Insurance is a big deal folks! It protects you against loss in any situation or accident. Therefore it is very important to research for the best insurance company with a good policy and affordable premiums. Here are a few insights on looking out for a quality insurance companies.
Indicators of Quality insurance Company
Look out for the ratings of the company you are interested in buying the cover from and compare it with other insurance companies as well. Compare the ratings with the highest as it has a direct correlation with the solidity of the business enterprises and the services supplied. Payment of claims stands solid if the ratings are higher.
Longevity of the Business
Reliability is a very important factor while buying a certain policy. Longevity of the insurance company can reflect reliability in providing solutions. A smaller and a comparatively newer entity might not be able to provide the potential customers with same trust as a business giant.
Customer Service and a Good Image
We check the image of anything before investing in it. Right? So why should insurance be any different? As word of mouth is still a very important factor, the insurance company needs to be very particular about the image it portrays.
Customer service of an insurance company is one of the very important aspect a customer looks for. Whether it is reaching a representative by different means such as phone, online chat, email etc. or timely responses to the queries or providing solutions even on holidays, an insurance company needs to do these things and even go an extra mile to keep their customers and potential customers happy.
The policies should satisfy your needs, premium should be affordable and provide you the needed protection. Also ensure that you compare policy terms of various insurance companies and analyze which goes in sync with your budget and needs.
Complaints and Reviews
Go through the comments and complaints which the already existing customers must have posted on the official website of the insurance company and other social networking platforms. It helps you in getting a fair idea of the positives and negatives of the insurer. These reviews can give you surprising results and you might not choose the insurance company you were considering before.
Add on Covers
Add on covers play a very vital role while deciding the insurer. Sometimes, your general policy might not cover all the things (especially in case of motor insurance, things like emergency assistance on roads, engine protector, depreciation shield cover etc.). Choose an insurance company which gives you good add on covers along with a good and an affordable base policy.
While pin pointing the insurance company which will be able to match your expectations, network of the company (network hospitals, garages, workshops etc.) should be thoroughly checked. Larger the network (or tie ups) of the company, the better it is for you! Benefits like cashless treatment when you are not in the state of mind to think about anything or paying for servicing of your car directly, isn’t it the thing you want?
Reputed insurance company=Large network= Various benefits like these.
Claim Process and Combined Ratio
Claim paying process of an insurance company should be monitored. It should be simple and quick. Claim paying processes of the shortlisted companies should be explored and claim denial rate should also be monitored.
Also, combined ratio, i.e. measure of profitability of the company indicates how well they are doing and hence a reputed company making good profits will always put customers as its priority and ensure good services.
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