1939 as Motors Insurance Company (MIC) by General Motors Acceptance Corporation (GMAC). It is now part of GMAC Insurance, a wholly owned subsidiary of GMAC.
An integral part of GMAC Financial Services, GMAC Insurance Personal Lines is a provider of nonstandard, standard and preferred automobile insurance and homeowners insurance. The company focuses on selling insurance products for cars, trucks, RVs, motorcycles, commercial vehicles and specialty/modified vehicles. GMAC Insurance sells insurance through over 10,000 independent agents across the United States, directly to the public with dozens of affinity and GM partners, and through its online service at gmacinsurance.com.
In the early 1900s, when the motor vehicle industry was just in its infancy, dealers paid cash to stock their inventory, purchasing just a few vehicles at a time. Subsequently, with the onset of the assembly line, manufacturers wanted dealers to buy vehicles in large quantities in order to keep factories running regularly. To help dealers buy larger quantities, GM created General Motors Acceptance Corporation in 1919. By 1939, the fast growing financial arm of America's premiere auto manufacturer was not only helping dealers, they had expanded into helping consumers get on the road with financing and insurance options.
On Nov. 30, 2006, General Motors sold a 51 percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P., a private investment firm, and including Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group, Inc. Strengthened by the company's new ownership structure, GMAC Insurance will be able to pursue new business opportunities going forward. Today, GMAC Insurance Personal Lines is a thriving $1.453 billion dollar company with 2,598 employees, offering full-service insurance solutions for nearly all automotive brands and models in 47 states, as well as homeowners insurance.
Today, GMAC Insurance ranks among the top insurers in the nation. In total, 1.2 million policies and 2 million vehicles are currently serviced by GMAC Insurance Personal Lines for a full spectrum of drivers, buying their insurance through a variety of channels.
As the country's only insurance company to come from within the automotive industry, GMAC Insurance has a unique perspective. To its very core, the company understands that, to Americans, a car is more than a transportation tool. It is a tangible link to our freedom, self-expression, and most of all, the fundamental catalyst that keeps our lives moving. GMAC Insurance's first priority is to make sure its customers are OK in the event of an accident, and then the company focuses on getting them back on the road as quickly as possible. From its Smart Services, a first-of-its-kind collection of benefits designed to help ease the post-accident recovery process, to its customer service representatives that make you feel like a person and not a policy number, GMAC Insurance is built from the ground up to anticipate, understand and meet its customers' needs.
GMAC Insurance offers insurance products tailored for individual drivers, RV owners, and even modified specialty vehicles.
2006 Sales $1.453 billion
2006 Employees 2,545
President and CEO – Gary Kusumi
Chief Financial Officer – Bernie Buselmeier
Chief Marketing Officer – Jim Curtin
Chief Legal Counsel and Claims Officer – Sheena Poe
St. Louis, Missouri
Winston-Salem, North Carolina