Friday, 5 August 2016

How to check for Insurance Company’s Track Record

One of the things you would need to do when looking to buy an insurance policy is checking the company’s track records and strength. To do this, you would have to consider using one or a combination of these steps:

Ask Family and Friends
The first ‘informal’ step to take is to discuss it with family and friends with same insurance policy. It is best you ask relations that have the same kind of policy you are seeking to get. These are people you are comfortable around and should feel free in asking any question. Seek to know the ease of paying a claim and the company’s payment policy. If one of them have filed for a claim in the past, that is even a better way to assess the company.

Ask Your State Insurance Department
The insurance industry is well regulated in most countries in the world. So it is easy to have the same standard or policy binding on insurers in a country. Walk into your state insurance department to inquire about the track records and strengths of the company. They are usually formally equipped with the type of information you want to have.

Check Customer’s Satisfaction
Like it was earlier stated, if you have a family and friend that has filed a claim before with the company, it helps give a better assess on how the company handles claim payments. If you don’t have this, look it for customer satisfaction surveys or contact customers to ask questions. Only do this, if their contact information is readily available.

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