How do I select an insurance
company?
There
are four main considerations you need to take into account when picking
your insurance company. All are important:
- Price
.
Many companies sell insurance policies and prices
vary greatly from one to another, so it really pays to shop around. Get
at least three price quotes from companies, agents and from the
Internet. Your state insurance department may publish a guide that shows
what insurers charge for different policies in various parts of your
state.
Insurer stability.
Make sure that the company you buy from
is financially stable so you know they will be around to pay any claims.
The following companies rate insurance company strength:
Service.
Your insurance company and its representatives
should answer your questions and handle your claims fairly, efficiently
and quickly. You can get a feel for this by talking to other customers
who have used a particular company or agent. You can also check with
your state insurance department to see if it makes public a
complaint ratio, which compares the number of valid complaints with the
company's share of policies in your state.
Comfort.
You should feel comfortable with your insurance
purchase, whether you buy it from a local agent, directly from the
company over the phone, or over the Internet. Make sure that the agent
or company will be easy to reach if you have a question or need to file
a claim.
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