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How To Choose The Best Insurance Company

Finding the right insurance company for you and your family is one of the most important things you can do to guarantee your peace of mind as well as make sure your family is protected. However, not every insurance company is the same.

By the time you finish speaking with all of the multiple customer service teams, compare insurance quotes from several companies, and look at all of the different policies they offer (as well as the policies they lack), your head might be spinning.

You want to be sure the things that are important to you are protected. And there are a few things you want to consider when selecting the right insurance company for you.

Company Background

With the economy changing constantly, the most important factor to consider is doing business with a company who is financially solid. Check out their background. How long have they been in business? If you can, talk to people who have had policies with the company for a long time.

Oftentimes, the best way to do research on an insurance company’s history is simply to ask people you know and get their opinions.

Customer Service

The people you talk with should also be able to give you a good indication of the type of customer service the company provides. Are the people friendly? Is this a company you can look forward to establishing a long relationship with? If you call them with a problem are they going to do everything they can to help you?

You can gain a lot of information about a company’s customer service just by that first phone call you make to establish contact. Take notes on what you like about each company.

Compare Rates

The rule of thumb is to contact at least three insurance companies and use an online tool to compare insurance quotes. You will want to find a company that encompasses every type of insurance you need, that way all of your business can stay with the same great company.

You will also probably end up saving more money by keeping all of your policies with the same insurance company. Remember that having lower rates doesn’t necessarily mean you’ll get the customer service you want. So, be wary of making your decision based on rates alone.

Choosing the right insurance company is very important, and there are many great ones out there to choose from who have a proven track record of great customer service paired with great rates. Knowing how to make your decision will make it easier when it comes time to choose one that will keep you and your family protected for years to come.

7 Things To Consider When Choosing Insurance Company

Insurance is a risk management business wherein an insurance company hedges itself against risks to individuals or businesses. Risks can be contingencies, uncertain losses, injuries and damages (be it physical, monetary or reputation). An individual or business transfers this risk to an insurance company through an insurance policy.

Since there are innumerable insurance companies, most of them offering similar looking products and services, people always ask the question, what factors should they consider before choosing an insurance company? The answer to this question would be, ‘does the policy with particular insurance give the client peace of mind?’ Here are seven reasons to consider:

Reliability – If you are acting on behalf of yourself as an individual, consider whether your safety, well-being and your liabilities are taken care of. If you are insuring a business, consider whether your business reputation, business continuity, and your liabilities are taken care of.

The reputation of the company – Is the company known for a sound business approach and ample wisdom in the area of your insurance? The evidence for this can be obtained through consumer forums, through private rating agencies and through feedback from friends and business peers.

Competency – Does the company show all around excellence in its business process? Is the company a sound business entity backed by sound financial stability? Are the products comprehensive enough? Is the company’s website up to date, and does it provide the same information as that shared with you?

Efficiency – Are the company’s transactions quick, effective and friendly – Is the company employing reliable agents. Is the company employing adequate customer service facilities (like phone numbers, email addresses and escalation charts) and finally is the company having a network of offices and agents where you can go to.

Ability to respond fast – In a risk situation, one of the earliest people you call is your insurance company. You expect an immediate response and a timely resolution. How good and extensive is their response network? What is the company’s preparedness to assist you (evidence can be a risk pool)? If they are assisting you through a service provider – how extensive are this network and the quality of these providers? Sometimes affiliates themselves give feedback e.g. a hospital or a car garage is likely to tell you about the insurance company.

The claims settlement turnaround time – The ability to pay claims and to meet its obligations to its policyholders. How flexible and easy are its claims handling process? How result-oriented is its claims process? Is the company keen to work on your claim or quick to reject a claim? Evidence of this can be gained through customer call ratios published on websites or rating agencies.

The cost of the cover – Do they have pricing and plans for you – your budget, your specific insurance category, your discounts, your local needs, and your statutory requirements?

After all, these 7 things have been considered and you have ultimately chosen your insurance company, you then need to work with the company or the agent to get the best price, best coverage, and the right paperwork. Sign on the dotted line and get peace of mind.

Read also: Various Types of Insurance Frauds You Should Aware Of

How and Why You Should Get Renters Insurance

Most people first think about insurance when they buy their first car or purchase a home. Typically, this is because they are required by law to have this type of insurance. While renters insurance is not required, it is a policy that any person that rents a home should have.

Renter’s insurance helps protect all of your personal items should something happen to the home that you reside in. In addition, renter’s insurance policies will pay for a temporary place to live if necessary.

renter insurance

Why have Renter’s Insurance

Many people think that they do not need a renter’s insurance policy because they do not own the property. While the actual property will be covered by the landlord, all of the things that you keep inside the home will not be covered by their policy.

In addition, if something happens to the property, the landlord’s insurance policy will not cover the expenses that you will incur to move into a new place.

Now that you know why renter’s insurance is important, here are a few tips when searching for the right policy to meet your needs.

Amount of Coverage

The amount of coverage that is chosen will affect the price of the policy. Most renters’ insurance policies do not allow you to itemize your personal property, but rather will determine a fixed amount to cover all of your possessions. More coverage will equal a higher premium.

