Price and coverage are important considerations when choosing an insurance company, but what about customer service and financial strength? When an accident occurs, you’ll want to know that you can reach someone and not just an answering machine. And you’ll undoubtedly want to select an insurance company that will pay their debts and settles your claim fairly.”
While purchasing insurance can be intimidating, following these tips will help you choose the right insurance company and understand why you need insurance services in the first place.
Coverage
The amount of coverage provided by the insurance company for their plan is critical. Choose a company that offers comprehensive coverage for all of your requirements. Before you sign on the dotted line, be specific about what is covered and request an explanation of the “exclusions.” This will help you avoid disappointment if you need to make a claim on your policy.
Are they able to pay their bills?
This demonstrates financial strength. When selecting an insurance provider, you want to be confident that if you need to make a claim, they will honor it as soon as possible. Examine their claim history to see how their claim settlement ratio compares to others. This will give you a better idea of how many claims they settled out of the total number of claims received during the year.
Offers and Discounts
Is the insurance company willing to offer payment plans now that you’ve reviewed the price? We’ve determined that insurance is necessary, but the cost can be prohibitive for some, particularly if the entire payment is required upfront. So, when looking for an insurance company, you can inquire about payment terms. Also, what discounts, such as no-claims bonuses, are available if you are a good driver, for example?
Does the insurance company provide packages if you have multiple policies? This is always useful to know.
The power of recommendations.
We are inundated with marketing and advertising messages every day, which can be overwhelming. Inquire with family, friends, and coworkers about their insurance company experiences.
Company background and reputation.
Investigate the insurance companies that interest you. You may learn the following by visiting their websites:
How long they’ve been in business; which states sell their products; their mission, vision, and values; company leadership; community involvement; product types they sell; and financial strength
It’s unlikely that you’ll come across a company with only positive feedback. If the information does not answer all of your questions or leaves you feeling uneasy about them, look into another company. You should be at ease with your decision, just as you would with any other purchase.
Insurance company vs. independent agent
As previously stated, people aren’t always sure who their insurance company and agent are. West Bend products are distributed by independent insurance agents across the Midwest. They not only sell our products, but also those of other companies, including West Bend’s competitors. The independent agent’s job is to find the insurance company that best meets your needs. This is not as simple as it appears.
