Making the purchase of insurance isn’t easy. The terms, definitions, and conditions and exclusions as well as endorsements can make things confusing and could cause you to have an anxiety. In addition, purchasing insurance isn’t exactly thrilling or pleasurable. Imagine your life without insurance. Consider losing your entire possessions have to fire, without having insurance to help you get your life back in order.
I’m sure you’ve heard me mention I’m an insurance geek. When I ask people what they think their insurance firm is the majority of them reply, “I don’t know,” or provide me with the name of their local agent. If you suffer a loss to your auto, home or company it’s the last thing you’ll have to determine is the identity of your insurance company and who is your agent, and how they can help you in the event that your life has been completely turned upside down.
The aim the blog serves is provide the various things to take into consideration when deciding on the best location for your insurance company.
1. Independent agent in contrast to. insurance company. As I’ve mentioned before the people aren’t always certain which insurance company is or the person who represents them. West Bend’s services are sold through independent insurance agents across the Midwest. They not only sell our products, but they also sell other products of other companies also which includes West Bend’s competitors. The responsibility of the Independent agent’s job is to identify the insurance business that will best meet your insurance requirements. It’s not as simple as it seems.
For more information on the advantages from working through an independently owned insurance agent, read my website, “Benefits of an independent insurance agent.”
Insurance company (West Bend) insurance firm (West Bend) is in partnership with an independent agents before as well after the insurance policy has been sold. It is the insurance company:
- The determination of the premium is based on the possible coverages recommended by your agent independent;
- Sends you a copy your insurance policy
- Handles your insurance payments;
- Modifies your policy as advised by your agent or as a result of a change in lifestyle (i.e. new teen driver);
- Companies with strategies to prevent losses; and, lastly,
- Compensation claims are made if a loss should occur.
Be aware the fact that your insurance policy is an agreement. What’s covered and what’s not is outlined in your policy. Make sure you read the policy thoroughly and consult your independent agent to are aware of how any future loss can be compensated.
2. Reputation and history of the company. Study the insurance companies that you’re interested in. On the websites of these companies, you can find out:
- How long have they been in business for;
- In which states do they market their products?
- The mission statement, the vision and their values;
- Leadership of the company;
- Participation in the community;
- What kind of items they sell as well as
- Financial strength.
- You’re unlikely to come across a business with only glowing reviews. If the reviews don’t answer all your questions, or leaves you feeling uneasy about them, you can research an alternative company. Similar to other buying decisions it is important to feel comfortable with the decision you make.
3. Learn about the insurance company’s financial stability. In the event of a challenging claim, you do not want to be told that your insurance company won’t be able to pay your claim due to low financial results. A lot of insurance companies have independent rating organizations that examine various factors as well as the financial performance to determine an arbitrary letter grade or score. In the years since 1971, West Bend has been awarded an as A (Excellent) or higher from A.M. Best Company that is widely recognized as the standard for assessing the financial strength of insurers.
For more information about independently-run rating organizations, read “How to Assess the Financial Strength of an Insurance Company.”
4. Coverage. Choose an insurance company that can provide the appropriate coverage to meet your business or personal needs.
5. Price. While price is an important factor when buying insurance however it shouldn’t be your only one. The old saying goes “You get what you pay for.” There are many reasons that pricing varies between insurance providers. The lower cost could result in less coverage. A lower coverage will mean more money from your pocket if the loss happens. The lower cost could indicate that the insurance provider has entered into an entirely new market and therefore may not have the expertise that another insurance company would. Talk to your agent about the difference.
6. Easy to conduct business. Learn how to communicate in a way that is acceptable to an insurance company. These interactions can comprise:
- Online bill payment;
- Online claim filing;
- 24/7 customer service;
- Social media platforms;
- Changes in policy Policy changes; and
- Billing questions.
7. Discounts are available. Numerous insurance firms offer discount. Find out the discounts that apply to your specific situation. For instance, West Bend offers discounts for:
- Protective devices;
- Modernized and newer homes.
- Methods or materials for construction that are specific to the area;
- Financial stability;
- Multi-car families;
- Excellent students They are also good at identifying
- Anti-lock brakes.
West Bend also offers discounts for associations, groups or businesses that participate in our unique Association Plus(r) program.
8. Referrals are a powerful source of information. Every day, we are bombarded with advertisements and marketing communications that are often overwhelming. Speak to your relatives, friends, or coworkers to get the experiences they have had with an insurance firm.
Do you have any details you’d like to give away? I’d like to talk to you. Send them to me in the comments box below.
This article is to be used for educational and illustration purposes only . It should not be taken to provide professional or legal advice. Furthermore this article is not an solicitation to purchase insurance. You should consult an authorized insurance agent to determine the specific details of your coverage and for insurance coverage. Every policy is subject to conditions, terms restrictions as well as definitions, exclusions, and limitations that are contained in them.
Topics: Auto Insurance, Home Insurance