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How To Judge Your Insurance Company?

Jan 7, 2008
The acid test of the quality of an insurance policy is when we are in the unfortunate position of having to claim on them. This is when the insurance company is put into a position where it is being asked to pay you money rather than the other way around. How well a company handles this determines the real worth of their insurance policies that are being sold.

The kind of insurance policy that you have is not the problem. You might have your life, car, house or any other valuable insured. The real strength of the policy and the company is seen when you want to get the insurance claim. If you get your money without any problems then that is the time when you come to realize that your insurance policy and company is very good. That is the real success. It is imperative that for getting a good policy from a good company you must complete your homework. You must look at the past records of a company. Then choose a company which has good payment records and avoid the ones which are known to trouble the clients when payments are to be made.

Make sure you take the time to understand what your insurance policy is going to cover before you are in a position to make a claim. This will help you avoid difficulties later on and especially disappointment and complications. Make sure you know what you have to do in the event of a claim as delays in reporting a claim may invalidate the insurance cover. More than this, some policies such as car insurance have very strict conditions that attach to whether you should admit liability before the insurance company has had time to assess a claim. Make sure you educate yourself on what to do in such circumstances.

Also you have to see that you cannot just claim a huge amount of money from the company as you have been paying a huge premium amount. Most of the time the claims you make are not as big as the premium amount because they also charge you for administration and other support. Companies that are well established will always have a great customer support and will help you at the time of claims. So when you are about to buy a policy please do not be diverted by any sales talks and investigate at the fullest to ensure you buy the right policy from the right people.

Also it does not mean on the other hand that if the premium rates are the lowest then you have the best deal. It is not the case if you pay less means that when it will be time for you to put up a claim than you will be running around yourself and no one will be helping you out, as less premium has its own drawbacks as well. This can result in a lot of wasted time and money itself, where you could have got your insurance claim hassle free in no time. So inspect before you buy your insurance policy.

A claim is also an acid test of an insurance company's financial position. If you are insuring an asset such as your life or your home, the sums involved can often be very substantial. You need to bear in mind that a claim has to be paid from the financial resources that are available to the insurance company. If a company was to receive the odd claim here and there, this may not cause any serious concerns. What if an insurance company was to suddenly receive a number of such claims at the same time, say because of a flood? Ask yourself if the insurance company can pay out all of those claims and if there is some doubt consider insuring somewhere else.

You make insurance claims when you have met an accident, a pet needs care or there has been a robbery at your house. These are things which can shake you financially and at this moment all you need is your claim passes smoothly and fast. You require your claim to follow a fast track. For this you need to first choose a good insurance policy and secondly you need to understand the policy. All good insurers ensure that you are clear about the rules. So look for a good company because your choice will decide the services you get in the future.

It is important that you record as many details of the event as possible. You should document events, take photographs etc. You can offer your services to the insurance company to help them approve your insurance claims soon and they will be more then happy to incorporate your help in the process. This is because it would also save them a lot of time and effort of finding details which you might already have. So everyone gains something out of it.
About the Author
Don't be tempted to buy health insurance, life insurance or dog insurance policies unless you have visited our site. Completely-Insurance.com is a goldmine for information related to insurance.
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