What should I look for when choosing an insurance company?

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Asked May 8, 2011

1 Answer


Some people belief that the only thing to look for in an insurance company is the one which offers the lowest rates. The truth of the matter is that you should shop for an insurance company based on a number of factors including the company's financial rating, the overall reputation the company carries with current and former customers, and what sort of personal options the company is able to offer you on your policy.

Do some online research at financial ratings sites such as A.M. Best Company or Standard & Poor, and take note of companies that are highly rated. This rating looks at long term financial strength of financial institutions such as banks and insurance companies, and can be used as a broad guide to companies that may be suffering a monetary squeeze or excelling where others are failing. You may also want to look for consumer reviews of insurance companies to find out which ones are highly regarded by the community at large.

Look at your own individual needs for insurance, and choose a company that has options available to make your coverage more complete or useful. This could come in the form of discounts, or self-paying premiums that make insurance more affordable as you get older. No matter what type of insurance you are looking for, you will be able to find a variety of policies and many of them can be customized to conform to your exact requirements.

Answered May 8, 2011 by Anonymous

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