Meritplan Insurance was established in Irvine, California in 1952. The company is a subsidiary of the Balboa Insurance Company. Its sister companies include Newport Insurance Company, Newport E&S Insurance Company, Balboa Life Insurance Company, and Balboa Life Insurance Company of New York. The Bank of America owns the Balboa Insurance Company, in turn.
There is very little information to go on for Meritplan Insurance. However, its mother company, Bank of America, is one of the world’s biggest companies. In all, its assets amount to a staggering 1.7 trillion dollars and it has a workforce of more than 200,000 people across the globe.
The company is an auto insurance provider. Meritplan is generous in giving discounts to good students, safe, mature drivers, and well-experienced drivers, and even seniors. The use of passive safety devices merits a discount, as well as the installation of anti-theft devices. Previous discounts can qualify policy holders for new discounts. Clients can also avail of discounts if they decide to take future policies in advance.
Even with its parent companies’ huge influence, Meritplan is rate A or Excellent given by A.M. Best company. The rating is recognition of the company’s financial capabilities pertaining to its policy writing obligations.