3 Insurance Companies You Must Avoid Like a Plague
3 Insurance Companies Since we started this blog in July 2017, we have the privilege of working directly and indirectly with some insurance companies, agencies, and some independent insurance agents. A good number of them are Hagerty Insurance, Mastermind Insurance Copywriting, etc.
Our team has also invested so much to find out how some of these insurance companies work, how they make money, and what to expect if you want to discontinue their service.
Some of the best insurance companies in the UK and the US surveyed performed above average, while others failed in so many areas that we still wonder why the National Association of Insurance Commissioners, an insurance regulator in the Us, has not yet done so.
A good number of these insurance companies can do anything to ensure that you do not receive your insurance claim or at the time of maturity.
Over the course of the days, corrupt insurance companies use various fraudulent strategies to rip off policyholders.
If we allow this without our readers knowing what is happening in the industry, they will surely hate us for it. This is because in recent months we have been able to build credibility for ourselves as an unbiased top insurance blog.
That is why today we will introduce you to 3 insurance companies that you absolutely must avoid, like a plague. They have something to do with them and do not recommend them any further. If you do, your friend will hate you if they realize that you’ve read this post from a top-notch insurance blog like this and still recommend it.
1. Insurance companies with many negative valuations
When we talked about how to choose a life insurance plan and how to choose an affordable deal for car or car insurance, there was a lot of emphasis on negative reviews.
If an insurance company has a lot of negative reviews, it’s an indication that they don’t know anything about the insurance industry. They probably still live in the forest. It is therefore in your best interest to avoid such an insurance agency until it has rectified its shortcomings.
But how do you know if an insurance company has negative reviews? Visit social media, review publications, and ask a trusted family or friend whose decision is unbiased in this area.
2. Insurance companies with zero track record
Excellence is the hallmark of the insurance industry. In fact, it is the secret behind most successful insurance companies. Any insurance company that is unwilling to play under this rule has already ruled out attracting a large number of customers to its offer.
Before purchasing your insurance, check the proof of performance to ensure that you have experience and maintain a culture of consistent value creation.
It can be very difficult to find the best company where you can buy an insurance policy by reviewing the track record in terms of experience, history, valuations, financial stability, current account, claims settlement ratio, etc.
Don’t let your marketing and advertising gagsell sell you. Check out their records to make sure they have the best insurance plan to meet your needs.
3. Insurance companies that do not respond when you file your insurance claim
How quickly do they settle insurance claims?
Before you choose an insurance company, you must ensure that you have reviewed its claims settlement rate. This is the number of claims settled by the insurance company compared to the total number of claims filed by policyholders. Learn more about different types of insurance fraud that you’ll otherwise accuse.
Avoid any insurance company with a small percentage of claims settlement. Such an insurance company must be avoided like a plague. The reason for this is that the risk of rejecting your own claims in the future is also high.
To mitigate this threat, we’ve put together an article where you’ll learn step-by-step how to report and come to terms with insurance fraud.