How Do I Evaluate A Car Insurance Company’s Claims Payment History?
By Mike Anderson Posted in Car Insurance News
Researching An Auto Insurance Company’s History Can Save You Money
When finding an auto insurance provider along with getting a good price, it is important to be covered by a company that is reputable and has a good history of paying claims. When an insured motorist is involved in an accident or any damage is done to their vehicle that is covered under their insurance policy, he or she will file a claim with their auto insurance company. The insurance company will assess the situation and pay the insured motorist a determined amount to cover any damage minus a deductible. A history of all claims that insurance companies pay out is kept, and it is a good idea to research a company’s history to ensure that they are a quality insurer.
Refer To Your State’s Department Of Insurance For Company Statistics
Most every state in the US requires all car insurance companies to be licensed through the state government, and to report various information and statistics to the government for bookkeeping. The agency that handles this is the state’s Department of Insurance (DOI). From this government agency you can obtain information such as complaints against insurance companies and claims payment history. Most states have a website devoted the their Department of Insurance where you can look up the statistics.
Claims Payment History Can Be Found On Company’s Websites
If an auto insurance company is reputable, they will often be very transparent about their statistics. Information such as claims payment history will be available on the company’s website or can be requested by calling the company. However, to obtain this information from many insurers you have to already be a policyholder with that company. If you are not a policyholder it may still be possible to request a company’s claims payment history over the phone. If this does not work, the information is always available on your state’s Department of Insurance website.
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