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GMAC Auto Insurance - GMAC



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Company Overview

GMAC insurance is part of GMAC, or the General Motors Acceptance Corporation, which is the financial services arm of General Motors. General Motors is the world's largest automobile manufacturer when measured by revenue. GMAC provides many insurance products and services for automotive dealerships, businesses, and individual consumers. Since GMAC is one of the most successful and largest financial services organizations in the world, GMAC Insurance is able to offer consumers and businesses the knowledge and experience necessary to make wise financial decisions.



Company History

GMAC Insurance's history goes back all the way to 1919 when GMAC was established as the financial services department of the General Motors Company. GMAC has grown over the years into a company that addresses both consumer and business financial needs. GMAC Insurance was one of the first companies that were able to sell vehicle service contracts that offer consumers protection against any unexpected repairs on their vehicles. GMAC is also one of the world's largest underwriters, which allows it to offer its customers some of the best coverage and services in the industry.

GMAC Insurance Ratings

2 Reviews | Submit Review|More Reviews
Coverage:
2 out of 5
Cost:
2 out of 5
Customer Service:
2.5 out of 5
Claims:
2.5 out of 5
GMAC Insurance is based out of Southfield, Michigan and St. Louis, Missouri. The insurance company employs around 3,800 people around the world. There are more than 100 GMAC Insurance offices in North America, and several international offices in Latin America, Asia, and Europe.

General Motors is currently divesting many of its assets, including GMAC, in order to raise the money necessary for a company reorganization. Kirk Kerkorian, one of GM's investors, prompted this divestiture through his representative on the board of trustees, Jerome York. General Motors announced on March 23, 2006 that it had completed the sale of 78% of the interest in GMAC Commercial Holding, which is the company's real estate subsidiary. This was sold for $1.5 billion in cash to a private investment group comprised of Five Mile Capital Partners, Goldman Sachs Capital Partners, and Kohlberg Kravis Roberts & Co. This deal also paid off all of the intra-company debt that was owed to GMAC, which made the total cost of the deal $9 billion. The new entity will be known as Capmark Financial Group, Inc., and GMAC will own a 21% share.

On April 3, 2006, GM announced another sale that related to GMAC. They announced that they would sell 51% of GMAC to a group led by Cerberus Capital Management. This would bring in $14 billion over a 3 year time period. The group will pay GM $7.4 billion in cash when the deal is closed. GM will keep $20 billion in car financing, which will be worth around $4 billion over the course of 3 years.

Facts and Figures

Despite these changes, GMAC Financial Services is able to continue to provide a wide range of financial programs to its customers, including automotive insurance and financing as well as mortgage services. These products are being delivered in 40 countries worldwide. GMAC operates the Nuvell Financial Services as part of its automotive financing department. Nuvell provides financing for GM's automotive rivals that do not have a financial branch, and also provides financing for older used vehicles. Kia Motors America is a company that utilizes the services of Nuvell Financial. This allows GMAC to focus on providing the financing for new and certified used GM vehicles.

GMAC's online division, GMAC Insurance Online, holds certificates of authority in all states in the U.S. GMAC Insurance Online is part of the GMAC Insurance Holdings, Inc., one of GMAC's subsidiaries. The online service was given an A- rating by A. M. Best, the main insurance rating organization.

GMAC also runs ResCap Holding, which is an umbrella company for the residential mortgage business side of GMAC. This is the parent company for Ditech.com, Homecomings Financial, GMAC Mortgage, GMAC-RFC, and GMAC Bank. GMAC Home Services is the name of the real estate subsidiary. It is the parent company for GMAC Real Estate. This group was formed by GMAC's purchase of Better Homes and Gardens Real Estate, GHS Mortgage, and GMAC Global Relocation Services.

GMAC also offers homeowners insurance through the GMAC Homeowners Insurance branch. This makes it easy for homebuyers to purchase the insurance they need. The company offers comprehensive protection blended with excellent service. The insurance company is unique in that it prefers to deal directly with homeowners.

GMAC Insurance is a registered trademark of GMAC Insurance. GMAC Insurance is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the QuoteCarInsurance.com website. Trademarks referring to specific providers are used by QuoteCarInsurance.com for nominative purposes only: to truthfully identify the source of the products about which information is provided. Such trademarks are solely the property of their respective owners.



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2 Customer Reviews
I've always had a good clean record with my driving. And recently I noticed my bill going up and up and up for NO REASON. Haven't done anything wrong, haven't got one ticket or violation. Maybe the company just needed to raise rates because of the competition? Other then the raised rates, I like thi
Date: 08/07/2008
Cov: 3 Cost: 2 Serv: 4 Claim: 3
Anonymous
I have a GMAC insurance policy and have requested numerous times for GMAC to send me a complete copy of my insurance policy. All I get is a declaration sheet an a couple of loose sheets with limited information about my coverage. Also I was involved in an accident not my fault and GMAC insu
Cov: 1 Cost: 2 Serv: 1 Claim: 2
Anonymous
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