Finance Agreements

The most important factor to rate insurance companies is ‘financial strength’. The most known institutions that rate insurance companies are (1) AM Best [ambest.com], (2) Standard & Poor’s [standardandpoors.com] and (3) Fitch Rating.

Another aspect of rating is ‘claim paying practices’. A leader in evaluating auto insurance companies in regard with their claim paying practices is JDPower [jdpower.com]

Low or high financial strength is connected to the creditworthiness of the insurance company, its financial strength and its ability to pay the customers claims. The fact that an insurer has high credit rating is not an indication of ethical or unethical claim paying practices. Actually with certain insurers, strong financial position could be the result of stringent claim paying policy. There are many examples of insurers who had B rating with AM Best but had super customer services with very satisfactory claim paying policies, while other insurers with A rating(better than B), that maintained very poor claim paying practices to the point of expelling them from certain states and subjecting them to high fines for their claim payment policies/ practices.

So what should consumer be concerned about, financial strength or claim paying practices?

It depends on the following factors:

I. Needs Analysis. If a particular consumer has a need that is met from coverage offered only from Company 1, then dealing with that company is the solution, regardless of other factors

II) Coverage Limits. When there is high limit of coverage (ie millions or hundreds of thousands), then financial strength is more important. A customer insuring a $3,000 vehicle needs to think more about claim payment history of the insurer. A businessman insuring his 5,000,000 commercial building needs to worry more about the financial strength of the insuring company.

II) Premiums. Affordability of the policy/ coverage should be of great importance when dealing with similar insurers who are slightly different in their financial rating. There may be a slight differences between insurers who have A+ rating o A++ (with similar satisfactory claim paying practices).

Whether you need a business insurance quote or car insurance quote, dealing with professional independent agent can be the answer to your questions.

Ed Sneineh, CLU, ChFC http://www.InsuranceNavy.com

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Insurance is a very important part of our lives. Unfortunately, it can be quite costly depending on certain factors. But, you can benefit from lower costs by purchasing policies for auto insurance online. If you do your homework, you’ll find that there are lots of people who have benefited from huge savings by going this route.

And, nothing can stop you from going down this route either. But, it is essential that you research and educate yourself. This will bring you to applying for auto insurance quotes. Of course, you can also use the old-fashioned method of calling each insurer directly. The problem with that is that it is extremely time consuming to place the calls and wait on the phone until an available agent comes to help you.

Instead of that, you can get your automobile insurance quote by finding a car insurance company or by choosing a website that allows you to do some comparative shopping. The latter is even more convenient because you save a lot more time. Of course, you can go from one individual insurer to another and fill in every single application as each insurer demands.

It only requires that you to fill in one application and receiving several quotations for it. Obviously, it’s an individual choice. However, given the fact that we live in an extremely fast-paced world, everyone tries to save time. At the same time, people are trying to save as much money as they can in all respects, and with their coverage as well.

Lets face it, the insurance industry is a numbers game. Sometimes, we can even say that it is criminal in the way that individuals are held liable for mistakes, being penalized in ways that just continuously increase the rates. Thankfully, we as consumers now have a lot more options that we can take advantage of.

There is no reason to keep spending your hard earned money foolishly because some insurers demand it. The fact is we cannot operate a vehicle on a public road with out the proper coverage, and we are in no way insinuating that. What’s important is that you get good coverage from a reputable insurer for a lot less.

Lets face it, why would you throw your money away on something like this when you can use it in profitable or other fun ways? Therefore, take the time to research and educate herself on the subject. Don’t make any quick decisions. Instead, do some comparative shopping so that you can be confident of your choices and ensure that you and your family are well covered and are being charged a reasonable amount.

It also means that you should be doing some serious calculations with regards to your coverage and some changes that you can possibly make to your benefit. There are a slew of factors that are taken into consideration before any insurer issues a automobile insurance policy and rates. So there might be some changes that will work in your favor.

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Are you looking to get an auto insurance policy but are not quite sure how to gather quotes? Certainly, the first step towards getting a policy that offers you everything you need will be by gathering a number of quotes to compare. But what is the best way of going about this? Should you be looking to gather quotes over the phone or is it best to go through the entire process online?

Well, at the end of the day, it will come down to your personal preferences as to which method you are going to choose. Both will certainly offer significant advantages and disadvantages to anyone, and so you need to make your own choice depending upon your personal requirements.

When it comes to finding quotes in the most time efficient manner, the Internet is certainly the way to go. Specifically, it is a good idea to use a comparison sites as these will allow you to gather quotes very efficiently and effectively. All you need to do is type in your personal information once and you would get a list of quotes that you can then compare right infront of you.

On the Internet it is also possible to go directly to different company websites. Many specific companies that will not advertise their quotes on these comparison sites and therefore it might be necessary for you to go direct in order to get a quote from a particular company you have an interest in. This may well take a little bit longer to do, but in general the quote you get might be designed a little bit more specifically for you.

Overall, using the Internet provides you with a great deal of efficiency and speed when you are looking to gather quotes quickly. In addition to this people generally do not want to have to talk to a sales agent when they are gathering quotes. They feel as if they may be drawn into a conversation or a sales pitch when they have been given a quote, and most people want to avoid this.

However, using the phone and gathering quotes in this fashion will certainly provide you with certain unique benefits as well one of these is simply the fact that by doing this you will be able to negotiate directly over particular details of your quote and of the policy that you want to get. If you have certain queries you can ask questions to the sales agent, something which cannot be done online.

Certainly it will take a lot longer to gather quotes in this fashion as you will have to gather individual quotes by giving your information specifically to a live person. However, you may also be able to haggle over price when doing this and can therefore potentially reduce the cost of your overall policy.

Of course, when it comes down to it, it will really become a case of your own personal requirements and preferences as to how you will proceed with this matter. If you are looking to gather car insurance quotes quickly then the Internet will be the place to go. If, however, you are new to the entire process and have plenty of questions to ask then it may be better to use the phone.

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