The 5 Characteristics of a Reliable Car Insurance Company
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Nearly everyone will need to buy car insurance at some point in their life. From the time of that first policy until you can no longer drive, it’s a constant search to save money on your car insurance premium. The amount you pay can fluctuate from year to year, or your circumstances might change and prompt you to switch insurance providers.
Whether you’re looking for your first car insurance policy or you’re looking into a deal that seems too good to be true, you need to know how to identify a reliable car insurance company. Some of the policies you find aren’t worth the paper they’re written on, and others may not be from legitimate insurance providers at all!
Read on to learn about the five characteristics you should look for to determine if a car insurance company is reliable.
They Offer Competitive Pricing
There’s a big difference between competitive pricing and cheap prices. If an insurance company has prices that are well below those of other providers, that usually means your coverage will be well below that of other companies as well.
When it comes to pricing, you need to compare quotes with similar coverages. Competitive prices may not be the cheapest ones, but they offer the best value for your money. It’s great to save money with a less expensive policy, but beware of car insurance companies with ultra-low premiums — their coverage likely doesn’t stack up.
They Offer Great Service
Do you have friends and family who boast about the great deal they got on car insurance, only to later complain that the support and coverage were horrible? You should take note of those car insurance companies and avoid them!
Instead, listen to the friends and family who have had excellent support during the claims process. Receiving top-notch service when it’s needed most is much more important than just a low price, and it’s a great sign of a reliable car insurance company.
Their Business Rating Is Stellar
Some car insurance providers may offer an excellent price and product, but they might not be well-known to you. Instead of skipping over the little-known providers, do a little research.
Check out the business ratings from authoritative sites such as the Better Business Bureau or AM Best. With AM Best, you can check out global insurance credit ratings and information services to help you make a good decision. If they have good business ratings and offer a great price, it could be worth it to give them a shot.
They’ve Been Around for a While
You want to know that your insurance company will still be around when you need them, and nothing is a better indicator of that than having a longstanding history. Use the car insurance company’s website, as well as your state’s Department of Insurance site, to determine how long they’ve been in business.
A reliable car insurance provider will have at least 10 years of proven history in the industry. If the company has only been around for a year or two, you might want to pass, even if the deal is amazing. They haven’t proven themselves to be reliable — yet.
Their Online Reviews Are Outstanding
In the current market, Google and Yelp reviews, as well as social media reviews, play a huge role in attracting customers. With real, honest reviews, you can determine how reliably a car insurance provider handles its customer support and claims processes.
Purchasing car insurance from a reliable insurance provider is an essential part of owning a car. No company will have perfect scores all the time, but reliable car insurance providers will have reviews that lean heavily toward the positive. If there are very few negative reviews, you might be onto something great.