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Mobile phone with magnifying glass on screenThe best way to reduce what you pay for insurance premiums is to shop around, but sometimes high-pressure sales tactics and the fear of not being protected lead you to make costly insurance decisions.

Selecting an Insurance Company

When you need to select an insurance company, be sure to check out the credibility and reliability of several companies before making a choice. It’s perfectly acceptable to seek out multiple rate quotes when you are looking for insurance companies.

  1. Use the National Association of Insurance Commissioners’ website to check if the company is licensed in your state. Check for complaints and whether the claims are serviced promptly. 
  2. Check the insurance carrier’s ratings by independent rating services such as Standard & Poor’s, Moody’s and A.M. Best. Wide fluctuations or consistently low ratings should be a red flag.
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