Most people do not have an idea of what a top rated insurance company is. Well, the reason for this lack of knowledge is that insurance is a virtual product, unlike an iPhone which can be seen and appreciated. We can easily compare the design and functions of two iPhones. The shrewd buyer will go further in comparing the price against the number of features. More features and quality for less price is desirable. People will consider many factors when buying a tangible product. Some may consider the warranty, durability, ease of use, brand name and so on.
The same analysis should be done when you are buying insurance. Since we cannot see, feel and touch the insurance product, how do we assess it? Well, there are many ways of assessing an insurance product and its company. The way an insurer treats you is very important. We are not talking about personalities. We are talking about how the company deals with customer complaints. We are talking about the quality of services offered and whether you are given the policy that meets your needs.
The first assignment in finding a trustworthy and reliable insurance company is to visit the Department Of Insurance in your state. All states have a Department Of Insurance that prescribes laws and regulations for insurance. The DOI maintains a record of all licensed insurance companies. Companies registered with the DOI are required to submit all information to the DOI for presentation to the public. You can visit the DOI in your state by browsing the DOI website.
The DOI website will help you in choosing the right insurance company. Since it is compulsory for companies to submit information for publication, you will get to see the performance level of each company. The “consumer complaint ratio” tells a lot about a company. This ratio shows the number of complaints filed by customers in a given period.
The consumer complaint ratio is a good tool for screening top companies from bad companies. If an insurance company has many complaints, then it is a red flag. You should not be fooled by big names or the vicinity of an insurance company.
A company may have a big name, but it does not mean that they have good services. Also, just because a company is close to your home, does not mean that they will treat you well.