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How do I compare insurance company ratings?

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Quick Answer

Consumers can compare insurance company ratings by seeing what regulators say, collecting information, checking for financial strength and researching levels of customer satisfaction, according to Bankrate. It is also recommended to look at other sources of ratings for insurers and to not only focus on cost.

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How do I compare insurance company ratings?
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Full Answer

When searching for insurance company ratings, seeing what regulators say is important, explains Bankrate. Each state has regulators, and information about individual companies is found on the website of each state's insurance commissioner. Collecting more information is also recommended. This is done by looking at the loss ratio of an insurance company and how much the company pays out in claims.

Another recommendation for finding insurance ratings is to look at the financial strength of the insurance company. This is easily done by consulting services like Standard and Poor's or Moody's Investors Service, states Bankrate. It is equally important to look at consumer satisfaction ratings. Companies like Consumer Reports and J.D. Power often survey consumers and report their findings to the public. In addition to this, there are other sources such as the Better Business Bureau or Yelp which will give consumers the information they are seeking about insurance ratings. Also, keep in mind that cost is only one aspect of the search and shouldn't be the prime focus.

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