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How To Evaluate Insurance Companies


To evaluate an insurance company:

Step 1: Check the financial reliability of the company. You can do this through rating services such as AM Best ( offsite link) and The Street ( offsite link).  The higher the insurance company's rating, the better. As a practical matter, it is better to avoid companies with a rating below an A. 

Step 2. Check to find out whether the insurance company has a reputation for paying claims on a timely basis.

  • While there are no public records about payment of claims, you can check with the insurance department in your state to find out if there are a batch of complaints against the company. 
  • To locate the contact information of the Department of Insurance in the state in which you reside, see: offsite link

Step 3. Ask around about the company.

  • If you were introduced to the company by an employer, ask the human resources department about the company's claims reputation.
  • If you have access to an insurance broker other than the one who introduced you to the insurance company, ask about the company's reputation.
  • Ask your friends and colleagues about the company and what experience they've had with the company or what they have heard about it. Take anything you hear from individuals with a grain of salt because it is likely to be one person's experience which could be colored by factors you don't know about. 

NOTE: For information about how to choose a health insurance company, click here.

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