Showing posts with label company. Show all posts
Showing posts with label company. Show all posts

Friday, August 2, 2019

Capital One data breach affects more than 100 million customers

A massive data breach at Capital One Financial Corporation is impacting more than 100 million people in the U.S. and Canada, the company said in a press release.

That would make it one of the 10 largest data breaches ever, according to data from security and risk management watchdog CSO.

Capital One data breach: Who’s affected and what to do if you’re a victim

Capital One says in the release that “there was unauthorized access by an outside individual who obtained certain types of personal information relating to people who had applied for its credit card products and to Capital One credit card customers.”

Based on analysis by the company, that includes around 100 million people in the U.S. and 6 million in Canada.

The U.S. Attorney’s Office in the Western District of Washington State said Monday that Paige A. Thompson, a 33-year-old former technology company software engineer, was arrested for the data theft.

Capital One said it is “unlikely that the information was used for fraud or disseminated by this individual,” but the investigation is ongoing.

According to Capital One, the majority of customers affected were consumers and small business owners who applied for the company’s credit cards between 2005 and early 2019.

“This information included personal information Capital One routinely collects at the time it receives credit card applications, including names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income,” the company said.

Even more disturbing, the information accessed included 140,000 Social Security numbers of U.S. customers and 1 million Social Insurance numbers of Canadian customers, along with 80,000 linked bank accounts of secured credit card customers.

Capital One says it is alerting affected customers “through a variety of channels” and making free credit monitoring and identity protection available to those people.

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The company has set up a Frequently Asked Questions page regarding the incident here.

What to do if you were affected by the Capital One breach

Unfortunately, this isn’t the first massive breach of a financial services company in recent years and it almost certainly won’t be the last. Team Clark’s advice on what to do in these situations is multi-pronged:

With so many criminals out there eager to take advantage of people, there will be more data breaches in the future. But by taking these steps, you can at least protect yourself to some degree.

More stories you might enjoy from Clark.com:

6 things to know about Haven Life

Haven Life is one of a new breed of life insurance players removing the friction from the life insurance shopping process. With Haven, you do everything online — from getting a quote to e-signing your documents.

Here’s what you need to know about Haven Life

Buying life insurance is something so many of us know we need to do, but we just don’t get around to it. That’s partly because the traditional life insurance thing is cumbersome.

You used to have to sit down with an agent — either in your home or on the phone — and answer questions about your general health. Then you had to agree to submit to a medical exam.

Once the exam was scheduled, you had to get ready to be poked and prodded by needles. Then, you had to wait for weeks for the lab results to come back and the policy to be written.

But Haven Life has re-imagined the whole idea of buying life insurance. Here’s what you need to know before you get a quote:

Table of contents

  1. Getting a quote online
  2. Coverage limits
  3. Term life calculator
  4. No medical exam policies
  5. A.M. Best rating
  6. Haven Life Plus

1. You can get a quote online and don’t ever have to talk to an agent

Haven Life has completely automated the process for buying life insurance. There’s no old-school agent you have to deal with at any step of the process. From getting a quote to finalizing your coverage, it’s all done online from any smartphone or computer.

Here are a few more ways Haven has simplified the shopping process and made it more customer-friendly:

  • Paperless processing
  • All policies sold commission-free
  • Only sells term life insurance — no whole life
  • Level premiums mean you pay the same amount each month and it never goes up

If you have any questions during the application process, you can stop at any time and get help in several ways: via chat, phone (1-855-744-2836) or email ([email protected]).

2. You can get up to $3 million in coverage

If you’re a U.S. citizen under age 60, you can get up to $3,000,000 in term life insurance coverage.

However, if you’re either over 60 but younger than 64 or an eligible non-U.S. citizen, you can qualify for up to $1,000,000. Similar coverage restrictions apply if you get a no medical exam term policy — but more details on that in a moment.

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3. Haven Life’s term life calculator helps determine coverage needs

Haven Life term life insurance needs calculator

Figuring out how much life insurance you need to purchase is something that stumps a lot of people shopping for a policy.

As a general rule of thumb, money expert Clark Howard recommends buying an amount equal to 10 times your salary, before taxes.

But for an answer to the question of how much to buy that’s tailored specifically to your situation, Haven offers a term life insurance needs calculator.

When you use the calculator, you’ll be asked to input the following info:

  • Gender
  • Date of birth
  • State of residence
  • Nicotine use
  • Health condition
  • Annual income
  • Family size
  • Total amount of debt

The calculator will then kick back a recommended coverage amount for a certain term of years, along with an estimated monthly premium rate.

4. Haven Life offers no medical exam term policies

A big part of the appeal of Haven is that you don’t have to undergo a medical exam to get a term life policy.

Select qualified applicants up to age 59 can finalize coverage online without the need to have a physical exam or a blood test like you would with other insurers.

Certain candidates, however, may still need to pass medical underwriting, depending on a variety of factors.

While you can purchase up to $3 million in coverage if you medically underwrite, Haven caps its no medical exam term life policies at $1 million of coverage.

5. Haven Life is underwritten by MassMutual, an A++ rated company

When it comes to selecting a life insurance company, strength and financial stability are very important. You want to be sure the company you’re buying a policy from will be around for a long time to come.

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That’s because if you die while the policy is in force, you have to know that the insurance company will be financially solvent and around to pay on your claim.

Of course, nobody can see the future — but we have the next best thing in A.M. Best, a credit rating company that focuses on the insurance industry. Using a proprietary system, A.M. Best grades insurance companies on a scale from A++ to F.

Haven Life policies are underwritten by Massachusetts Mutual Life Insurance Company (MassMutual), a company that’s been around for 160 years and gets an A++ from A.M. Best. With that kind of history and financial strength, you can rest assured that Haven Life and MassMutual will be around to pay on claims should you die prematurely.

Remember, getting a grade of A++ is as much assurance that a company will stand the test of time as you can possibly get.

6. Haven Life Plus offers free add-on services on your policy

When you get a term life policy from Haven, you get so much more than just insurance to provide for your beneficiaries if you die. You also get a suite of free additional offerings called Haven Life Plus.

Haven Life Plus is an insurance rider that sits on top of your existing policy. It offers a broad range of freebie perks valued at more than $300. These perks touch on estate planning, on-demand health services and emergency planning, among other things:

  • Will creation from Trust & Will ($129 value)*
  • On-demand fitness app Aaptiv ($99 value)
  • Timeshifter app that helps fight jet lag ($24.99 value)
  • Free estate planning/secure online vault from LifeSite ($80 value)
  • 15% discount on any single CVS MinuteClinic service

* Offer void in North Carolina

The Haven Life Plus rider is not available in Florida, New York, North Dakota, South Dakota and Washington.

Final thought

Having a life insurance policy in place is important if you have a family or spouse that depends on your paycheck. If you die prematurely, they’ll face a tremendous struggle to replace your income. That’s why life insurance offers such great peace of mind.

But times are changing and the modern life insurance customer wants a simplified shopping process. Haven Life delivers that hands down. And, Haven bolsters its offerings with a nice suite of freebies and perks.