Deductible

The deductible refers to the amount you will pay out of pocket should something happen. A higher deductible amount will result in a lower premium. However, it is important to consider this amount carefully as you will be dealing with a large loss should you need to use the renter’s insurance policy.

Replacement Cost or Actual Cash Value

A basic renter’s insurance policy will pay you the actual cash value of your property at the time it is lost. However, it is possible to pay a bit more for the policy and get replacement coverage. Replacement coverage will provide you with an actual replacement of the item.

This means that if your stereo is five years old, a replacement that is of comparable value will be purchased for you. Jewelry and guns, as well as other items that are prone to be stolen, will have limited coverage under a renter’s insurance policy and for this reason, a separate policy is recommended.

Even if you decide that your personal property is not worth enough to have a renter’s insurance policy, it is still recommended that you have liability coverage in place. Just like purchasing any type of insurance, it is important to do some research to make sure you get the coverage that you need at a price you can afford.

Read also: Home Insurance Provides You The Safety You Need

4 Things You Need To Know About Apartment Insurance

When living in an apartment home is it an excellent idea to have apartment insurance? Well, that is a question that you must ask yourself. Renters insurance is an optional policy that renters can get to protect you from the financial loss of your property inside your rental.

Similar to homeowner’s insurance rental insurance covers renters in the event of damage or loss to personal effects and even liability coverage in case of accidents.

1. Renter insurance Basics

The largest benefit of renters insurance is that renters insurance has the ability for personal property protection. It protects the renter from having to replace all of their belongings in case of some natural disasters, water pipe burst, or even a home invasion.

For example, if your home is invaded and there are electronics or other belongings stolen you can make a claim of up to your covered amount to replace the electronics and other personal effects that are missing.

2. Renters insurance liability

Another great benefit of having renters insurance is its ability to cover accidents related to someone getting hurt in your apartment. If someone is injured and decides to sue you for the medical bill’s coverage then your policy protects you from having to pay those out of pocket expenses.

When you sign up for your renter’s insurance, these maximum amounts can be changed to any desired amount. But, usually the, 20000 initial coverage is pretty standard in most policies. These amounts cover medical bills, pain, and suffering and even lost wages. So, it is a significant added benefit to renters’ insurance.

3. Additional benefits to having renters insurance

There are some additional benefits to having renters insurance that is beneficial to have, as well. These are medical payments made for non-liability situations. A loss of claim in case the apartment you are living in becomes unlivable.

So, if a fire sweeps through your home and you are unable to live in it any longer, this policy gives you additional protection to find another place and replace most if not all what was lost inside.

4. Shopping for renters insurance

When shopping for renters insurance it is similar to shopping for car insurance quotes. Each provider will provide you the coverage and optional coverage that you are looking for. Like all insurance, policies you can choose from a deductible from one hundred to five hundred dollars.

The higher the initial replacement deductible the lower your payments since you are taking on that responsibility yourself. So, shop around to different renters insurance providers and see what they can offer you in replacements.

Most renters insurance can be bought through your car insurance provider as well, and they will usually offer you a significant discount if you bundle them together. So, take the initiative and protect yourself and belongings when living in an apartment and get apartment coverage insurance.

Insurance Companies Scrapped Age Limit For Baby Vroomers

Britain’s largest friendly community is on its way to support aged motorists by writing off its age restriction on motor insurance coverage, although other insurance companies avoiding baby vroomers and MPs buzzing for mandatory re-testing.

Liverpool Victoria, owned by its five million clients in place of shareholders, used to turn down to include motorists aged 86 unless of course, the drivers were currently on its accounts as customers.

Managing Director of LV, John O’Roarke, vehicle insurance, stated: “We were one of the initial insurance companies to take out the age limitation on our driver insurance coverage policies so we are stretching this to the car insurance clients.

Individuals are staying fit for longer and driving even if they grow older. So now they can drive peacefully as they can keep on to enjoy the insurance cover with us.”

Insurance firms should assess motorists on capability, not their birth dates, with respect to the charity Age UK.

The call employs the distribution of a statement from the Parliamentary Advisory Council for Transport, Pacts emphasizing the importance of a national approach for old car drivers. The MPs’ report, referred It’s My Choice, stated that whilst only 15pc of aged over 70 had a driving license in 1975, the number in 2010 was almost 60pc.

Read also: How To Get Maximum And Cheap Motorbike Insurance

Although numbers indicate the aged are less risky than the younger motorists, the cutbacks in the number of individuals harmed or severely hurt on the streets in the latest years have dropped significantly with aged motorists.

Gordon Morris, MD of Age UK Enterprises mentioned it holds 1,673 consumers aged over 100. He added saying: “It is apparent from this statement that we are expanding into a land of aged drivers.

“We believe that individuals should have the ability to drive regardless of what age they are, that includes and above the age of 100 years – the ability to drive is what counts.  For a lot of elderly individuals, driving a car makes them more independent and mobile. For this reason, it is very essential there are insurance coverage policies with no upper age restriction.”

However, it is not a bad thing for individuals born after the Second World War Saga and RIAS are other key insurers with no ‘maximum age’ limit.

The AA accepts new clients up to 99 and Virgin Money states it insures up to 120.  Therefore, regardless of a few MPs’ dilemmas concerning safety & security figures, top insurers think that elderly driving is much wiser and safer.

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