How to Investigate Insurance Companies

How to Investigate Insurance Companies

How to Investigate Insurance Companies

Buying insurance is a costly affair, and with so many insurance companies popping up everywhere and with so many different products being offered, how does one know that you are getting the best deal for your money, or that your insurance company deals ethically? Surely there must be some sort of rating system for insurance companies, and a list of criteria that insurance companies need to adhere to?

When it comes to buying insurance you need to know who you are investing your money with. If you think about it, you can only really see the efficiency or efficacy of an insurance company when it comes time to make a claim. The thing is that when purchasing we all hope that there will not come a time when we need to make a claim against our insurance. But in the unfortunate event that we do need to make a claim, it can be very stressful when after years of diligently paying your insurance premiums, your insurance company takes long pay out or refuses to pay out due to some fine print that says that you are not insured for a particular item. This is why it is important to check the pay back rate of the company to see how good they are at settling claims.

Firstly make sure that the insurance company is licensed, certified and is vetted by the insurance regulatory board such as the Financial Services Board. You can also find a list of registered South African insurance companies on the internet.

As mentioned before, make sure to ask the insurance company about their pay back rate. How they settle claims is a good indication of the company's policies. Also do not be afraid to do your own investigations. We live in the information age, where getting information is no further away than the click of a button. I always go and do my research by reading customer reviews and forums on the Internet. It is the one way you can get an honest insight into the company and not just propaganda.

Call the company to get information. While it may be true that you can find almost all the information you might need on the site, but by calling the company you can deal first hand with them and see what their customer services are like. And you can ask them as well about what their claim pay back rate is. You can judge a company a lot by how they treat their callers, for example you can see whether they answered your call professionally, whether they were helpful, and friendly and whether they put you in contact with the right people needed to answer your questions.

And lastly word of mouth works perfectly. Ask people you know about their insurance companies and if they had good or bad experiences with this company.

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