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How Do You Know If An Insurance Company Is Legit?

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Choosing the right insurance company can be difficult. They might have super low premiums, but a really bad track record in paying claims in a timely manner. Or, they could have excellent customer service, but a poor range of policy options. In order to find the best of both worlds, these are some questions you should ask yourself before signing an insurance policy agreement.

Do they pay claims quickly?

Quick claims processing is probably one of the most important things to look for in an insurance company. If you have a car accident or your house burns down, you’ll need money fast to get back on your feet. Check out customer reviews to learn how an insurance company deals with claims. If there are any red flags that indicate a long process, move on to the next one.

Are they growing?

Determine if the insurance agency you’re interested in is both profitable and on its way up by doing a little research. Check to see how company stock is doing by looking into earnings, earnings growth rate, earnings quality, earnings stability, and return on equity. All of this information will provide you with data about how the company is as a whole and if they’re reporting growth. Because when a company is profitable and on-the-rise, you can trust that your assets will be protected.

Do they treat their customers well?

JD Power regularly runs studies to determine insurance company rankings based on customer experience. Check out their latest rankings to find out how insurance companies stack up to one another. The data is reliable and well researched, so you can count on it.

Are their rates reasonable?

With everything, you get what you pay for. When it comes to insurance, you don’t want to go with a company that is suspiciously cheap or one that is super expensive. Shop around for rates to make sure you’re settling for something in the middle ground. And as always, make sure to go over your coverage completely so you’re not missing something you need or paying for something you don’t.

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Are their employees happy?

If an employee loves their work environment and company, that tells you a lot about the agency. Great companies become that way by treating their employees as well as their customers. Look for an insurance company that has happy employees because it’s those people who will be helping you find the best coverage options and filing claims for you when you need it. If they like their job, they’re more likely to be willing and motivated to find you a great policy.

Do they touch base every once in a while?

A good insurance company will assign you to a specific agent who will call you when policies are expiring or terms are changing. This shows that they care about retaining you as a customer and keeping you in-the-know about your policy. 

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