You are looking for the lowest priced insurance company, but you want to make sure that the one you choose is reputable enough to cover you adequately after a car accident?
In Our Previous Article we did show you steps on how to buy a car insurance, you should have a pretty good idea of how much car insurance to buy and how you can find a low price. But the real question is how you can make sure that the company you’ve already choose and sign with is going to be reliable in case of accidents claims.
To help you answer this question, we have for you several ideas to make sure that your car insurance investment is directed toward a trustworthy company, one that will pay on time and in full.
Most Important Guidelines:
1. Make sure to visit your state’s insurance Web Site:
Your State and every state, has a department of insurance. And most of them
Have web sites, they publish ratios about consumer complaint for all of the insurance companies that sell policies in their state, based on this ratio wish tells you how many complaints a car insurance company received per 1000 claims.
In case where you can’t find complaint ratios for your state, we recommend you to examine the complaint ratios published by the other states. Don’t forget that a subpar ratio in one state doesn’t necessarily mean that the situation is the same in your state it can be different. For example if an insurer gets a lot of complaints in other states, you probably don’t want to sign up with this company, always keep in mind that insurance company’s practices can vary from state to state.
2. Ask for local body shops recommendations :
This is so far one of the best ways to find reliable insurers, you can contact local body shops and ask their recommendations, since they regularly interact with insurance adjusters. They probably know which companies have the best claim processes. And which affects how quickly their work can be done on your damaged car.
3. Look up for financial strength ratings :
These companies publish financial strength ratings for all insurance companies in order to give an idea about company’s ability to pay out a claim.
The Standard & Poor’s ratings range from the highest AAA to CC. some companies may be assigned ratings of R “Under Regulatory Supervision” and NR “Not Rated”.The letter grades might be modified by a plus or minus mark. Consider only those companies that have at least a BBB rating.
The A.M. Best ratings range from the highest A++ to D. and some companies may receive ratings of E “regulatory action regarding the company's solvency”, or F “In liquidation” and S “Suspended”. You should work with companies that have at least a B+ rating.
4. Work with an agent :
Nowadays car insurance companies allow you to purchase insurance directly via many ways for example over the phone from a customer service representative or Online. You might be assigned a local agent to help you.
Knowing that there are two kinds of agents:
ü The independent agent (broker): who represents several insurance companies, he does not have any interest in selling you a particular company policy.
ü The captive agent: he usually represents one insurance company, all state farm sell policies through this agent.
To sum up you might be not interested in car insurance, but if you feel that you've been burned during the claims process in the past, consider at least one or two of these suggestions.
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