directly.

Auto Insurance Is No Longer Being Sold

Up until the turn of the century, Atlantic Mutual enjoyed a glorious reputation. Its clients were enthusiastic about its customer service and believed that they received the payment on their claims that they deserved. For now, people will not be able to obtain any insurance products from this formerly outstanding auto insurance company.

Because Atlantic Mutual Auto Insurance can no longer sell auto insurance policies for personal or commercial purposes, people will not be able to obtain a quote from this company. They will be able to receive quotes from several other auto insurance companies all over the country that are selling auto insurance products right now.

Seek Quotes from Other Auto Insurance Companies

Once people receive their several quotes, they will want to ensure that the auto insurance company is not about to be in Atlantic Mutual Auto Insurance Company’s position in the near future.

By checking the auto insurance company with credit rating agency, A.M. Best, they can find out if the company is very highly rated or if it is about to plunge into bankruptcy proceedings. Start saving today by trying our FREE quote generator on our website!

Obtaining a long list of several auto insurance companies’ quotes couldn’t be easier. This website has a comparison feature that will bring several quotes to their computer screens in minutes, and all they have to do is type in their ZIP code to get started.