Insurance Company Ratings
7/13/11 UPDATE: Not only is it important to check the stability of a new company you are considering as your primary auto & homeowners insurance company, you should check your existing carrier. Since the Wall Street Meltdown in 2008, many insurance carrier whom had shared investments with other insurance carriers like AIG, have been down-graded. In 2008, American International Group (AIG) was down-graded from an A+ to an A. You may think that’s not a huge loss; consider they almost went out of business. If it was not for the Federal Government – they would have.
When you’re shopping for car insurance, there are many things which you look for. Regardless what many people may say; first & foremost you want a low price for the right coverage for your situation. If you are financing a new car or truck or SUV, you will be required by the bank or leasing company to maintain comprehensive and collision insurance, for the life of the loan or lease. All though not first, second or third on the list; of course you would prefer an efficient and responsive claims service. Although these are the common things we should be looking for; there are a number of others including the following. Ask yourself, “how does the insurance carrier I’m considering stack up against the competition?”
Where do one go to investigate the strength and integrity of and insurance company? To find out, what you need is access toa source of competitive insurance company ratings. One source both myself and my agents have used since 1992 is A. M. Best. Although there are multiple rating companies in the United States; in my opinion; A.M. Best provides both agents and consumers the information each needs to make informed decisions about either the which insurance company and agent should represent or the company a shopper picks to write their auto and home insurance.
Unfortunately; you can count out traditional advertising to learn who is best. Although the ratings they proclaim may be true, every insurance company feels they are the best and that’s what they are going to tell you. Maybe the best way to find a good insurance company, who will stand behind you when you need them most, is to ask friends and family.