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Still not sure you need a policy? Read our piece titled “What is term life insurance and should I buy it?” for the final word.

Then when you’re ready to get shopping, be sure to check out our guides on how to buy term life insurance and the best life insurance companies before you make up your mind.

More stories you might enjoy from Clark.com:

Are home warranties worth it?

Maybe you’ve seen or heard one of the many advertisements out there for home warranty companies — they’re pretty hard to miss. Or, perhaps some of your friends have bought home warranties themselves. That may leave you wondering: “Are home warranties worth the money?”

In this article, we’ll discuss:

  • What money expert Clark Howard thinks about home warranties
  • What home warranties do and don’t cover
  • Home warranty horror stories
  • The one case where a home warranty might make sense

Why Clark Howard says home warranties are mostly a waste of money

According one survey, home warranties were a $2.3 billion business as of a few years ago.

Clark thinks that’s 2.3 billion dollars too many.

“It sounds so wonderful,” Clark says. “You pay five or six hundred bucks and supposedly you are buying peace of mind for repairs and replacement of appliances and major mechanical in their house. But when something goes wrong, the warranty company is, like, ‘Who are you? You want us to do what?’”

“Trust me on this: Don’t waste your money on a home warranty. Instead, save your money for when something does break in your home.”

Clark says that in reality, if something goes wrong in your home the warranty companies are brutally difficult to deal with. They require you to use their contractor only. That contractor may or may not come on schedule while you’re suffering in the summer heat with a broken AC unit. And don’t forget that you’ll have a deductible to pay on top of that.

Clark’s word not enough for you?

Consider this: According to the Washington Post, American Home Shield (the country’s largest home warranty company) has been the subject of nearly 11,000 complaints to the Better Business Bureau in the last three years alone.

What home warranties do and don’t cover

In addition to being notoriously hard to work to work with, home warranty companies don’t always make it clear in their advertising what isn’t covered by your warranty.

While most home warranties will generally cover the appliances in your home, the systems in your home (your HVAC unit, for example) or both, there can be some notable exceptions.

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These can include things like:

  • Fireplace systems (even if they are your main source of heating)
  • Alarm system wiring
  • Telephone wiring
  • Plumbing lines that are damaged by roots or foreign objects
  • Broken or collapsed sewer lines outside your home’s foundation

Here are 11 more things that may not be covered by your home warranty.

Home warranty horror stories

Still not convinced that home warranties are a bad idea?

Team Clark and our Consumer Action Center hear all the time from people who feel like they’ve been taken for a ride by their home warranty company.

For example, Bill C.B. wrote on our Facebook page:

“My toilet has a leak at the base of toilet (I think the wax ring needs to be replaced). And it rocks back and forth when sitting on it. Called for service, technician came out and [they] denied the repair because you can not see the leak on top of the vinyl floor (it is slowly seeping in between the concrete slab and the vinyl flooring). But [they] took my $100 fee.”

And Deborah F.H. said:

“I got one of these with the purchase of a new condo. The bathroom faucet that started leaking 30 days after we moved in? Not covered. The hot water heater that failed? Replaced with a far inferior one! And still cost $600 for ‘whatnots.’ [The company] called me about renewing & I just started laughing.”

The one case where buying a home warranty might make sense

Despite everything you’ve just read, Clark does have one exception to his rule against buying home warranties.

“When you’re selling a home, offer the buyers a used home warranty, even though I think they’re worthless,” he says.

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He points to this Los Angeles Times article, which references a study that says that homes that come with a warranty sell 11 days quicker and for $2,300 more, on average, than those without them.

“If that makes me a hypocrite, so be it,” Clark says. “These warranties are a joke — they seldom pay off — but they’ll pay off for you as a seller.”

Final thought

Although a home warranty may be tempting you with the notion that you’ll have peace of mind in case anything big or expensive in your house breaks, hopefully at this point you know that they’re a bad idea.

Instead, put away some money in a home fix-it fund of your own. You’ll be prepared to take care of any emergency yourself — and not at the mercy of a company who just wants to keep more of your dollars in their pocket.

More stories you might enjoy from Clark.com:

5 ways to spot fake work-from-home jobs

Work-from-home jobs can provide the flexibility that you need, but can you spot the scams out there? Team Clark wants you to have the tools to avoid these ripoffs!

Brie Reynolds from FlexJobs provided us with five ways to avoid these fake jobs. Let’s get to the list…

1. Never pay for an interview

The company may want you to pay them to train you, purchase software or invest in some way in order to get the job. Legitimate companies won’t make you spend money in order to work for them.

Often, legit job postings will list the equipment or specific software you need or provide it as a part of training once you are hired. You can usually find this information in the job listing.

2. Watch out for the type of interview the company offers

Usually, companies will do in-person, phone or video chat interviews. If the business you apply to only wants to conduct interviews via online chat, be careful.

A huge red flag for instant message interviews is when the company doesn’t ask many in-depth questions about your skills or offers you the job immediately.

Pressuring you to accept their offer quickly is another bad sign. A scammer might try to get you to act without thinking, so always take a step back and consider if this offer is too good to be true.

However, some major companies like Amazon have been known to do chat interviews with people interviewing for specific customer service positions. Doing a lot of research about the company before they interview you is vital, especially if they only want to conduct interviews over chat.

3. Look for a detailed job description

Real jobs need people with specific skills, so companies will lay them out in a real listing. If a job description looks vague, only highlights benefits or has noticeable grammatical errors, it’s likely illegitimate.

Benefits highlighted will usually be things like how much money you’ll get for relatively little work.

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Another red flag here could be a lack of responsibilities listed in the posting. A real company will tell you what work they expect you to perform as an employee.

4. Research the company!

This is extremely important during any job hunt. Typing the company name and the word “scam” into a search engine is a simple way to find out if a company is legitimate.

You should be able to find reports from the FBI or FTC and Better Business Bureau ratings. You can also look for forums where people post experiences with a company.

A company’s website can also tell you if they’re legit or not with a quick glance. If it has grammatical errors or weird punctuation scattered throughout, it’s probably fake.

5. Ask a lot of questions

Another simple and effective way to spot a scam is to ask questions like:

  • Why did this position become available?
  • What are the key qualifications?
  • How long has the business existed?
  • Who are some of your clients?

If you get a bad feeling or the interviewer struggles to answer, you probably want to ditch this company.

Final thought

Above all, trust your gut. If you think something is fishy for even a moment: Stop, think and research. If after that the company still seems like it might not be legit, don’t be afraid to walk away from it.

There are work-from-home jobs available from real companies and plenty of ways to find them, including our work-from-home guide and more information about FlexJobs.com.

Other Clark.com articles you may like:

Retail alert: GNC to close up to 900 stores

This year is shaping up to be difficult for some traditional retailers. After shutting down nearly 5,000 stores in 2018, there are already a ton of announcements regarding store closings in 2019, and many more are expected in the coming months.

Retail closings: The latest news

Health store GNC is closing up to 900 stores, especially in malls across the country.

