Understand Your Insurance Policy
When your employer offers you a health insurance policy as a part of your benefits package, I’ll bet you study the policy and understand the terms of deductibility, become acquainted with the tiers of prescription coverage and fully understand how much you will pay in out-of-pocket for your prescriptions and office visit co-pays. Why? Because you know that someone in your family is probably going to see a doctor at some point in time and you want to understand how your health insurance carrier will be handling the billings for doctors, tests and prescriptions prior to using your benefits.
Insurance companies are not created equally.
Although it’s unlikely that you will be given a list of health insurance companies to select from, you still have the power of choice when it comes to purchasing auto or homeowners insurance. Why not review those companies with the same scrutiny that you would apply to your health insurance carrier?
At their website, the Indiana Department of Insurance offers an annual index of complaints lodged and closed against insurance companies doing business in the state of Indiana. As I write this, the most recent statistical measurements have been documented through 2010. Their office calculates and publishes complaint indexes for the following types of carriers:
Their complaint ratios are based on a percentage of premiums collected by Hoosiers for that year. I recommend everyone who has, or intends to purchase insurance in the state of Indiana, avail themselves of these services. The Indiana Department of Insurance is your advocate in all matters relating to insurance.
The power of the Internet
Recently, my assistant was looking at lowering her auto and homeowners premiums by obtaining a quote from an independent agent’s pool of insurance companies. Since she was looking for a reduction in annual premiums, her agent’s first quote quite naturally was the cheapest available. Because the initial quote was so vastly different from her current premium, she proceeded to research the company. After comparing her current carrier with the cheaper alternative carrier at the Indiana Department of Insurance website, she trolled the Internet for customer reviews. What she found was stunning; the cut-rate company had earned nothing but negative reviews and warnings from previous customers. Needless to say, she went back to the agent and requested they take a look at a different company.
Cost of Insurance Isn’t Everything
While the option of low premiums is an enticing inducement when electing automobile coverage, don’t let it be your primary focus. If you should need to file a claim because of an auto, motorcycle or trucking accident, you don’t want to discover that the coverage you thought you were purchasing is not what you gave up your premiums for. Do the research, read the declarations page carefully and obtain the best liability and med-pay coverage available to you from a reputable company. But most importantly, be a savvy shopper and demand the best in automobile insurance coverage.
Discuss your automobile insurance policy with a knowledgeable attorney
If you would like to discuss your policy with an experienced personal injury lawyer, or have been involved in an accident, call Charlie Ward of Ward & Ward Law Firm. We are available to take your call.