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How to Choose an Insurer

Choosing an insurance company is a big decision, and you want to make sure you're confident in your choice. Here are some pointers on how to select the right company.

Ask Around

Obviously, there is more to choosing an insurer than just finding an affordable plan. You also want to know what kind of service the company provides. A good way to assess this is to ask your friends and family which companies they use to see if they have any recommendations. A current customer is a great source for information about a prospective insurer.

Talk to an Agent

Before you decide on a specific policy, make sure you talk to an agent or representative first. This serves a dual purpose. First, you can ask the agent or rep any questions you may have about your coverage. Your agent can tell you about potential discounts and how your premium is calculated. Secondly, you can get a good feel for how the company treats its customers. The way you are treated as a prospective customer is a good indication of how you'll be treated as a policyholder.

Do Your Research

You don't want to commit to a plan before you've done adequate research on the organization that offers it. As you shop for coverage, you should visit your state's department of insurance website. This website will prove an invaluable source of information. For one, you can find claims payment statistics. That is, how many claims the company actually paid. You can also find information like customer complaint ratios, which will tell you how many complaints were received per a certain number of claims.

Assess Stability

You don't want to take out a policy with a provider that won't be able to pay your claim when you file one. Financial stability is a critical factor when deciding on an insurer. You can assess the financial health of the company that offers your plan by consulting an index like Standard & Poor's, A.M. Best, or Moody's. These indexes will tell you how established the company is financially and how stable it is. Please examine our FAQ page if you have any inquiries.

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Choosing the right insurer is critical to your success.