When you run into problems with your insurance company, it can be a lengthy process to find a new one. Transferring everything is a hassle and you have to begin with a whole new company, but customers can often run into red flags that indicate the need for a reassessment. Here are some things to take into account if you’re thinking about pulling the plug on your current insurer.
Customer service experience
If you are considering a switch, reflect on the level of customer service you’ve been receiving from the company. Have they been polite and helpful in your experience, or rude and short with you? Have you been able to get in contact with them at all? The quality of a company’s customer service can have a huge impact on customer retention, so you may decide it’s worth it to pay a higher premium and receive the proper help you need, when you need it.
Money, money and more money
If your gut is telling you that you’re paying more than you need to, shop around. In an article for ABC News, writer Lekan Oguntoyinbo explains that shopping around is the first step in switching insurance carriers. It’s important to have a new carrier in the wings before you decide to drop the old one. Find out what the other insurance companies can offer you and weigh your options. Sometimes you can find a better deal with a competitor than your current insurer and sometimes you’ll find that your current insurance company is offering you the best deal on the market.
Changes in your personal life
If you have life events that change your insurance status, it may be time to reevaluate your insurer. While your current insurance company may have a great plan for insuring an individual, a change in your marriage status could result in a less beneficial plan for you and your growing family. The deals you can get will vary based on your lifestyle, company and other factors, so it’s important to look at all of your options when your needs change.
Risks of switching
If you’re leaning towards switching your insurance company, take the risks of switching into consideration. Bankrate.com writer Lekan Oguntoyinbo points out that it’s important to investigate and research your new insurance company before switching. It is possible that your new insurance company will bring its own host of problems. By researching the new insurance company, looking at reviews and talking to some of their customers, you may be able to rule out some of the less qualified contenders. Evaluate the pros and cons of your options before making a final decision.
Before you can really decide if switching insurers is the right decision, you must have all of your options laid out in front of you. Look at the red flags that have popped up, as well as the positive aspects of your insurance company. Compare and contrast the costs and benefits and choose the insurer that’s right for you.