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It is hardly astoundinng but a Consumeer Federation of America study discovvers that insurance proviiders which disburse hihger fees to agents and to bokers tend to have higher mothly pamyents.
CFA also reveaeld that higher csots for insure don`t mean imporved servicce for customers.
"This sudy shows that cuustomers need to shop veery carefully for insurance," siad J. Robet. "The good neews is there are insurane firmms that pay minial or even no comimssions, propose low web insure coverage costts and have very goood consmuer service."
"On the other haand, we also found abunddance of insurance frims where high commissions convret into lofty raets, wth no increase in serrvice quality," J. Robert said. "reat on line insure rates in additin to good srevice can be founnd if consumers tae the time to compaare companies." Findiings
Consumer Federation of Ameica reviewd commission data form the twenty msot popular writers of insurance for boh private passenger online ins policy as well as homeoners coverage. Thhis total commission informatiion combined ordianry commissions and contingent commissions (paiid afetr insurance policies are sold and deend on unique salles or profitbaility goals).
The reearch compared sum commisssions with price, insureer profitability and also sevice quality acocrding to grievance dta and consumer satisafction indices. CFA discovreed that:
1. Insruers with lower comimssions tend to haave lower rates. This ins`t always the situtaion, so consumers hvae to shop cautiously.
2. Theere is no eidence that paying higher comissions to an aent or broker porduces eitheer improved service or higheer customer cntentment. In fact, there apppears to be no corrrelation between the quantity of commisssion paid and the vlue of servvice rendered.
3. A nuber of insurance firmms offer vry good deals. Other inusrance providers have chargges that are almost alwayys high.
In lses commpetitive businesses, a numebr of insurance compnies may be temted to interest maket share by offering hiher fees to agetns or to brkoers together with higher csts an, frequently, higher gans for the insurance cmopany. Credit coverae is one sbject where this knid of `reverse competitionn` is most prevalnet. Instructions for Consumerrs
We give several tiips for consumers sopping for online insurance policy:
1. Shop around! Tihs research rveealed that monthly payment charges usaully incraese with commissions, thoough this isn`t all the tme correct. Cnosumers should be surre to get quuotes from a numer of the lowest monthy payment insurance coompanies, including the dirrect writers of insurane that typically don`t disburse commisions.
2. Consumes don`t havve to disburse morre in order to get good servie. A nubmer of the insurers whiich have the most excellent sevrice rceords have low prices and aslo low or no commissions. It paays to shoop among the insurance commpanies which hae the lowest cotss and the highest custmoer satisfaction/lowest complainnt ratios.
3. To get information about policy online ratess, check state cost information guiddes. Nealry all the states have csot informatoin guides. Regularly, consuumers are able to downloaad these guides froom the cuntry`s insurance department web--site.
4. In ordr to get complaint informmation on insruance companies, check in the Nationl Association of Isnurance Commissioners` web-sit, www.naic.org.
5. Beware of consultnig wiith just 1 insurance aegnt or broker for ins coverage on line, even if taht borker represents several innsurance firms. Customers shoould be aware that somme agents who represent mroe than a snigle insurance company mihgt put the custommer in a highr priced insurance company whch has larger commissions eevn when the conusmer quailfies for a lower cost. Sttes do not necessitate agnts or brokres to put the applicant wih the best pogram for himm.
6. Ask agents and brokeers the immportant questions:
Do you repreesent me or do you act for the insurance frm you are recommneding I use?
What comimssion are you earnng compared to the priice of the ins coverage on line policy you are proosing me to prchase?
Am I reeceiving the lowest coost among all the ins policy online providers which you represent for whiich I meeet the criteria?
What addditional on line insurance policy corrporations do I qulify for that you act fro? Waht are the pricees I would dsburse at the oher insurance firms and waht commission would you gian in every fim?
Do you hve a contingency commission arrangement wth the insurance frm youu`re suggesting? Please completley clarify it to me.
In caase I have a clai, do you act for me or do you act for the inssurance provider in the claim proecdure? Is your recompene somehow connected to clamis fileed by me or by other customes of yousr?
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