Several national rating institutions rate insurance companies. Do
coverages, rates, and service vary from insurance company to company? Why
can you pay less with one company than another can for the same coverages?
Choosing the best insurance company for you is a crucial financial
decision. Does your insurance company have the financial strength to safeguard
you and your family? If the company cannot pay future claims or benefits,
other issues become far less relevant. Financial strength ratings are an
analysis of a wide variety of risks that could affect an insurance company's
long-term viability. Insurance companies have failed or ceased to operate
due to inadequate financial strength, competitive forces, or changing dynamics
in the marketplace.
Standard & Poor's Ratings (http://www.standardandpoors.com) Financial
strength ratings of insurance companies, plus detailed financial Insurer
Profiles on nearly 4,000 companies.
Fitch Ratings (http://www.fitchratings.com) Financial strength ratings of
Have you heard of the company where you are considering purchasing coverage?
Do you have any experience with the insurance company
Ask your peers what experiences they have had. What is your sense of the
reputation of the company? How quickly and easily are claims processed? Is
there 24-hour claims service? Is the claims management in the house of the
insurance company or have they outsourced? Auto insurance is meant to make
you whole in the case of an accident with injury or property damage. It is
to protect your assets and protect you from liability. You will want the
peace of mind of a superior rated company when it comes time to manage and
pay the claim. The financial health of a car insurance company is an
often-overlooked area when shopping for the best auto insurance rate. It
is human nature to make your comparison solely on the rates for the coverages.
While this is certainly important, you should be aware of the company's overall
rating and level of satisfaction. Consulting insurance company ratings is
crucial. Each company issues quarterly reports that are publicly accessible.
You cannot always tell the future from the past. However, the past performance
is a valuable insight into what expectation to have for your future coverage.
One of the factors that are used in order to determine the companies' ratings
is how long they have been in business. If there is no history, you may be
taking an unnecessary chance. Look for a company that has a history and make
sure that history shows good performance.
What about the reputation of the insurance company? It is very simple to
find this information. Just ask around. There are your peers, the BBB, and
family. Many times these resources closest to you will be able to share
experiences that are favorable or unfavorable regarding the company you are
considering. In addition, each state has a Department of Insurance that keeps
public information about companies. Use all the resources you can to determine
which company is best for you. Once you have paid for the policy, you will
then become keenly interested in customer service. Be aware of what the source
of information is regarding the insurance company. Many companies put our
information about themselves in the form of illustrations that are intended
to make them look as good as possible. Of course, while these illustrations
must be factual, you should be aware that you are not receiving objective
How can you quickly check the company rating? You are on the internet now.
Surely, there is a quick way.
Go to http://www.carinsurance.com. Not only will you get the rates of various
insurance companies, you will see the A.M. Best rating for each company along
side their rates for you personal situation.
Now is the time for your fingers to punch their way to a quick rate analysis
and view the ratings at the same time.
Visit http://www.carinsurance.com For Quality Rated Car Insurance
Jon Register is a representative of CarInsurance.com. You can visit
or contact them at 1-877-327-8728.
CarInsurance.com's online insurance marketplace gives an opportunity to consumers
and to insurance companies. We offer the ability to shop for car insurance
Consumers can receive quotes from many insurance companies, in some states
you are able to purchase your insurance instantly, online. You don't have
to drive your car to buy car insurance. Buy online...anytime!
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