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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 ended up paying out every dollar ($101 million) to certificate holders during the Great Depression (1929-1939). Assets grew from $28 million to $153 million. In 1940, Investors Syndicate entered the mutual fund market. In 1945, it entered the market with investors stock fund and investors selective fund. In 1949, Investors Syndicate changed its name to Investors Diversified Services (IDS). Investors Syndicate Life Insurance and Annuity Company was formed. Grady Clark became president in 1960 and the sales organization became a national network. In 1973, Investor Syndicate Life Insurance and Annuity Company was renamed IDS Life Insurance Company. In 1984, the American Express Company acquired IDS for $780 million. Harvey Golub became CEO of IDS Financial Services. Two years later, IDS acquired Wisconsin Employers Casualty Company of Green Bay and renamed it IDS Property Casualty Insurance Company. In 1994, IDS celebrated its 100th anniversary and $100 billion in assets. In 1995, IDS changed its name to American Express Financial Advisors (AEFA) and David Hubers was the CEO and President. In 2000 James Cracchiolo succeeded Hubers. In 2002, AEFA acquired Dynamic Ideas, LLC, the quantitative platform RiverSource Investments. AEFA acquired Threadneedle, a leading British investment firm. In 2005, Ameriprise Financial became an independent, publicly owned company and Ameriprise Financial renamed American Express Property Casualty Insurance companies to Ameriprise Auto & Home Insurance and announced the RiverSource brand. The company entered the Fortune 500 at 297. In 2008, Ameriprise Financial acquired J.&W. Seligman and H&R Block Financial Advisors. During the financial crisis, Ameriprise Financial advanced $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 became 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 was launched in 2015. In 2017, Columbia Threadneedle Investments acquired Lionstone Investments, a real estate investment firm and also acquired Investment Professionals, Inc, a new advisor channel to serve clients of financial institutions. In 2019, the National trust bank converted to Ameriprise Bank, FSB.
Ameriprise Facts & Ratings
| Year Founded | 1894 |
| Financial Strength | Excellent |
| JD Power Ranking | Better Than Most |
| NAIC Complaint Ratio | 1.23 |
| Moodys | A3 |
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 Insurance | Home Insurance |
| Renters Insurance | Condo Insurance |
| Annuities | Umbrella Insurance |
| Travel Insurance | Individual Major Medical Health Insurance |
| Life Insurance | Long-term Care Insurance |
| Disability Insurance | ATV Insurance |
| Boat Insurance | Collector Car Insurance |
| Flood Insurance | Motorcycle Insurance |
| RV Insurance | Rental Property 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 Discount | Vehicle Safety Features Discount |
| Garaging Discount | Student Away Discount |
| Education Discount | Multi-car Discount |
| Multi-product Discount | Age of Home Discount |
| Claims Free Discount | Protective Devices Discount |
| Tenure Discount | Renovation Discount |
Ameriprise Group Auto Insurance Rates by State
Ameriprise Group Auto Insurance Rates by Vehicle
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Ameriprise Group Auto Insurance Rates by Homeownership
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Ameriprise Contact Info
| Address | 70100 Ameriprise Financial Center, Minneapolis, MN 55474 |
| Phone | 1-800.862.7919 |
| Website | https://www.ameriprise.com/ |
| https://www.facebook.com/AmeripriseAutoHome/ | |
| Youtube | https://www.youtube.com/user/Ameriprise |
| https://twitter.com/AmeripriseAH | |
| https://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.
How Does Ameriprise Compare to Other Car Insurance Companies?
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| Ameriprise vs Plymouth Rock | Ameriprise vs Utica National |
Fran Majidi manages content on SmartFinancial's website. She's had nearly a decade's worth of experience writing about insurance-related topics. Prior, she was an arts and entertainment editor in New York City. She has a B.A. from Barnard College and an M.F.A. in writing from The New School. She writes books under her given name, Afarin Majidi.
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