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Eight steps to getting the right insurance policy at the right price

Comparing insurance policies is tough. However, by following these eight steps, you can simplify the process and find the right insurance policy for you.

5. Evaluate the insurance company’s financials

Lucas Jackson/Reuters/File
An insurance adjustor speaks with a resident while inspecting a boat that became lodged on shore by the storm surge of hurricane Sandy in Staten Island, N.Y., in November 2012. Before choosing an insurance company, you want to make sure that it can your claims.

While it is important to make sure you can afford an insurance plan, it is equally important to make sure an insurance company will be able to pay you if need be. Check potential insurance companies' credit ratings and whether any recently had to pay out large sums of money. You can find the ratings online at websites like insure.com. To learn about recent payouts that an insurance company has made, a quick Google search should be able to pull up any recent news of a potential provider. Or you can call and ask customer service.

In addition to financial stability, look into the insurance company’s customer service ratings. You can do this by reading consumer ratings, inquiring through an independent insurance broker, and talking with family and friends. Start by looking at evaluations from sites like J.D. Power and Associates and comparison articles from leading business publications, like Forbes.com.

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Mark Sappenfield
Editor

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