How do I choose my insurer?
Last update : 2023-03-09 08:50:07
Most people know the importance of selecting the right insurance and the features that come with it. But we sometimes forget that, in addition to the type of insurance and the contract itself, it is also important to choose the right insurer. This is because, contrary to belief, not all insurers are the same!
But with all the insurers on the market, how do you determine which one is right for you? Here is some advice.
Choosing an insurer: the importance of shopping around
It cannot be repeated often enough: to make an informed decision, you must shop around! And while it can be a long process, it is well worth it.
Whether it's a small company or a large, nationally-recognized company, there is definitely no shortage of choice. Fortunately for the customer, this strong competition works to their advantage, since the companies involved will compete to offer the best prices and services. However, this does not make it any easier to select an insurer.
Depending on your situation, you may want to consider a 'general' insurer or a more specialized one. Some offer more advantageous conditions to specific client pools (elderly people, members of an association, etc.) It may be worth comparing the two.
Some companies, meanwhile, will offer to bundle all your insurance together with their company. This is especially true for property and casualty insurance (automobile, property, etc.) Once again, you will need to assess your needs and check if this is really a profitable offer by comparing it to the others available.
In any case, it is recommended to compare at least three quotes before choosing your insurer.
Comparing similar coverage
While shopping around for insurance is an excellent initiative, it is important that this comparison be conducted on an equal basis! Although most companies offer similar coverage, there may be variations in terms of inclusions, exclusions and endorsements (additional benefits).
Also be aware that some insurers will give discounts or special offers to new customers for the first few months or years. While this can be enticing, make sure the contract will still be worth it even after this offer expires.
Get an insurance recommendation from a friend or family member
Not sure where to start looking for insurance providers? Why not take advantage of your contacts to find out about the providers they are working with? Their hands-on experience may be a good starting point for your research and could help you to make a decision.
Get a leg up from your loved ones by asking them questions about their insurer:
- Are they satisfied with the service they receive?
- Have they ever had a bad experience with a claim?
- Are their premiums good?
Based on their response, you will be able to get a clearer picture of the insurer and determine if they might be a good fit for you.
Further research for greater certainty
Obviously, even a great recommendation from a friend doesn't mean you have to rely solely on their word. After all, there are insurers available to suit all tastes and needs. Their ideal insurer might not be yours.
So, do your homework to make sure this is a good option for your situation. Do not hesitate to contact the company directly to ask questions or to obtain more information about its services.
Focus on the services offered
Although the amount of the premium to be paid is one important factor to consider, it should not be the only element on which you base your choice of insurer. Services offered and human contact are also two points not to be overlooked.
Indeed, even in insurance, you must feel like you can trust the person you are about to do business with. Follow your instincts and ask yourself the right questions:
- Is the person you are talking to just looking to make a sale?
- Do they take the time to answer your questions?
- Are they available if needed?
A good insurer should not only try to sell you their products at any price. On the contrary, they should take the time to assess your needs and offer you a contract that is truly adapted to your situation.
If you feel that the insurer's priority is just to get you to sign a contract, this is probably a sign that you should look elsewhere.
Insurance brokers: your best partner when looking for an insurer
Unlike an insurance agent, who works for a specific company, an insurance broker works independently. It is this independence that makes them both impartial experts and the ideal partner to find your next insurer.
In fact, a broker has no personal advantage in directing you to one company over another. Rather, their purpose is to act as an intermediary between their clients and the various insurers.
In addition, thanks to their many contacts and in-depth knowledge of the market, they will be able to negotiate the best conditions for your situation.
To learn more about the role of this expert, read our article 'What is the role of an insurance broker?'
Cover image : Freepik.com (yanalya)
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