Best Insurance Company – Tips to find one : Choosing the type of insurance and the right insurance company are equally important.
Insurance has become part of everyone’s expense today either directly or indirectly. We, the humans don’t know when we die or what happens when. Though most people look at insurance as an investment, I recommend you not to look at it that way. It is an assurance for your family or dependents.
The more you love your dear ones (or your assets), the more you might think of insuring for them. Whether it be health, commercial, dental, auto or home insurance, choose the best insurance company. After all you wanted to have peace of mind.
Choosing the best insurance policy and best insurance company are two different things. The more secured and branded the company is the lesser the chances of getting high sum assured income (most cases). More Risk, More Money. Read the same statement in other way – More Money, More Risk.
Though the phrase ‘Best Insurance Company’ differs from person to person and the requirements, let us discuss what are the things you need to look into while choosing a ‘best’ insurance company for you.
1. Your Objective
The first thing you need to consider in choosing the best insurance company is yourself. What is your primary objective in choosing an insurance? Try to understand different components of an insurance policy and understand what are needed for you and which are not.
This looks like a common and simple suggestion but most people do not do this. Better write down on a paper (this helps more than casual calculations) and analyze the price you are going to pay, benefits and risk involved. The better you can decide on your objectives the better you can choose the right insurance company for you.
2. Online Insurance Comparisons
There are few websites like PolicyX which can help you finding and comparing the insurance companies and their policies. DO a little bit of research about the background of the company, their market trends, recovery rate etc. This should be done before an insurance agents appear on your front door. Most insurance agents can make you convinced about their company as the best in the market showing only the positives. Be aware. Be prepared.
3. Insurance Companies Customer Complaints
Also, check the ratio of customer complaints of each company. What is the primary reason for most of the complaints? Is the company prompt is solving those? Are they repeating the same mistakes they have done earlier? The lesser the complaint ratio, the more you can consider the company.
4. Know the Insurance Agents
There are 2 types of insurance agents – captive and independent. Captive insurance agents work for only one insurance company while the independent ones work for several. Check with him whether he is captive or independent one and why.
It can give you an insight about his confidence on the company. Get into a friendly conversation with him first. It can make him feel more comfortable and can guide you better in choosing a policy.
5. Insurance Benefits Comparison
Every policy differs in coverage and benefits in its own way. Below are the factors you should consider.- amount of money the company pays in case of risks/accidents
– cost of co-pay, out-of-pocket limit and cost for deductible
– actual price of the insurance, tax related details and other hidden costs
– suitability and applicability for your needs
Final Words : Read the agreement carefully. If required, ask the agent to explain in detail. Ask for the available offers or discounts. Always double check their rules and regulations. Check their website, customer care info etc before hand. More importantly be sure about their * (conditions apply) marks.