GNC – Up to 900 stores to close

GNC plans to close up to 900 stores

In a recent investor call, GNC said that they plan to “optimize” the number of stores they have by 25% in the United States and Canada. That works out to closing between 700-900 stores, according to an investor presentation the company shared with stakeholders.

The changes are part of GNC’s effort to reposition itself from being a specialty retailer to a global brand that promotes overall wellness and health. Part of that strategy involves shifting the focus from physical stores to an online “omnichannel” experience.

Customers can expect the dwindling of locations to take place over the next two to three years, the retailer said.

Charming Charlie – 260 stores to close

Charming Charlie

After its second bankruptcy in 24 months, Charming Charlie announced recently that it is closing the remainder of its 260 stores, along with a distribution center and its corporate offices.

In a Chapter 11 bankruptcy filing, Charming Charlie says the locations are “expected to close on or before August 31, 2019.”

The retailer’s website is still up and advertising an “everything must go” sale, but is unable to take any orders.

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Francesca’s – At least 30 stores to close

Francesca's closing at least 30 stores - retail closings in 2019

The second half of 2019 is going to be one of downsizing for Francesca’s, according to company brass.

The retailer’s Chief Financial Officer Kelly Dilts told analysts on June 13 that “at least” 30 store locations are going away later this year, according to RetailDive.com.

Francesca’s began with a store in Houston, Texas, in 1996. Since then, the company has built more than 700 boutiques across the United States.

In an investor’s report on its website, Francesca’s brass disclosed that net sales decreased 13% in the first quarter of the year.

Dressbarn – 650 stores to close

Retail alert: Dress Barn closing all of its stores as parent company downsizes

Dressbarn’s parent company, Ascena, announced May 21 that it is closing all of the women’s clothing store’s locations to concentrate on more profitable entities in its business portfolio.

The demise of Dressbarn means the shuttering of around 650 stores, according to CNBC.com. Ascena recently sold off its Maurices brand, as well.

In a statement, the company said that the decision to close Dressbarn “has no impact on the operations of any of Ascena’s other brands.” Ascena also owns the Ann Taylor and Loft stores.

No further timeline has been announced as of yet for the wind-down of the Dressbarn business.

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Party City – 45 stores to close

party city store

Party City announced in early May 2019 that it will close 45 underperforming stores this year, according to Business Insider. That’s three times its normal closing rate of 10 or 15 stores a year! As of now, the chain has 870 stores. It is blaming a worldwide helium shortage for forcing the latest closures.

“After careful consideration and evaluation of our store fleet, we’ve made the decision to close more stores than usual in order to help optimize our market level performance, focus on the most profitable locations and improve the overall health of our store portfolio,” Party City CEO James Harrison noted in a press release.

The company hasn’t yet released the full list of store closures, but these are the ones that have been confirmed so far:

  • 19037 Golden Valley Road, Santa Clarita, California
  • 300 S. Highland Springs Ave., Banning, California
  • 3629 W. Florida Ave., Hemet, California
  • 533 S. Broad St., Meridien, Connecticut
  • 2350 Sycamore Road, DeKalb, Illinois
  • 1020 N. Stratford Road, Moses Lake, Washington

CVS – 46 locations to close

CVS Pharmacy sign

CVS Health, better known as CVS Pharmacy, recently announced plans to close 46 underperforming retail pharmacy stores by July 2019. This news comes after the company shared plans to commit more physical space to its health and wellness initiatives, mostly due to its acquisition of Aetna.

CVS has more than 9,900 retail pharmacy locations, so the 46 closures make up less than 1% of the total stores. Here is the list of most of the closing CVS retail locations, according to USA Today:

Alabama

  • Huntsville: 3115 Bob Wallace Ave SW
  • Montgomery: 664 Schillinger Rd S
  • Montgomery: 2815 Low Wetumpka Rd

Arizona

  • Phoenix: 7434 W Indian School Rd

California

  • Antioch: 3130 Buchanan Rd
  • San Francisco: 1285 A Sutter St
  • San Francisco: 995 Market St
  • Sun Valley: 9375 San Fernando Rd

District of Columbia

  • Washington, DC: 1201 Maryland Ave SW

Delaware

  • Wilmington: 402 N Maryland Ave

Florida

  • Daytona Beach: 1350 Beville Rd
  • North Fort Myers: 13991 N Cleveland Ave
  • Ocala: 1607 S Pine Ave
  • Palm Beach Gardens: 3168 Northlake Blvd

Hawaii

  • Honolulu: 1441 Kapiolani Blvd. Suite 510
  • Honolulu: 1401 S Beretania St. Suite 110

Illinois

  • Chicago: 745 W 103rd St
  • Chicago: 175 W Jackson Blvd
  • Chicago: 1620 W 59th St
  • Chicago: 1550 N Kostner Ave
  • Lincolnwood: 7179 N Lincoln Ave
  • North Aurora: 1015 W. Orchard Rd.
  • South Barrington: 100 W Higgins Rd

New York

  • Greenwood Lake: 123 Windermere Ave
  • Staten Island: 812 Forest Ave

Michigan

  • Detroit: 10301 Woodward Ave.

Minnesota

  • Brooklyn Park: 7996 Brooklyn Blvd.
  • Minneapolis: 1110 Hennepin Ave.
  • Minneapolis: 2426 W. Broadway Ave.

Missouri

  • Springfield: 1735 South Glenstone Ave.

New Mexico

  • Albuquerque: 7105 Central Ave. NE

Texas

  • Brownsville: 1454 Central Blvd.
  • Copperas Cove: 1407 E W Hwy 190
  • El Paso: 2525 N. Mesa St.
  • Katy: 3080 S Fry Rd
  • Newport: 4730 US Route 5
  • Rio Grande City: 5322 E. US Highway 83
  • San Antonio: 7031 Marbach Rd.
  • Spring: 6945 Cypresswood Dr

Bed Bath & Beyond – 40+ locations to close

bed bath & beyond storefront

Bed Bath & Beyond says it will shutter “a minimum of approximately 40 stores” this year because of the high cost of commercial real estate.

“This number will grow unless we are able to negotiate more favorable lease terms with our landlords,” Chief Financial Officer Robyn D’Elia revealed during a recent earnings call.

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At the same time, D’Elia says Bed Bath & Beyond is planning to open 15 new stores in 2019.

Shopko Stores – All 370 locations to liquidate by June 16 

shopko storefront

After entering bankruptcy and announcing the closure of some 250 stores in February, Shopko failed to find an investor to help restructure and get out from underneath an estimated $10 billion in debt.

So, in mid-March, the Midwestern chain made the difficult decision to shutter all of its 370 stores; that process is expected to take place over the next three months. The closures will wind down by June 16, according to the Green Bay Press Gazette.

“This is not the outcome that we had hoped for when we started our restructuring efforts,” CEO Russ Steinhorst said in a press release. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”

Charlotte Russe – All 500+ stores in 49 states closing

Charlotte Russe Logo On Store Front Sign

After initially announcing it would shed just a fifth of its stores in February, Charlotte Russe has now abruptly announced it will shut down all operations after failing to finding a suitable way out of bankruptcy.

