It can be difficult to determine with absolute certainty which insurance company is the “worst.” However, there are several characteristics of insurance companies that buyers should avoid when shopping around for insurance coverage. First things first, you should research the background of an insurance company by reading the reports submitted by rating companies such as Standard and Poor’s, AM Best, Weiss Ratings, and Fitch Ratings. Each of these rating companies features a comprehensive, user-friendly website that any buyer can visit to get a better understanding of the financial security of a long list of American insurance companies.
In addition to researching the insurance company’s ratings, you should also conduct a general internet search for any lawsuits or complaints that may be following certain insurance agencies. For example, the insurance giant Allstate has had more complaints filed against it than any other insurance company. It has been reported that employees of the company were instructed to lie to customers who filed honest insurance claims, and sent away many individuals who rightly deserved compensation. The CEO of Allstate, Thomas Wilson, has publicly claimed to be more concerned with pleasing the company’s stockholders than its customers.
One of the most effective ways you can determine whether or not an insurance company is honest and dependable is by comparing the experience and information you receive from multiple agencies. Be sure to verify the information given with a credible source online to ensure which is the most accurate. After testing the waters at multiple agencies, you can make your decision based on which agency offers the best value and which one you feel most comfortable with personally. Your insurance agency should be willing to accommodate you, and should be willing to go out of their way to answer your questions and offer multiple solutions. If a meeting with an insurance agent makes you feel uncomfortable or uncertain in any way, it is usually best to go with your instincts and continue searching elsewhere.