General sources of
insurance information include the American Council of Life Insurers, Insurance
Information Institute, National Association of Insurance Commissioners, and
your state insurance department. You can also visit these websites:
www.pueblo.gsa.gov,
www.insure.com and
www.consumerworld.org (click on
money).
Whether youre
buying home, life, auto, or disability insurance, you should:
Check several
sources for the best deal. Getting quotes on an Internet site like
www.insweb.com can help. www.gomez.com has
an Insurance Marketplace Scorecard that will help you identify other sites for
quotes. Be aware that many online quote services provide prices for just a few
companies. An independent insurance agent in your local area may be able to get
you a better deal and always check prices compiled by your state insurance
department.
Make sure the
insurance company is licensed and covered by the states guaranty fund.
The fund pays claims in case the company defaults. Your state insurance
department can provide this information.
Check the
financial stability and soundness of the insurance company. Ratings from these
sources are available on the Internet and at most public libraries: A.M. Best
Ratings (www.ambest.com), Standard & Poors (www.standardandpoors.com),
Moodys Investors Services (www.moodys.com), and Weiss Ratings, Inc. (www.weissratings.com).
Research the
complaint record of the company. Contact your state insurance department or
visit the website of the National Association of Insurance Commissioners that
has a database of complaints filed with state regulators at
www.naic.org.
Find out what
others think about the companys customer service. For a scorecard
evaluating insurance companies go to www.gomez.com. How consumers rate homeowner
insurance companies is available from J.D. Powers and Associates at
www.jdpower.com/homes/insuranceratings.
Once you pay
your first insurance premium, make sure you receive a written policy within 60
days. This tells you the agent forwarded your premium to the insurance company.
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