When you are shopping for auto insurance, you should be aware of the fact that not all auto insurance companies are created equal. If you want to find the best rates from the best insurance carrier in the industry, your job is to research different companies and then compare the rates from only those that make the top of your list. For consumers who are not sure what to look for in a company, here is a brief and straightforward guide on how to sift through all of the insurers servicing your area so that you can cross the sub-par companies off of your list.
Factors All Consumers Should Consider When Selecting Car Insurance Company
Check Out the Complaint Ratios
The complaint ratios of auto insurance companies are public record. When a consumer has a serious claim about how an insurer handled a claim, they can contact the state’s Department of Insurance to file their claim. The Department then investigates the claim to see if the company violated any insurance laws. The complaint ratio listed on the Department of Insurance website for each insurer is based on the number of complaints filed per 1000 claims filed. If the ratio is low, this means that the insurers are fair with claims processing. Use these sources to your advance so that you can find a carrier known to take care of their clients and offer low premiums.
Check the Letter Grade
Did you know that consumer ratings organizations like Standard & Poor’s and A.M. Best will associate letter grades to each company licensed to do business in an effort to inform the public. These rates cover a wide range of topics, from claims handling all the way to financial stability. Make sure that you pay close attention to financial stability ratings so that you have peace of mind in knowing the company that you choose has the money in reserves to cover all of the claims that are anticipated to be filed throughout the year. After all, you are paying your premiums to the company just for a promise that they will pay you later.
Contact Methods Available
How do you want to contact your insurance company when you have a question or want to submit a payment? If you prefer processing your changes on the Internet, make sure there are online tools that you can use to access your policy. If you prefer to speak with agents and representatives in person from time to time, choose a company with a local district office or with satellite agencies. Also consider consumer ratings of how long it takes for the company to answer the phone, how responsive they are, and how knowledgeable reps are.
If you want to find the lowest rates and still buy your insurance from the best insurance carrier, follow these steps and do your research. If you do this, you will have peace of mind in knowing you are paying an insurance company that will stick by you if you are ever in a situation where you need to file a claim.