Ameriprise: Overview

Ameriprise has been offering insurance coverage to its customers since 1894.

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About Ameriprise

Founder John Tappan founded Ameriprise Financial over 125 years ago, with a mission to help Americans achieve their goals. The company was originally called Investors Syndicate. Investing $5 each, he had 1,000 clients. By 1914 his assets reached $1 million. In 1925, entrepreneur John R. Ridgeway purchased Investors Syndicate, which ends up paying out every dollar ($101 million) to certificate holders during the Great Depression (1929-1939). Assets grow from $28 million to $153 million. In 1940, Investors Syndicate enters the mutual fund market. In 1945, it enters the market with investors stock fund and investors selective fund. In 1949, Investors Syndicate changes its name to Investors Diversified Services (IDS). Investors Syndicate Life Insurance and Annuity Company is formed. Grady Clark becomes president in 1960 and the sales organization becomes a national network. In 1973, Investor Syndicate Life Insurance and Annuity Company is renamed IDS Life Insurance Company. In 1984, the American Express Company acquires IDS for $780 million. Harvey Golub becomes CEO of IDS Financial Services. Two years later, IDS acquires Wisconsin Employers Casualty Company of Green Bay and renames it IDS Property Casualty Insurance Company. In 1994, IDS celebrates its 100th anniversary and $100 billion in assets. In 1995, IDS changes its name to American Express Financial Advisors (AEFA) and David Hubers is the CEO and President. In 2000 James Cracchiolo succeeds Hubers. In 2002, AEFA acquires Dynamic Ideas, LLC, the quantitative platform RiverSource Investments. AEFA acquires Threadneedle, a leading British investment firm. In 2005, Ameriprise Financial becomes an independent, publicly owned company and Ameriprise Financial renames American Express Property Casualty Insurance companies to Ameriprise Auto & Home Insurance and announces the RiverSource brand. The company enters the Fortune 500 at 297. In 2008, Ameriprise Financial acquires J.&W. Seligman and H&R Block Financial Advisors. During the financial crisis, Ameriprise Financial advances $700 million to help clients with cash needs. In 2009, Ameriprise Financial partnered with Feeding America, the nation’s largest domestic hunger-relief organization. In 2010, Ameriprise Financial becomes the eighth-largest manager of long-term U.S. mutual fund assets, largely due to the acquisition of Columbia Management. In 2014, it launched the Confident Retirement® approach. The new Columbia Threadneedle Investments brand is launched in 2015. In 2017, Columbia Threadneedle Investments acquires Lionstone Investments, a real estate investment firm and also acquires Investment Professionals, Inc, a new advisor channel to serve clients of financial institutions. In 2019, the National trust bank converts to Ameriprise Bank, FSB.

Ameriprise Facts & Ratings

Year Founded1894
Financial StrengthExcellent
JD Power RankingBetter Than Most
NAIC Complaint Ratio1.23
A.M Best RatingA
MoodysA3

Ameriprise Mobile App Rating

The only app available for Ameriprise is for financial services and financial planning, not for home and auto.

Pros & Cons of Ameriprise

  • A very financially sound company.
  • One of the largest networks of agents.
  • Offers auto insurance through Costco
  • The complaint ratio for Ameriprise is higher than the national average. Since 2015, however, it has steadily decreased

Common Questions about Ameriprise

Is Ameriprise and Costco insurance the same?

Costco insurance is not written by Costco. The store offers members policies through Ameriprise Insurance at a discount.

Is Ameriprise insurance a good company?

While Ameriprise has a relatively high complaint ratio, it is a very financially strong company that offers discounted rates through Costco.

Who owns Ameriprise Insurance?

Ameriprise is a wholly-owned subsidiary of the American Family Insurance mutual holding company. They partner with many specialty insurance providers. It was acquired by American Express Financial Corporation in 1986. In 2005 it became an independent, publicly owned company.

What is Ameriprise Insurance?

