How to Compare Insurance Companies and Agents

Knowing how to find and evaluate insurance companies and agents is a crucial step toward making sure you get the best and most thorough coverage for your particular needs. The following general guidelines will help you navigate the complex world of insurance.

Researching Insurance Companies

The best way to research insurance companies and agents is to read up on their policies at their websites. Once you obtain some preliminary information from an insurer’s website, call the company, speak to a representative about your needs, and have the representative refer you to an agent or mail you more detailed information.

How to Evaluate Insurance Companies

There are several insurance websites online that make it fast and easy to evaluate the financial stability of an insurance company and to compare policies from various companies at a glance.

A. M. Best: Evaluate and compare insurance companies’ relative financial strength based on several criteria at www.ambest.com.
EHealthInsurance.com: Compare and buy health insurance policies at www.ehealthinsurance.com.
ESurance.com: Compare and buy auto policies at www.esurance.com.
Insurance.com: Compare and buy auto, life, health, and homeowner’s policies at www.insurance.com.

Researching Insurance Agents

The best way to find insurance agents is to contact insurance companies directly or consult the directory on the Independent Insurance Agents & Brokers of America website (www.iiaba.net). To evaluate an existing or potential agent, interview the agent over the phone or in person to determine his or her qualifications. Be sure to gather information about:

Experience: The agent should be licensed and have at least five years of experience selling insurance.
Past employers: Previous employers should include reputable nationwide insurance companies.
Specialties: If you need a specific type of insurance, make sure the agent specializes in it, or at least has relevant experience.
Claim involvement: The agent should be available to assist you during the claims process, not just when buying your policies.