Liquidation sales will begin immediately and all sales are final.

As is always the case when a retailer goes out of business, you’re now racing against the clock to use up any gift cards you may have sitting around. Charlotte Russe stores will accept gift cards through March 21. After that, they’ll be worthless!

Amazon – Closing all 87 pop-up locations

Amazon pop-up store in mall

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The e-commerce giant has announced it’s closing all of its U.S. pop-up shops that were mainly used to demo and sell smart speakers, tablets, and Kindles to customers in malls.

The closures are likely to come by April 29, according to the Wall Street Journal.

While these closures are imminent, Amazon is far from exiting the brick-and-mortar retail game.

In fact, the Seattle-based company also said it plans to expand its bookstores and so-called “four star” stores that feature merchandise identified as customer faves online.

Plus, Amazon is said to be studying what it learned after buying Whole Foods with an eye toward opening dozens of grocery stores across the U.S. These stores would feature lower price points and more inventory than the organic supermarket.

And that’s not to mention the ongoing rollout of its cashierless Amazon Go convenience stores!

Dollar Tree – Closing or rebranding some 600 Family Dollar locations

dollar tree storefront

After buying Family Dollar four years ago, Dollar Tree says it will revamp the struggling banner by closing up to 390 Family Dollar stores this year. Additionally, the company expects some 200 other Family Dollars will be turned into Dollar Trees during 2019.

Meanwhile, other major changes are also underway at Dollar Tree. The store may give into pressure from activist investors and try additional price points like $1.50 or $2 in an effort to remain profitable, according to The Wall Street Journal.

“Testing new initiatives is an essential component of the Company’s ability to evolve and provide the best customer experience, including multi-price point testing, which has been done on prior occasions,” the company said.

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But don’t worry, it has no plans to abandon the $1 price point!

“The Dollar Tree banner has one of the most unique, differentiated and defensible brand concepts in all of value retail,” the company notes. “The one-dollar fixed-price point has been a critical element of Dollar Tree’s success, generating deep customer loyalty and strong historical performance.”

Abercrombie & Fitch – Up to 40 stores being shuttered

abercrombie & fitch storefront

After closing 29 stores last year, Abercrombie & Fitch said during a March 6 earnings reveal  that up to 40 stores will be shuttered this year.

While there’s no word yet exactly which locations will go dark, it’s likely to be a mix of the clothing retailer’s Abercrombie and Hollister locations, just as it was in 2018.

Victoria’s Secret – Closing 53 stores

Victoria's secret storefront

The seller of women’s intimate apparel plans to ramp up store closures more in 2019 as it rejiggers its retail fleet to meet changing consumer expectations.

Next up on the chopping block are 53 additional stores, the locations of which have not yet been announced.

For perspective, Victoria’s Secret closed 30 stores in 2018, according to USA TODAY.

“We are closing more stores [than] we did in 2018 and expected [to] in 2019, based on the overall performance of the Victoria’s Secret business, not meeting our expectations or having year-on-year declines,” CFO Stuart Burgdoerfer said during a recent earnings call.

GAP – More than 230 stores to close over next two years

gap store

The fashion retailer is undergoing a major structural change that will see it sell off its Old Navy brand and shutter hundreds of its namesake stores over a 24-month period.

“There are approximately 150 closures that will take place as leases naturally expire over the next two years,” CFO Teri List-Stoll said during an earnings call.

“In that same timeframe, we also are actively pursuing more rapid closures of about 75 and up to maybe 100 stores that do not meet our criteria for retention. We expect the stores with the most significant losses will be closed by the end of fiscal year 2019.”

Tesla – Closing the bulk of its dealerships

Tesla dealership

Electric car company Tesla will be closing the bulk of its dealer showrooms in the coming months. The move underscores a wholesale change to its business model as it switches to online sales and rolls out the long-awaited $35,000 Tesla Model 3.

“Over the next few months, we will be winding down many of our stores, with a small number of stores in high-traffic locations remaining as galleries, showcases and Tesla information centers,” the company writes in a blog post. “The important thing for customers in the United States to understand is that, with online sales, anyone in any state can quickly and easily buy a Tesla.”

J.C. Penney – 27 more stores closing 

JC Penney storefront

J.C. Penney announced that it’s going to shutter more than two dozen additional locations by spring 2019 after going on a closing spree that saw 140 locations go dark in 2017.

The latest news is part of the company’s continuing effort to right-size its retail fleet as more and more customers shop online.

“The stores identified for closure either require significant capital, are minimally cash flow positive today relative to the Company’s overall consolidated average or represent a real estate monetization opportunity,” the company noted in its fourth-quarter earnings report.

The new closures will include 18 full-line stores and 9 ancillary home and furniture stores. Three of the store closures were announced previously in January.

Whole Foods – Converting all Whole Foods 365 stores to flagship banner

whole foods store

The organic grocer will change all of its cheaper retail outlets that operated under the Whole Foods 365 nameplate into traditional Whole Foods stores by the end of the year, according to Yahoo! Finance.

While upwards of 20,000 Whole Foods 365 stores were planned, only a dozen have been built across the country. The smaller store format put an emphasis on store brands goods, much like an Aldi or Lidl — only more expensive.

Going forward there will only be a single Whole Foods presence in the retail space.

Payless – 2,100 stores closing, liquidations underway

Discount shoe chain Payless is closing all 2,100 of its US locations (including those in Puerto Rico) in the coming months, a spokesman told CNN Business on Friday.

Stores will begin liquidation Sunday, February 17, and some locations will begin closing in March, with most staying open until May.

Payless has more than 18,000 employees across 3,600 locations in 40 countries. The company previously closed around 400 stores in 2017 after declaring Chapter 11 bankruptcy.

Performance Bicycle – 100+ stores closing

performance bicycle

Performance Bicycle is expected to close its doors for good on March 2 now that its parent company, Philadelphia-based Advanced Sport Enterprises, has entered into Chapter 11 bankruptcy protection.

Liquidation sales are currently underway at all 104 locations, according to the retailer’s website.

As the #1 specialty bicycle retailer in the U.S., Performance Bicycle has attracted legions of weekend warriors across the country looking for bikes and gear to hit the trails and roadways since 1982.

Petland Discounts – 70+ stores closing

petland discounts

This regional pet store chain is reportedly shuttering all locations throughout New York, New Jersey and Connecticut after the company’s founder died in January.

At last count, Petland Discounts had more than 70 stores across the tri-state area. Though the company’s website is down, you can see a list of locations here.

H&M – Closing 160 stores

H&M storefront

International apparel retailer H&M has announced it will pull the plug on 160 stores in the United States in 2019.

“[The U.S. is] probably the market that is going through the biggest change at the moment with too many shopping centers around…too many physical stores,” CEO Karl-Johan Persson told Wall Street analysts when announcing the anticipated closures.