Ameriprise sells everything from car and home insurance to disability and health insurance. Ameriprise Auto & Home insurance focuses on property and casualty insurance.

Does Ameriprise cover rental cars?

If you buy rental car coverage, you are covered if your car is in the shop for a covered accident.

Does Ameriprise cover windshield repair?

Ameriprise offers windshield repair with no deductible.

How much can I save by switching to Ameriprise Auto Insurance?

Costco members who bought auto insurance through Ameriprise Auto & Home Insurance reported an average savings of $589.35.

What is Roadside Assistance and towing with Ameriprise?

Roadside assistance and towing with Ameriprise cover the cost of towing a disabled car to a repair shop as well as certain labor costs performed at the “site of disablement.”

How to save monthly with Ameriprise Auto Insurance:

In addition to driving safely and earning a good driver discount, there are other discounts you can take advantage of to save with Ameriprise. One simple way to save is to bundle your home and auto insurance. Avoid filing a claim unless it’s necessary. Lower your premiums by raising your deductible. Here are a few other discounts you may be able to take advantage of, too: Premier Safety Discount, Defensive Driver Discount, Vehicle Safety Features Discount, Garaging Discount, Student Away Discount, Education Discount, Multi-car Discount, Multi-product Discount, Claims Free Discount, Protective Devices Discount, and Tenure Discount.

What is Ameriprise Homeowners Insurance coverage?

Ameriprise homeowners insurance includes dwelling coverage, other structures coverage, personal property insurance, scheduled personal property, homeowners endorsements, earthquake insurance, mine subsidence insurance, loss of use coverage, personal liability insurance, medical payments coverage, and identity protection if you are robbed and the thief tries to steal your identity.

What other benefits does Ameriprise Home Insurance have?

In addition to identity theft, with Ameriprise home insurance, you’ll have fraud protection, food spoilage protection, and lock replacement expense protection.

Does Ameriprise have discounts for homeowners?

Yes, Ameriprise gives discounts based on the age of a home (the newer, the greater the discount), claims-free discount, protective devices discount (for smoke alarms, deadbolt locks, security alarms, monitored fire and/or security system, sprinkler system, and fire extinguishers), tenure discounts (which works as a loyalty discount), multi-product discounts (for bundling home with auto or another type of insurance) and renovation discounts. The more you take care of your home, the less you pay in home insurance.

How do Ameriprise Renters Insurance works?

If you rent a home or apartment, renters insurance will cover your belongings if they are damaged or stolen while you reside in the covered unit or home. Note that water backup and sump overflow are not included in a standard renters insurance policy. Neither is earthquake coverage. However, if the contents are stolen outside of the home, you are covered (i.e. a bicycle; your iPhone).

What coverage does Ameriprise Renters Insurance cover?

Ameriprise renters insurance includes personal property insurance, ranging from $15,000-$35,000 for the contents of your home. You will also have liability coverage, in case a guest gets hurt or if you cause damage. Medical payments for an injured visitor is also included. If you choose, you can also buy a personal injury endorsement which protects against personal injury against others, including false arrest, detention or imprisonment, wrongful entry, malicious prosecution, wrongful eviction, slander, defamation of character, libel, and invasion of privacy. Your additional living expenses may also be covered while your apartment or rented home is being repaired. There are also other endorsements or riders you can buy. Scheduled personal property includes engagement and wedding rings, other jewelry, stamps, coins, ceramics, cameras, equipment, computers, fine art, rugs, vases, firearms, furs, golf equipment, musical instruments and equipment, and silverware.

Does Ameriprise sell life insurance?

Ameriprise offers a full range of insurance and annuity products. They sell permanent life insurance and term life insurance. An Ameriprise financial advisor will review your financial situation with you to help you decide which type of insurance fits your situation.

