What Should I Look for in Insurance Company Reviews?


Quick Answer

Complaints, the types of ratings systems being used and which aspects of the company are being reviewed are among the numerous factors to consider when reading insurance company reviews, Life Happens reports. In addition to user reviews, some agencies provide reports about the financial health of insurance companies.

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What Should I Look for in Insurance Company Reviews?
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Full Answer

Similar ratings can mean different things among different review sites, according to Life Happens. For example, an "A" rating on one review site could be the top score a company can receive, while the same rating on another site might be several steps below a rating such as "A++" or "AAA." It is typically good practice to be familiar with what each rating means among various review sites to get an accurate idea of the quality of service the company provides.

Another way to gauge potential problem areas is to check detailed user reviews and look for what any common complaints people typically make about a given insurance company, Consumer Affairs explains. These reviews can also reveal how an insurance company handles complaints or problems, as well as how long it takes for the company to respond to a typical problem situation.

Insurance regulators in each state provide financial reports that are available to view online, as reported by the National Association of Insurance Commissioners. Agencies such as the NAIC produce state-specific information about policy rates and financial reports from insurance companies. The NAIC also provides compiled data such as average policy costs nationally and by state for consumers to compare.

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