Shopping for insurance can be confusing and even a little overwhelming. There are so many options and it’s hard to know what coverage you need. And even if you think you’ve found the perfect policy, how do you know you’re getting the best deal? The only way to be really sure is to ask your insurance company some tough questions. Here are some questions you should ask your insurance company before you sign up for a policy.
34 Questions you should ask about an insurance company:
- How long have you been in business?
- What are your core values?
- How are your business decisions guided by them?
- How much experience do your employees have in the insurance industry?
- Do you have any awards or recognitions I should know about?
- What do policyholders like about working with you?
- What do policyholders not like about working with you?
- How easy is it to file a claim?
- How often do policyholders file claims?
- How long does it take for claims to be processed?
- Are there any circumstances where my claim won’t be paid?
- What’s the contact information (phone number, website, etc.) for customer service and claims submission?
- Is the company financially stable?
- What’s the company’s rating from the Better Business Bureau?
- What do other customers say about this company?
- Do you have any other products I might be interested in?
- Can I bundle my policies with this company?
- Is there anything else I should know about this company?
- What types of insurance does the company offer?
- Are there any restrictions on who can be insured with this company?
- How easy is it to get in touch with a customer service representative?
- Is there a mobile app available?
- What is the website like?
- What’s the appeals process like?
- What are the customer service hours?
- How can I contact customer service?
- Are there any complaints against the company?
- Is the company publicly traded?
- Who are the owners of the company?
- Where is the company’s headquarters located?
- Does the company offer any additional benefits or services?
- Is the company accredited by the Better Business Bureau?
- What do online reviews say about the company?
- What do experts say about the company?
41 Questions you should ask an insurance company about their policies/services:
- What coverage and limits are available?
- What are the eligibility requirements for each coverage?
- How much does each coverage cost?
- How much will my premiums increase if I file a claim?
- What’s the process for filing a claim?
- Are there any discounts available?
- What are the cancelation policies?
- What’s the refund policy?
- What’s included in the policy fee?
- What’s not included in the policy fee?
- How often do rates change?
- Are there surcharges or penalties for late payments?
- Can I pay my premiums in installments?
- Is there a grace period for paying my premiums?
- Can I cancel my insurance at any time?
- Will I receive a refund if I cancel my insurance?
- What happens if I miss a payment?
- Will my insurance be reinstated if I miss a payment?
- What happens if I move to another state?
- How much does a typical policy cost?
- Do you offer any special supplemental insurance or add-ons?
- Can I customize my policy to meet my needs?
- Do you have any payment options other than monthly premium payments?
- How can I cancel my insurance if I no longer need it?
- How often are premiums increased, and by how much on average?
- Is there anything I can do to keep my premiums low?
- What’s my deductible?
- What’s a coinsurance/co-payment?
- When will my policy renew?
- How do I appeal a denied claim?
- Do I need prior approval for certain procedures?
- What’s not covered by my policy but is available with another insurer?
- Can I keep my current policy if I change jobs?
- If I move, will my current insurance cover me at my new residence?
- Can I add or exclude people from my policy?
- Do you offer discounts for certain things (e.g., smoke-free, installing a security system, etc.)?
- Can I get discounts if I bundle my home and auto insurance with you?
- Can you give me a list of local providers that are included in my plan?
- Under what circumstances does the policy become void?
- What are the payout options?
- How often do I have to renew my policy?
Frequently Asked Questions
What are the four most important insurances?
The four most important insurances are life insurance, health insurance, long-term disability insurance, and auto insurance.
Life insurance is important because it provides financial security to your loved ones in the event of your death. Health insurance is important because it helps you pay for routine and unexpected medical expenses.
Long-term disability insurance is important because it helps you maintain your standard of living if you become disabled and can no longer work. Automobile insurance is important because it helps you pay for damages if you’re involved in an accident.
All of these insurance policies are important, and it’s important to have them in some form. Look around and compare rates to find the best deal on the insurance that fits you.
What are the different lines of insurance?
There are different lines of insurance that protect people in different ways. Property insurance protects your home and possessions in the event of a fire, theft, or other disasters. Casualty insurance protects against damage caused by accidents. Life insurance provides financial protection for people in the event of their death. Health insurance provides financial protection in the event of illness or injury. Disability insurance provides income replacement for people who are unable to work because of an illness or injury.
What are the three main components of an insurance policy?
An insurance policy usually consists of three main components: the premium, the policy limit, and the deductible.
The premium is the amount of money the policyholder pays to the insurance company to be insured for a certain period.
The policy limit is the maximum amount the insurance company will pay for a particular claim or series of claims.
The deductible is the amount of money the policyholder must pay out of pocket before the insurance company will pay benefits.
Conclusion
Insurance is supposed to be there for you when things go wrong, but that doesn’t mean you shouldn’t do your due diligence before signing on the dotted line. Asking your insurer these tough questions will help you get a better picture of what they’re about and whether or not they’re the right fit for you.
