Working with an insurance company to help protect yourself, your family, and your business can be an extremely worthwhile investment.
However, many companies out there will promise you the world in order to get your business, but fail to deliver once you have given them your money.
How to Tell if an Insurance Company is Legit? Read on to find out more about how to tell if an insurance company is right for you!
How to Tell if an Insurance Company is Legit
Do Some Research
Doing some research into the company before signing up for insurance will help you determine whether or not it’s a legit company.
You can go about this in one of two ways:
Contact the Better Business Bureau (BBB) and ask them about the company, or do a google search for reviews.
The BBB offers consumer information on both legitimate and illegitimate companies.
In addition to making sure that the company has their BBB accreditation, you’ll want to look at how many complaints they have received over time, as well as how many complaints they’ve responded to.
Another way to tell if a company is legitimate is by;
searching for reviews online
A few key phrases to look for when doing this are complaints against company, customer service, refunds, and accidents.
If there are a lot of bad reviews on these topics, it might be worth looking elsewhere for your policy.
If you find good feedback about these things, then the company may be more trustworthy.
Check for Financial Stability
One way to tell if a company is legit or not is by checking their financial stability.
You can find this information at the bottom of the webpage in the SEC filing section, which should also have their ratings and reviews.
If they’re not listed there, you can look them up on Finra’s BrokerCheck website, as well as other rating sites like A.M. Best and Moody’s Investors Service.
You can also check to see if they are registered with the National Association of Insurance Commissioners, who provide lists of all insurance companies licensed in every state.
Another way to tell if a company is legit is by looking for any complaints filed against them with your state’s department of insurance.
The department will be able to confirm whether it has received any complaints about that company and give details on what those complaints were about.
If a complaint was filed, the state may be able to disclose how that complaint was resolved.
It can be difficult to tell the difference between a legitimate insurance company and one that’s not.
Luckily, there are a few things you can do.
First, make sure the company has been licensed with the state in which they’re operating.
Second, check with your state department of insurance and see whether they have any complaints against them or have been suspended or revoked by the agency.
Third, ask for a copy of their financial statements and review it to see how well they’re doing financially. Fourth, look at how long they’ve been in business.
If it’s less than five years then it may be wise to shop around for another company because you want someone who will still be around when you need them most.
Fifth, take a look at their website. Are they trying to sell you something?
Do they offer any information on what types of coverage options they provide? Is the website easy to navigate?
See What Others Are Saying
There are a number of ways you can tell if an insurance company is legit. One way is by doing your homework on the internet.
Look for reviews, testimonials, complaints, and any other information that will help you determine the legitimacy of this company.
You should also inquire about how much experience they have in the industry and what types of policies they offer.
Ask as many questions as necessary so that you know exactly what you’re getting into before finalizing anything with them.
Remember, it’s always better to be safe than sorry!
Make sure that all of your bases are covered before proceeding with an insurance plan.
The right type of coverage may depend on personal preference. So find out what would work best for you or others involved in the plan and get one now!
Know Your Policy
If you’re tired of paying too much for your insurance and feel like the company doesn’t care about your personal situation, it’s time to look for a better deal.
It’s easy to tell if you’re dealing with a legitimate company.
All you have to do is call them up and ask. If they won’t answer your questions or are vague in their responses, move on.
You deserve better than that! Take a moment to explore all your options before making any final decisions.
Compare coverage plans at .com and make sure you get what you pay for!
Don’t hesitate to talk with customer service reps at different companies, but don’t just buy anything without doing some research first.
There are several websites where you can get help understanding your policy and comparing rates side by side.
Don’t forget that shopping around could save you hundreds or even thousands of dollars each year!
In most cases, it will only take a few minutes to find out what your new monthly premiums would be so you can see how long it would take for those savings to add up.
There are many reputable sites out there that can provide these quotes instantly and give you access to information such as: Estimated annual benefits