Yet at the same time, Persson also says H&M is planning to open 335 stores worldwide this year. However, only less than a third will be in the company’s main markets of the U.S. and Europe.

Tuesday Morning – Two dozen stores may be shuttered

tuesday morning

Tuesday Morning announced that it plans to close between 20 and 25 this year.

“Over the next 12 months approximately 25% of our store fleet comes up for renewal,” CEO Steven Becker revealed during a recent earnings call. “We will aggressively renegotiate our rents and we’ll close stores opportunistically should those negotiations not result in a reasonable outcome for Tuesday Morning.”

In addition, the home décor chain plans to relocate 12 to 15 stores, expand one location and open up to a dozen new shops in 2019.

Pat Catan’s – All stores closing, one-third to be re-opened as Michaels

pat catan's storefront

Michaels, the crafts store retailer, has announced it’s going to shutter all 36 locations of Pat Catan’s Arts & Craft Stores because the sub-chain has “struggled in the face of industry headwinds,” according to a press release.

Fortunately, there is a bright side to this closure announcement. Twelve of the Pat Catan’s stores — located throughout Ohio, Pennsylvania, Michigan and West Virginia — will be rebranded and reopened as Michaels stores later this year.

Gymboree – Filing for bankruptcy — again

Gymboree storefront

Gymboree Group Inc. (GGI) has filed for bankruptcy protection for the second time in less than two years.

As part of that process, the children’s clothing retailer will shutter 800+ stores across two brands.

The closures will hit 540 Gymboree stores and outlets in the United States and Canada and 265 stores under the ‘Crazy 8’ brand across the U.S., according to Reuters.

Janie and Jack — a third brand in the GGI family — operates 139 stores. They will be sold off in asset purchase deal.

Chico’s – Right-sizing its retail fleet

chico's retail stores closing

The Fort Myers, Fla.-based retailer says it’s going to close at least 250 stores over the next three years as part of a retail fleet optimization plan.

The closures will come across Chico’s three brands, which also include White House Black Market and Soma.

No word yet on exactly which stores will be shuttered. The closings are expected to trickle in throughout 2019 and then ramp up aggressively in 2020 and 2021.

At last count, Chico’s operated 1,431 stores in the U.S. and Canada.

Sears and Kmart – Files for bankruptcy; Additional stores closing

Sears closing additional stores

The store closing list is growing for Sears Holdings as it works to survive bankruptcy. On December 28, 2018 the struggling retailer said 80 more stores will be closing in March of 2019:

“As part of Sears Holdings’ processes to accelerate its strategic transformation and facilitate its financial restructuring, on December 27, 2018, the company informed associates at 80 stores that we will be closing these Sears and Kmart stores in late March 2019. Liquidation sales at these stores are expected to begin in two weeks. The accompanying Sears Auto Center at these Sears stores will also be closing. This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019.”

On November 8, the company announced that 40 Sears and Kmart stores will be closing in February 2019. The accompanying Sears Auto Center locations are also shutting down.

Sears Holdings filed for Chapter 11 bankruptcy in October and announced it would close 142 unprofitable stores by the end of 2018.

The company hopes to reorganize around a smaller platform of profitable stores. Sears and Kmart, along with their websites, will remain open during the Chapter 11 bankruptcy process.

Closing Kmart and Sears locations (Announced December 28) 

  • Kmart 7055 East Broadway Tucson AZ
  • Kmart 2180 E Mariposa Rd Stockton CA
  • Kmart 20777 Bear Valley Rd Apple Valley CA
  • Kmart 1000 San Fernando Rd Burbank CA
  • Kmart 2875 Santa Maria Way Santa Maria CA
  • Kmart 2505 Bell Rd Auburn CA
  • Kmart 295 Hartford Turnpike Vernon CT
  • Kmart 200 Irwin Ne Fort Walton Beach FL
  • Kmart 6126 Hwy 301 Ellenton FL
  • Kmart 11 Sherwood Square Peru IN
  • Kmart 2940 Veterans Blvd Metairie LA
  • Kmart 8980 Waltham Woods Rd Baltimore MD
  • Kmart 201 Ninth St S E Rochester MN
  • Kmart 155 Twin City Mall Crystal City MO
  • Kmart 12057 Highway 49 Delmar Plaza Gulfport MS
  • Kmart 980 Brevard Rd Asheville NC
  • Kmart 110 112 Bost Rd Morganton NC
  • Kmart 4841 Arendell St Morehead City NC
  • Kmart 1900 S Washington St Grand Forks ND
  • Kmart 1515 W 3Rd Alliance NE
  • Kmart 213 Highway 37 E Toms River NJ
  • Kmart 1705 S Main St Roswell NM
  • Kmart 308 Dix Avenue Queensbury NY
  • Kmart 1020 Center Street Grand Central Plaza Horseheads NY
  • Kmart 121 Bolivar Road Wellsville NY
  • Kmart 1251 State Rte 29 Ste 1O Greenwich Plaza Greenwich NY
  • Kmart 7701 Broadview Road Cleveland OH
  • Kmart 620 Plaza Dr Fostoria OH
  • Kmart 400 N East Circle Blvd Corvallis OR
  • Kmart 996 West View Park Drive Pittsburgh PA
  • Kmart 2873 W 26Th Street Erie PA
  • Kmart 1143 Broad St Sumter SC
  • Kmart 1111 E North St Rapid City SD
  • Kmart 1805 E Stone Dr Kingsport TN
  • Kmart 217 Forks Of River Pkwy Sevierville TN
  • Kmart 4110 E Sprague Ave Spokane WA
  • Kmart 1450 Summit Avenue Oconomowoc WI
  • Sears 2050 Southgate Rd Colorado Spgs CO
  • Sears 1650 Briargate Blvd Colorado Spgs CO
  • Sears 3201 Dillon Dr Pueblo CO
  • Sears 1700 W Intl Speedway Blvd Daytona Beach FL
  • Sears 1500 Apalachee Pkwy Tallahassee FL
  • Sears 347 Westshore Plz Tampa FL
  • Sears 1441 Tamiami Trl Pt Charlotte FL
  • Sears 9409 Us Highway 19 N Ste 101 Port Richey FL
  • Sears 150 Pearl Nix Pkwy Gainesville GA
  • Sears 4480 Sergeant Rd Sioux City IA
  • Sears 235 Saint Clair Sq Fairview Hts IL
  • Sears 7200 Harrison Ave Cherry Valley IL
  • Sears 7700 E Kellogg Dr Wichita KS
  • Sears 4400 Veterans Mem Blvd Metairie LA
  • Sears 2306 N Salisbury Blvd Salisbury MD
  • Sears 5500 Harvey St Muskegon MI
  • Sears 27600 Novi Rd Novi MI
  • Sears 2000 N E Court Bloomington MN
  • Sears 1620 Guess Rd Durham NC
  • Sears The Streets Of Southpoint Durham NC
  • Sears 7424 Dodge St Omaha NE
  • Sears 6400 O St Lincoln NE
  • Sears 3450 S Maryland Pkwy Las Vegas NV
  • Sears 10 Miracle Mile Dr Rochester NY
  • Sears 5053 Tuttle Crossing Blvd Columbus OH
  • Sears 1400 Polaris Pkwy Columbus OH
  • Sears 1475 Upper Valley Pike Springfield OH
  • Sears 501 Medford Ctr Medford OR
  • Sears 200 Park City Ctr Lancaster PA
  • Sears 5256 Route 30 Greensburg PA
  • Sears 5580 Goods Lane Ste 1005 Altoona PA
  • Sears 1000 Rivergate Pkwy Goodlettsvlle TN
  • Sears 2021 N Highland Ave Jackson TN
  • Sears 201 S Plano Rd Richardson TX
  • Sears 4310 Buffalo Gap Rd Abilene TX
  • Sears 851 N Central Expwy Plano TX
  • Sears 6001 W Waco Dr Waco TX
  • Sears 7701 1-40 W Ste 400 Amarillo TX
  • Sears 2100 S W S Young Dr Killeen TX
  • Sears 3100 Highway 365 Port Arthur TX
  • Sears 1531 Rio Rd E Charlottesville VA
  • Sears 1321 N Columbia Center Blvd Suite 455 Kennewick WA
  • Sears 4301 W Wisconsin Ave Appleton WI

