It does not take long to figure out there are a number of different company’s out there to choose from for car insurance. What can be timely is going through the stack and deciphering the good from the bad. And even once you find the right company, you want to double check to make sure it is worth the price. Here are five ways to assess an insurance company’s track record.
The first place to look at is the National Association of Insurance Commissioners’ Consumer Information Source. This will give you a better idea about the company and everything within it including closed insurance complaints, licensing information and key financial data. This is all information the company will more than likely skip over when you talk to them about car insurance.
In addition to this, you can even visit your state’s department of insurance to check consumer complaint ratios and basic rate comparison surveys. The more data and feedback you can get from previous customers the better.
The second way to assess an insurance company’s track record is by contacting an independent insurance agent. While not everyone wants to go this route, it can be a quick solution to gain valuable information about a company that even the National Association of Insurance Commissioners may not have.
From there, take a look at the financial strength ratings for each insurance company. This can be done by jumping over to the A.M. Best and Standard & Poor’s sites or by giving them a call. It is wise to get car insurance from a company that is reliable in all aspects of business, including with its finances.
Consumer satisfaction surveys say a lot about what previous customers and current ones think about the company. Again, you want to try to get details about a provider that the company itself will not offer. Such surveys can be accessed from J.D. Power and Consumer Reports, but beware that a subscription is required to do so.
The final outlet to turn to when looking for the track record of an insurance company is family and friends. There is no one you can trust more for feedback than those who care about you most. Talk to your friends and family members about their car insurance providers and whether they are satisfied or not. Also ask them how they were treated, what kind of service was provided and how much of a hassle it was to get certain matters resolved.