Ameriprise Insurance Products

Auto InsuranceHome Insurance
Renters InsuranceCondo Insurance
AnnuitiesUmbrella Insurance
Travel InsuranceIndividual Major Medical Health Insurance
Life InsuranceLong-term Care Insurance
Disability Insurance

Ameriprise Auto Insurance Coverage

Bodily Injury Liability

This form of coverage is required in every state. It covers bodily injuries to a third party in an accident that was deemed your fault.

Property Damage Liability

This form of coverage is required in every state. It covers property damage and loss of use to a third party.

Comprehensive Coverage

This coverage pays for damages and loss other than that caused by a collision. It is subject to a deductible.

Collision Coverage

his coverage pays for damages and loss caused by impact with another automobile, object or person. It is subject to a deductible.

Personal Injury Protection

This type of protection will cover you if you’ve been injured in an accident, regardless of who’s at fault. Coverages include income continuation, loss of services, funeral expenses and child-care expenses.

Uninsured Motor Vehicle

This coverage pays for medical expenses if you’re injured in an accident caused by someone who doesn’t have liability insurance.

Roadside Assistance & Towing

This coverage helps you get back and driving if you have a roadside breakdown.

Rental Car Coverage

If you rent a car while yours is in the shop, you are eligible for $50 a day up to 30 days, if the damage to the car was a covered loss.

Medical Payments

This type of protection will cover you if you’ve been injured in an accident, regardless of who’s at fault. Coverages include income continuation, loss of services, funeral expenses and child-care expenses.

Lease/Loan Gap Coverage

This protection covers you if your car is declared a total loss and you owe more on the car than its covered depreciated value.

New Car Replacement

This coverage enhances standard collision coverage by paying out more if your car is totalled. Ameriprise pays for a new vehicle of the same make and model. If that new vehicle is unavailable, it will pay up to 110% of the original vehicle’s Manufacturer’s Suggested Retail Price (MSRP).

Discounts

Good Driver Discount Premier Safety Discount
Defensive Driver DiscountVehicle Safety Features Discount
Garaging DiscountStudent Away Discount
Education DiscountMulti-car Discount
Multi-product DiscountAge of Home Discount
Claims Free DiscountProtective Devices Discount
Tenure DiscountRenovation Discount

Ameriprise Group Auto Insurance Rates by State

Below is a list of the average rates that drivers typically pay with Ameriprise Group. On average, Ameriprise Group charges approximately $100.81 per month. The cheapest state average is Arizona at $100.77 per month followed by at $163.33 per month. The most expensive state average is at $163.33 per month.

State Avg monthly rate
AZ $100.77
State Avg monthly rate

Ameriprise Group Auto Insurance Rates by Vehicle

Drivers typically will get a discount if they insure multiple vehicles. Here is a list of average rates that Ameriprise Group charges for drivers who have more than 1 vehicle.

Number of Vehicles Avg Monthly Rate
1 Vehicle $95.99
2 Vehicles $119.93
3 Vehicles $159.07
4 Vehicles $251.42
5 Vehicles $368.11

Ameriprise Group Auto Insurance Rates by Homeownership

Customers who own their home rather than rent can sometimes get a small discount. We found that on average Ameriprise Group charges $98.17 per month for drivers who own their home and $101.92 per month for those who rent.

Own/Rent Avg Monthly Rate
Own $98.17
Rent $101.92

Ameriprise Contact Info

Address70100 Ameriprise Financial Center, Minneapolis, MN 55474
Phone1-800.862.7919
Website https://www.ameriprise.com/
Facebookhttps://www.facebook.com/AmeripriseAutoHome/
Youtubehttps://www.youtube.com/user/Ameriprise
Twitterhttps://twitter.com/AmeripriseAH
LinkedInhttps://www.linkedin.com/company/ameriprise-auto-and-home-insurance/

Methodology

The statistics listed on this page are from our own in house reporting. We track and record quotes that carriers have provided based on various criteria. The rates and averages shown on this page should only be used as an estimate.

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