Closing Kmart and Sears locations (Announced November 8) 

  • Kmart 26471 Ynez Road Temecula CA
  • Kmart 3443 W Addison Chicago IL
  • Kmart 3250 Clear Lake Road Springfield IL
  • Kmart 18 Elm Plaza Waterville ME
  • Kmart 805 New York Ave Huntington NY
  • Kmart 7101 Roosevelt Blvd Philadelphia PA
  • Kmart 1901 Lincoln Hwy North Versailles PA
  • Kmart Castro Perez Ave (Pr 122) San German Puerto Rico
  • Kmart 100 Ave. San Patricio Guaynabo / San Juan Puerto Rico
  • Kmart Betamces 400, Las Catalinas Mall Caguas Puerto Rico
  • Kmart 6077 S Packard Avenue Cudahy WI
  • Sears Airport Way Fairbanks AK
  • Sears 4604 E Cactus Road Phoenix AZ
  • Sears La Cumbre Plz Santa Barbara CA
  • Sears 470 Lewis Ave Meriden CT
  • Sears 801 N Congress Ave Boynton Beach FL
  • Sears 3342 Nw Federal Hwy Us#1 Jensen Beach FL
  • Sears 2300 E 17Th St Idaho Falls ID
  • Sears Marquette Mall Michigan City IN
  • Sears 7103 Democracy Blvd. Bethesda MD
  • Sears 5575 B Drive N Battle Creek MI
  • Sears 1740 Bonita Lakes Circle Meridian MS
  • Sears 1001 Barnes Crossing Road Tupelo MS
  • Sears 3320 Silas Creek Pkwy Winston Salem NC
  • Sears 3404 W 13Th St Grand Island NE
  • Sears 4355 Grand Canyon Dr Las Vegas NV
  • Sears 3065 Route 50 Saratoga Spgs NY
  • Sears 21182 Salmon Run Mall Watertown NY
  • Sears 987 E Ash St Piqua OH
  • Sears 1665 State Hill Road Reading / Wyomissing PA
  • Sears 344 Stroud Mall Stroudsburg PA
  • Sears 2197 Dave Lyle Blvd Rock Hill SC
  • Sears Southland Mall Memphis TN
  • Sears 401 Northgate Mall Chattanooga TN
  • Sears 198 Foothills Mall Maryville TN
  • Sears 1720 Old Fort Pkwy Murfreesboro TN
  • Sears 750 Sunland Park Dr El Paso TX
  • Sears Longview Texas Mall Longview TX
  • Sears 10101 Brook Road Glen Allen / Richmond VA
  • Sears 2500 Milton Ave Janesville WI

Closing Kmart locations (Announced October 15)

  • Kmart 2821 East Main Street Russellville AR
  • Kmart 912 County Line Road Delano CA
  • Kmart 215 W Hanford/Armona Road Lemoore CA
  • Kmart 1351 E Hatch Road Modesto CA
  • Kmart 2530 S Euclid Avenue Ontario CA
  • Kmart 3968-A Missouri Flat Road Placerville CA
  • Kmart 375 E Alessandro Blvd Riverside CA
  • Kmart 3247 W Noble Avenue Visalia CA
  • Kmart 900 N W 76 Boulevard Gainesville FL
  • Kmart 12350 Sw 8Th Street Miami FL
  • Kmart 6239 Turner Lake Road Covington GA
  • Kmart 400 Crosstown Road Peachtree City GA
  • Kmart 1111 N 2Nd Street Cherokee IA
  • Kmart 2803 E Kanesville Blvd Council Bluffs IA
  • Kmart 2307 Superior Street Webster City IA
  • Kmart 5000 23Rd Avenue Moline IL
  • Kmart 4210 N Harlem Avenue Norridge IL
  • Kmart 3701 Broadway Street Quincy IL
  • Kmart 430 W Ridge Road Griffith IN
  • Kmart 6780 W Washington Street Indianapolis IN
  • Kmart 723 3Rd Avenue Jasper IN
  • Kmart 7836 State Avenue Kansas City KS
  • Kmart 400 South Broadway Salina KS
  • Kmart 600 C W Stevens Blvd Grayson KY
  • Kmart Northridge S/C Us Hwy 127 Russell Springs KY
  • Kmart 7000 Veterans Memorial Metairie LA
  • Kmart 6163 Oxon Hill Road Oxon Hill MD
  • Kmart 835 Solomons Island Rd N Prince Frederick MD
  • Kmart 417 Main Street Madawaska ME
  • Kmart 06600 M-66 North Charlevoix MI
  • Kmart 1025 M-24 Lake Orion MI
  • Kmart 1 Flower Valley Shopping Center Florissant MO
  • Kmart 7100 Nw Prairie View Road Kansas City MO
  • Kmart 2901-5 N Belt Hwy St. Joseph MO
  • Kmart 1001 Patton Avenue Asheville NC
  • Kmart 4500 Western Blvd Raleigh NC
  • Kmart 1530 East Broad Street Statesville NC
  • Kmart 779 Delsea Drive N Glassboro NJ
  • Kmart 8363 Lewiston Road Batavia NY
  • Kmart 987 Route 6 Mahopac NY
  • Kmart 2590 Military Road Niagara Falls NY
  • Kmart 93 West Campbell Road Schenectady NY
  • Kmart 349 Orchard Park Road West Seneca NY
  • Kmart 15891 State Rt 170 East Liverpool OH
  • Kmart 17840 Bagley Road Middleburg Heights OH
  • Kmart 3955 S W Murray Blvd Beaverton OR
  • Kmart 1502 South Fourth Street Allentown PA
  • Kmart 528 W Plank Road Altoona PA
  • Kmart 1180 Walnut Bottom Road Carlisle PA
  • Kmart 1170 Mae Street Hummelstown PA
  • Kmart 111 Hulst Drive Matamoras PA
  • Kmart 100 Tarentum Road New Kensington PA
  • Kmart 1000 Nutt Road Phoenixville PA
  • Kmart 880 Butler Street Pittsburgh PA
  • Kmart 720 Clairton Blvd/Rte 51 Pleasant Hills PA
  • Kmart 3205 Lincoln Hwy Thorndale PA
  • Kmart 129 West Butler Avenue Mauldin SC
  • Kmart 2302 Cherry Road Rock Hill SC
  • Kmart 6909 Maynardville Pike Ne Knoxville TN
  • Kmart 6364 Springfield Plaza Springfield VA
  • Kmart 2712 W Main Street Waynesboro VA
  • Kmart 118 Waller Mill Road Williamsburg VA
  • Kmart 1001 E Sunset Drive Bellingham WA
  • Kmart 1701 4Th Avenue W Charleston WV
  • Kmart 4000 East 2Nd Street Casper WY

