RIC Insurance General Agency, Inc

RIC Insurance General Agency, Inc. Insurance Review

RIC Insurance General Agency, Inc. is a Managing General Agency (MGA) and Surplus Lines Broker operating primarily in the Western United States. For over 50 years, they've provided a wide range of admitted and non-admitted Property and Casualty insurance products to retail agents. This in-depth review will explore RIC Insurance's market position, services, pricing, customer support, and overall value proposition to help you determine if it's the right fit for your insurance needs.

Overview

Established in 1968, RIC Insurance General Agency has a long and established history in the insurance industry. They've built their reputation on serving the needs of small and medium-sized businesses, as well as individuals, offering a comprehensive selection of personal and commercial insurance options. A key milestone was their acquisition by Worldwide Facilities, LLC, in June 2018, a move that significantly broadened their access to markets and insurers. Today, RIC Insurance operates from multiple locations across the Western US, employing approximately 150 people. Their commitment to superior customer service and extensive product offerings continues to be a cornerstone of their success.

Year of Establishment and Background Story

Founded in 1968, RIC Insurance General Agency, Inc. has a rich history spanning over five decades. Their focus has consistently been on providing tailored insurance solutions, specializing in the unique risks faced by small and medium-sized businesses while also offering a variety of personal insurance products.

Key Milestones in the Company’s History and Growth

The acquisition by Worldwide Facilities, LLC in 2018 marked a significant turning point, greatly enhancing their market reach and relationships. This strategic move allowed them to expand their offerings and better serve their clients. This acquisition has also facilitated the company's expansion to several locations across the Western United States, reflecting their significant growth and commitment to geographic reach.

Regulatory Compliance and Licenses

RIC Insurance General Agency, Inc. operates within a strict regulatory framework. They are officially licensed and certified to distribute insurance products, including acting as an official distribution channel for the State Compensation Insurance Fund of California. This demonstrates their commitment to adhering to all relevant state and federal regulations. Their NAICS codes (5242, 524, 52429, 52, 524298) and SIC codes (641, 64) further clarify their business activities within the insurance sector.

Insurance Products and Services

Main Insurance Products

RIC Insurance provides a diverse range of insurance products designed to meet the needs of various clients. Their offerings include:

• Auto Insurance: Offering comprehensive coverage options, including liability and collision coverage tailored to individual needs.
• Homeowners Insurance: Customized policies that consider unique home features such as pools and detached structures, ensuring appropriate coverage levels.
• Commercial Insurance: Specialized insurance for small and medium-sized businesses, encompassing crucial aspects like workers' compensation and commercial liability.
• Life Insurance: Offering a variety of life insurance options, including term, whole, and universal life insurance, to cater to diverse financial planning needs.

RIC Insurance’s commitment to providing comprehensive coverage is evident in their offerings of both admitted and non-admitted Property and Casualty products. Their ability to tailor policies to specific client needs provides a level of customization rare in the industry. For instance, some policies might include coverage for damage while parked or even robbery.

Additional Services

Beyond their core insurance offerings, RIC Insurance also provides valuable supplemental services:

• Claims Assistance: Dedicated support to navigate the claims process efficiently and effectively.
• Financial Advisory: Assistance in assessing individual and business insurance needs and choosing appropriate coverage levels.

Premiums and Pricing

Pricing Structure

RIC Insurance's pricing is competitive but varies depending on factors such as the type of insurance, coverage level, and individual client circumstances. While exact premium rates aren't publicly available, their broad network of carriers allows them to offer competitive pricing compared to many competitors. Their pricing strategy is designed to provide value and affordability while considering the risk involved.

Discounts and Special Offers

RIC Insurance may offer several discounts and promotional deals. While specific details are not readily available on their website, potential discounts could include multi-policy discounts and incentives for safe drivers. It's recommended to directly contact RIC Insurance for the most up-to-date information on available discounts and special offers pertinent to your situation.

Customer Service and Support

Contact Methods

RIC Insurance can be contacted through various channels:

• Phone: (888) 693-7892
• Email: Contact information for specific agents or departments is available on their website (though the specific email addresses are not readily provided in readily available online sources).

While a live chat option isn't explicitly mentioned, it's possible that such a service may be available directly through their website or agents. Further investigation is recommended to verify the availability of live chat support.

24/7 Support and Multilingual Assistance: Currently, there is no publicly available information regarding 24/7 support or multilingual assistance. It's recommended to inquire directly with RIC Insurance about the availability of these services.

Pros and Cons of RIC Insurance General Agency, Inc. Insurance

Pros

• Competitive Premiums: Their extensive network of carriers allows them to offer competitive pricing.
• Comprehensive Coverage: A wide range of insurance products ensures comprehensive coverage options for diverse needs.
• Exclusive Programs: Access to programs like the Access State Fund program for California clients offers unique advantages.

Cons

• Limited Public Information: Specific details about discounts and promotional deals are not readily accessible online.
• Customer Support Transparency: Lack of readily available information about 24/7 support and multilingual assistance may be a concern for some.

Conclusion

RIC Insurance General Agency, Inc. is a well-established MGA with a strong track record. Their breadth of offerings and commitment to competitive pricing are significant strengths. However, potential clients should be aware that detailed information on some aspects of their services, such as specific discounts and customer support availability beyond standard business hours, is not readily available online. Further investigation directly with the company is recommended for complete clarity.

Who Would Benefit Most?

• Small and Medium-Sized Businesses: RIC Insurance offers specialized commercial insurance packages designed to meet their specific needs.
• Individuals Seeking Personal Insurance: The diverse range of personal insurance products makes them a viable option for individuals seeking auto, homeowners, or life insurance.

Frequently Asked Questions about RIC Insurance General Agency, Inc. Insurance

1. What types of insurance does RIC offer? RIC offers auto, homeowners, commercial, and life insurance.
2. How can I contact RIC for support? You can contact RIC by phone at (888) 693-7892 or via email (contact details are available on their website, though not readily accessible through public links).
3. Does RIC offer any discounts? RIC may offer various discounts, including multi-policy discounts and safe driver incentives, however, details require direct inquiry with the company.
4. Is RIC available 24/7 for support? This information is not readily available publicly. Direct contact with RIC is recommended for this detail.
5. Can I get multilingual assistance from RIC? This information is currently unavailable publicly. Directly contacting RIC is necessary to ascertain multilingual support options.

References

1. https://www.wainsurance.org/Join/Pages/ListOfAssociateMembers_LOCKED/RIC%20Insurance%20General%20Agency%20Inc.aspx
2. https://rocketreach.co/ric-insurance-general-agency-inc-profile_b5cf96aff42e0a03
3. https://agency.nationwide.com/ca/santa-rosa/95401/r-i-c-insurance-general-agency