Find Out How Insurers Handle Claims
When choosing an insurance company, check its complaint record to see if other consumers are unhappy with its claims process.
If you're in the market for auto, home or health insurance or are thinking about switching insurers to get a better deal, don't focus solely on premiums.
DOWNLOAD: The Kip Tips iPad App
"Trying to save a few dollars in premiums can backfire if your insurer give you a hassle at claim time," writes Kim Lankford in the May issue of Kiplinger's Personal Finance magazine. She recommends that you check out a company's complaint record through the National Association of Insurance Commissioners' Consumer Information Source (www.naic.org/cis). The NAIC gathers complaint data from state insurance departments for health, homeowners, auto and life insurance.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Here's what Kim suggests you look for in a complaint record:
Focus on the complaint ratio, which shows the ratio of the company's U.S. market share of complaints to the company's U.S. market share of premiums for the type of policy you're considering.
Compare that figure with the national median complaint ratio of 1.00. It's a good sign if it's 1.00 or less.
If you've had trouble getting your insurance company to pay a claim, see Kim's tactics to help you claim your cash.
Get 100 of our top money-saving tips by downloading the new iPad app or purchasing the PDF version.
-
Stocks Chop as the Unemployment Rate Jumps: Stock Market TodayNovember job growth was stronger than expected, but sharp losses in October and a rising unemployment rate are worrying market participants.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
7 Ways to Plan Now to Save on Medicare IRMAA Surcharges LaterUnderstand the critical two-year lookback period and why aggressive planning before you enroll in Medicare is the most effective way to minimize IRMAA.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipFeature Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before adding these 21 items to your cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