Closing Sears locations (Announced October 15)

  • Sears 1001 Rainbow Drive Gadsden AL
  • Sears 3177 Chandler Village Drive Chandler AZ
  • Sears 6515 E Southern Avenue Mesa/East AZ
  • Sears 7611 W Thomas Road Phoenix-Desert Sky AZ
  • Sears 2250 El Mercado Loop Sierra Vista AZ
  • Sears 3150 S 4Th Avenue Yuma AZ
  • Sears 3001 Ming Avenue Bakersfield CA
  • Sears 100 Los Cerritos Mall Cerritos CA
  • Sears 3333 Bristol Street Costa Mesa CA
  • Sears 3751 S Dogwood Avenue El Centro CA
  • Sears 5901 Florin Road Florin CA
  • Sears 1011 W Olive Avenue Merced CA
  • Sears 100 Vintage Faire Mall Modesto CA
  • Sears 1401 N Montebello Blvd Montebello CA
  • Sears 1700 Stoneridge Drive Pleasanton CA
  • Sears 100 Santa Rosa Plaza Santa Rosa CA
  • Sears 7001 S University Blvd Centennial CO
  • Sears 10785 W Colfax Avenue Lakewood CO
  • Sears 1201 Boston Post Road Milford CT
  • Sears 850 Hartford Tnpk Waterford CT
  • Sears 303 Us Hwy 301 Blvd W Bradenton FL
  • Sears 3800 Us Highway 98 N Lakeland FL
  • Sears 1050 S Babcock Street Melbourne FL
  • Sears 300 Mary Esther Blvd Mry Est/Ft Wltn Bch FL
  • Sears 3100 Sw College Road Ocala FL
  • Sears 733 N Highway 231 Panama City FL
  • Sears 460 N Milwaukee Street Boise ID
  • Sears 3340 Mall Loop Drive Joliet IL
  • Sears 1251 Us Highway 31 N Greenwood IN
  • Sears 3401 S Us Highway 41 Terre Haute IN
  • Sears 2625 Scottsville Rd Bowling Green KY
  • Sears 4807 Outer Loop Louisville-Okolona KY
  • Sears 1235 Worcester Road Natick MA
  • Sears 15700 Emerald Way Bowie MD
  • Sears 10300 Little Patuxent Pkwy Columbia MD
  • Sears 400 N Center Street Westminster MD
  • Sears 900 Briarwood Circle Ann Arbor MI
  • Sears 2100 Southfield Road Lincoln Park MI
  • Sears 12431 Wayzata Blvd Minnetonka MN
  • Sears 425 Rice Street St Paul MN
  • Sears 400 Cross Creek Mall Fayetteville NC
  • Sears 703 N Berkeley Blvd Goldsboro NC
  • Sears 11033 Carolina Place Pkwy Pineville NC
  • Sears 50 Fox Run Road Portsmouth NH
  • Sears 1750 Deptford Cener Road Deptford NJ
  • Sears 1500 Highway 35 Middletown NJ
  • Sears 6600 Menaul Blvd Ne Coronado NM
  • Sears 1245 W Warm Springs Road Henderson NV
  • Sears 1111 Franklin Avenue Garden City NY
  • Sears Rt 394 & Hunt Blvd Lakewood NY
  • Sears 75 W Route 59 Nanuet NY
  • Sears 600 Lee Blvd Yorktown Hts NY
  • Sears 5320 Youngstown Road Niles OH
  • Sears 3201 W Main Street Norman OK
  • Sears 6929 S Memorial Drive Tulsa Woodland Hls OK
  • Sears 827 Lancaster Drive Ne Salem (Lancaster) OR
  • Sears 9800 Sw Washington Square Road Washington Sq OR
  • Sears 100 Neshaminy Mall Bensalem/Crnwls Hts PA
  • Sears 5522 Shaffer Rd Ste 129 Dubois PA
  • Sears 2300 E Lincoln Hwy Langhrn/Oxford Vly PA
  • Sears 2100 Hamilton Place Blvd Chattanooga TN
  • Sears 2801 Wilma Rudolph Blvd Clarksville TN
  • Sears 2800 N Germantown Prkway Cordova TN
  • Sears 7600H Kingston Pike West Town TN
  • Sears 1000 E 41 Street Austin TX
  • Sears 2901 S Capitol Of Texas Hwy Austin/Barton Creek TX
  • Sears 2605 Preston Road Frisco TX
  • Sears 2002 S Expy 83 Harlingen TX
  • Sears 6301 Nw Loop 410 San Antonio TX
  • Sears 2501 Irving Mall Irving TX
  • Sears 6002 Slide Road Lubbock TX
  • Sears 3450 W Camp Wisdom Road Southwest Ctr TX
  • Sears 7508 N Navarro Street Victoria TX
  • Sears 100 Newmarket Fair Mall Hampton VA
  • Sears 3500 S Meridian Puyallup WA
  • Sears 9520 Mall Road Westover/Morgantown WV
  • Sears 701 Se Wyoming Blvd Casper WV

Clark’s key takeaway

If you happen to receive a gift card for any of the retailers on this list, money expert Clark Howard wants you to spend it right away in case your local store is on the chopping block.

“If you have any gift cards for major retailers, I want you to go and shop. I want you to use them up,” Clark said.

More Clark.com retail coverage:

Best and worst auto insurance companies in 2019

Looking for the best auto insurance companies? A huge percentage of people never shop their car insurance needs — and that’s a bad idea, considering that modern American business punishes you when you stay loyal to a company, rather than rewarding you.

Best car insurance companies: Which insurers to shop and which to skip!

You’ve seen the car insurance ads on TV promising accident forgiveness, vanishing deductibles and other selling points. But those features are just a side-show to the main act, which is a company’s reputation with both customer complaints and customer satisfaction after a claim is made.

If you’re looking for the best auto insurance coverage, here’s who to check out and who to avoid…

Best and worst auto insurers: Table of contents

Clark’s top 3 picks for car insurance

Money expert Clark Howard has long sung the praises of two auto insurance companies in particular — USAA and Amica Mutual — for customers across the country.

