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Before purchasing insurance:
- Carefully assess what you need to protect.
- Determine the level of coverage you require.
- Compare insurance companies and their policies.
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Select an insurance company with fair rates, financial strength and good service.
According to the Insurance Information Institute, you should consider these factors.
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| Rates |
- Get quotes from at least three insurers. You can contact most companies
through their Web sites, by phone or in person.
- Ask about discounts and savings, but pay attention to overall price.
A company that offers few discounts still may have lower rates.
- Ask if an insurer reduces premiums if you buy more than one type of
insurance from them.
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| Financial security |
- Choose a company that is likely to be there when you need it.
- Consult consumer publications, A.M. Best Insurance Company reports
(available in most libraries) and your state’s department of insurance.
- Contact independent rating agencies for information about a particular
company.
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| Service ratings |
- Select a company that treats you courteously and fairly.
- Ask family, friends and neighbors what they like or dislike about their
insurers.
- Visit your state’s department of insurance Web site to find out whether
complaints have been filed against a particular company.
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| Licensing |
- Visit your state’s department of insurance Web site to learn if a company
is licensed in your state.
- Buying from a company licensed in your state means your state’s department of insurance can help if there is a
problem.
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