Introduction
Finding in an insurance provider is easy with the thousands of insurance companies out there. But, locating the right insurance provider that addresses your needs at reasonable costs takes more time and requires careful thinking on your part.
Step 1
Deciding what type of insurance you need is already a first step in looking for an insurance provider. There are many different types of insurance companies answering various needs. Car, house, work, health, personal property, and life insurance are some of the types of insurance you would need. There are companies that specialize in a specific type of insurance while others offer all sorts of insurance policies. Thus, it is crucial to identify too which are mandatory by law such as an auto insurance and decide which ones you need. For example, you don’t need a house insurance if you don’t own one, but it might be prudent to get a renter’s insurance.
Step 2
Determine the amount of coverage that you need or want when looking for an insurance provider. Getting enough coverage will protect your assets and liabilities when the unthinkable happens such as accidents, fires, loss of life, physical and mental incapacitation, and natural calamities. As an example, there are minimum coverage requirements when buying a car insurance such as at least $15,000 each worth of bodily injury and property insurance.
Step 3
Once you have determined the type of insurance and coverage that you need, shop around. Look at the kinds of insurance provider in your area on the internet and ask for quotes. Research the reputation and track record of companies. Check feedback from customers in the form of reviews.
You can also use the Yellow Pages directory to find an insurance provider in your area. Both national and local insurance companies are usually listed there. You can also compare the benefits of using a national company which has a wider presence in the country against a small insurance company.
Step 4
Ask your lawyer, if you have one for a referral and check what his/her experiences are dealing with a particular insurance provider you have in mind. Lawyers are often good sources of information especially when talking about success rates in making claims and processing times.
Friends and colleagues are also reliable sources of information in tracking a good insurance provider. They can tell you about premiums, hidden costs if any, claims experiences, and the customer service of an insurance provider. If they have been with an insurance provider for many years, they can also attest to the insolvency or solvency of the company and its financial health. After all, you don’t want to invest in a financial institution that’s going under or in trouble.
Step 5
Once you have made a short list of insurance companies, arrange for a meeting and talk to the insurance provider. Ask questions where clarifications are needed such as coverage, premiums, cash out values and other concerns you might have. If you are buying several insurances, consider bundling them in one company to get a good price. When this sounds too risky to you, try an insurance provider for 6 months or a year and if you are not happy with the services and the rates, find another one.
Tips
If you have a real estate agent, you can also ask the realtor if there is an insurance provider he/she can recommend. Realtors also have a good idea of the insurance market and they can advise you which companies they think are reliable and offer a good price for the type of insurance that you need.
Sources and Citations
Geico
