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DON'T LET PRICE CHOOSE FOR YOUJul 07 '01 Write an essay on this topic.The Bottom Line Price alone could be the worst reason to choose an insurance provider. Investigate the company. As an insurance agent, I constantly hear people say, "I want the lowest price." While I understand that money is a concern, it is not the best way to choose a provider. First you should know something about the financial strength of the company. There are several rating companies that look at insurance companies and rate them based on their financial strength. The best known is Best's. Another, Standard and Poor's looks at their claims paying ability. However usually your agent will know what the Best's rating is on a company. Second you should find out about their claims adjusting. Insurance, by its nature, is a necessary evil until you need it. When you do need it, you want quick and fair adjustment of the claim. Also it needs to be recognized that insurance companies will not adjust a claim so that you will make money. Insurance is designed for you to recover your position. Example, if you have a older model car and it is adjusted as a total, do not expect enough money to buy a newer model car. You will be awarded enough money to replace the car with a like year model. An insurance company that has their own company adjusters are usually the fastest at settling a claim. The reason is that when a claim arises, the claim is assigned only once instead of being assigned to an internal adjuster who then assigns an independent adjuster in your area. National companies, such as Allstate and State Farm, have claim offices in the larger communities. Progressive is another such company. My personal auto insurance is with Progressive for the very reason of claims handling and a fair price. I have had to make claims with Progressive. The claims were handled promptly (less than 3 days in both cases from the filing of the claim to when I receive the check). I may have to pay a little more for this insurance but I am very satisfied with the claims handling. And unless the price gets way out of line, I will continue this insurance because the claims are handled promptly. Also the company is in great financial condition. If you let price alone decide who your insurance provider is going to be, you may be making a bad decision. Question the person from whom you are buying about the financial condition and the claims adjusting.  |
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