However, if you live in Pennsylvania or New Jersey, he also likes NJM Insurance Company (NJM) because of their proven track record.

“Historically, these companies offer the best claims experience,” Clark says. “The whole thing about insurance is not necessarily to have the lowest premiums, but to have the coverage you need if something goes wrong — and these companies all excel in that respect.”

1. USAA

USAA logo

USAA was named the top pick for auto insurance in every single region of the country, according to the J.D. Power 2018 U.S. Auto Insurance Study.

But the downside with USAA, if there can be said to be one at all, is that the insurance coverage and other financial services it offers are only available to those in the military or who are affiliated with the military through direct family ties.

So that may eliminate USAA from consideration for a lot of people.

RELATED: 7 things to know about USAA auto insurance

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2. Amica Mutual

amica mutual logo

Unlike USAA, Amica Mutual has no artificial barriers to entry. But because Amica Mutual is a mutual company, it tends to be very expensive the first year you join.

When you join a mutual company like Amica, there are no shareholders like there are with other public companies. You become a part owner of the company when you sign up for insurance.

So that first year, with the higher upfront costs, is basically you “buying into” the company. After that, customers typically get an annual premium rebate equal to about 20% of what they paid that year, subject to how the company is doing financially.

3. NJM Insurance

njm insurance group logo

Also a mutual company, New Jersey Manufacturers Insurance Company (NJM) boasts in its press releases that it generally beats other insurers’ premiums in the Garden State by 20%, according to N.J. insurance regulators.

In addition, NJM recently became the first company to receive the J.D. Power Personal Auto Claims Certification. The newly created certification “recognize[s] brands that provide exceptional claims experience in the automobile, property and small commercial segments.”

Last year, NJM expanded its service to Pennsylvania, now opening itself up to an even bigger potential auto insurance customer market in the Mid-Atlantic.

And, of course, being a mutual company, policyholders get an annual dividend back from NJM each year.

For example, auto insurance customers received a regular dividend of 5%, applied as a credit upon renewal, and a special dividend of 5% sent as a check during a recent year.

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Consumer Reports: 10 top-rated auto insurers

One of the annual studies that Clark watches closely is the Consumer Reports rating of auto insurers.

The most recent survey, conducted in late 2017, asked nearly 24,000 readers about their satisfaction with the claims process, the cost of premiums and the overall customer experience with a number of insurers.

Here are the winners and losers, according to the magazine:

(#1 is best)

Consumer Reports: 10 lowest-rated auto insurers

(#1 is worst)

J.D. Power: Best auto insurers by region

Like Consumer Reports, J.D. Power publishes another respected tally of customer satisfaction in an effort to determine which company offers the best car insurance.

J.D. Power’s 2019 U.S. Auto Insurance Study surveyed nearly 43,000 customers across the country — almost twice as many as the Consumer Reports survey — from February-April 2019.

The reality is while you have national players advertising on TV — we’re talking about GEICO, Progressive, Allstate, State Farm and others — so much of the auto insurance industry is local.

In fact, many of those smaller regional insurers are among the best auto insurers in the business, according to J.D. Power.

Here are their top insurers by region. We’ve only listed those that score higher than the average in their region, so you’ll see between two to five entries depending on which part of the country you’re in.

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We’ve got a deeper dive with the Top 5 insurers in your region of the country right here.

J.D. Power: Best auto insurers on the national level

In addition to regional rankings, J.D. Power also publishes an annual shopping satisfaction study that looks at the national picture when it comes to the most satisfying purchase experience.

The organization surveyed more than 14,400 auto insurance customers who requested a quote within the past nine months when the study was fielded in April, July and October 2018 and January 2019.

J.D. Power: 10 top-rated auto insurers

  1. Erie Insurance
  2. USAA*
  3. Amica Mutual
  4. Auto-Owners Insurance
  5. Auto Club of Southern California Insurance Group
  6. Esurance
  7. Safeco
  8. American Family
  9. Automobile Club Group
  10. CSAA Insurance Group

*USAA was not included in J.D. Power’s official rankings because of the limitations of who can buy their insurance, but the company was included in the study and received the second-highest ratings.

J.D. Power: 10 lowest-rated auto insurers

(#1 is worst)

  1. Nationwide
  2. Progressive
  3. MetLife
  4. Farmers
  5. Allstate
  6. The Hartford
  7. State Farm
  8. GEICO
  9. Liberty Mutual
  10. Travelers

The thing Clark notes about the best performers in this tally is how similar they read to the Consumer Reports list.

“I just think it’s interesting that it’s so close year after year in what both groups find, and who people say do a good job meeting their needs as customers,” Clark says.

Clark’s advice when shopping for a new auto insurance policy

According to an industry association analysis of data from the National Association of Insurance Commissioners, the average American paid $857.44 for a 12-month policy in 2017 — the latest year for which numbers are available.

Shopping your insurance every three years is a great way to save money. Here’s how to start the process…

Get your quotes

Once you have a list of candidates culled from the ratings above, you’ll want to start getting quotes.

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This typically takes around 15 minutes on the phone or online for each insurer. Have your most recent policy in front of you in case any questions come up about the make and model of your vehicle(s).

Working with an insurance broker is another option. He or she will get multiple quotes for you and you’ll have access to all the insurers they do business with. It’s an easy one-stop shop that lets you still have the flexibility of comparison pricing.

Compare quotes

Once you get the quotes back, it’s time to compare them. Each quote should be based on the same amount of coverage so you can do an apples-to-apples comparison.

One word of advice: If you own a home, have savings, etc., you definitely want more than the state minimums for liability. Why? Because that one time you hit a car in your blind spot (or whatever the case may be), you can have serious exposure for liability.

Of course, if you have no assets and you rent a home rather than owning, then it’s acceptable if you want to just do state minimums.

If you still need to lower the cost of your auto insurance even more, there are two approaches you should consider taking: Raise the deductible and/or consider dropping comprehensive and collision coverage on older vehicles.

On that first point, when it comes to car insurance, it’s often a good to take as high a deductible as you’re allowed to if you have a loan on your car — usually $1,000.

When you have a higher deductible coming out of your pocket before insurance kicks in, that will usually stop you from making small claims that can later drive your rate up!

Meanwhile, when the cost of comp and collision exceeds 10% of your old vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at Edmunds.com, KBB.com or NADA.com.

Don’t forget to ask about discounts!

There are a ton of different discounts out there. Here are some you can ask about:

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  • Anti-theft devices
  • Multiple policies with the same company
  • College students living away from home
  • Defensive driving courses
  • Drivers ed courses
  • Low annual mileage
  • Long-time customer
  • More than one car
  • No accidents in three years
  • No moving violations in three years
  • Student drivers with good grades

Final thought

The decision when you’re looking for the best auto insurance comes down to more than just price; you’ve also got to consider customer satisfaction and complaints and a company’s reputation for making its customers whole — which is the point of insurance in the first place.

“Sometimes you’re better off paying a little more to be with a quality insurer who will be there when the chips are down,” Clark says.

More insurance stories on Clark.com: