It’s normal for our gut instinct to be shopping for the best prices. Smart consumers do more than just compare insurance premiums however. One of the best steps one can take towards getting the best insurance policies is to compare insurance providers.
You want insurance providers that will stand by you when you make a claim that will meet both its contractual obligations and your expectations in a timely and fair way.
How to compare insurance providers:
Start by knowing your potential insurance company’s strengths and weaknesses
You can ask family members and friends about their experiences with various insurance companies. You could also get an insurance broker who will be able to help you weigh up the pros and cons of various insurance providers.
Check the insurance company’s ratings
You should check for whether the company is rated high or not.
Check for financial strength
Look for the insurance company’s profits online or find about previous claims experiences from other customers. You’ll want a company that can afford to pay out in the event of a claim.
Research customer satisfaction
Choose the company that has both a low level of customer complaints and low prices. Customers should be display overall satisfaction with the insurance provider. From the affordability of policies, to customer service, to the efficiency of the claims process – these factors should give you a clear indication of which insurance providers to opt for. Make your own scorecard to track customer service and price. Take into account factors such as friendliness, how knowledgeable agents are about products, price and response time.
Check for discounts
Ask the insurance providers about various discounts available. No-claims discounts, enhanced security discounts, safe driving discounts and others are often available if you ask for them.
Check the policy terms
The policy terms should be transparent and easy to understand.