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| • | What to Look For in an Insurance Carrier | • | Ways to Save Money When Buying Insurance | |
| • | What to Look For in an Insurance Agent | |||
What to Look For in an Insurance Carrier
Many consumers consider property and casualty insurance to be a commodity. They mistakenly perceive all insurance carriers as being equal, and just search out the lowest price for a minimal amount of coverage. After all, they really don't expect to use the coverage anyway - what are the chances that something will happen...?
Unfortunately, accidents happen and property damage occurs, many times through no fault of your own. And when you need to call on your insurance carrier to absorb the financial impact of the unexpected, you'll want to be reassured that they are able and willing to assist you.
When considering insurance carriers, you will want to do some homework. Make sure the company has a sound financial position, exhibited by conservative investments and adequate capitalization. Consider the longevity of the company and the stability of its management. The easiest way to evaluate an insurance carrier's financial stability is to obtain the rating report of a respected rating service such as the A. M. Best Company, the premier financial rating service provider to the insurance industry.
You should also look for an insurance company that offers products tailored to your needs. Many companies will try to be "all things to all people", when in fact they fail to meet the individual needs of their customers. You want a carrier who will provide comprehensive coverage at a fair price. Just as with other types of products, you often get what you pay for, and you should be aware that the lowest price may not be the best value.
Claims service is extremely important should you ever need to call upon an insurance carrier in the event of a loss. The ability and commitment of a company to provide prompt, professional claims service should be a prerequisite to any insurance purchase.
The bottom line is that you are entrusting your future to your insurance carrier - you want to be sure it is worthy of your trust. At the Donegal Insurance Group, we offer the longevity that is exhibited through the heritage of over 100 years in the insurance business. We are financially strong - our balance sheet contains sound, conservative investments and surplus levels well above the amounts generally accepted as needed to support our premium writings. We have received an A. M. Best Company rating of "A" (Excellent), further demonstrating the strength our financial condition and management policies. We write business in a regional area which allows us to customize our insurance products to individuals and businesses residing in that region. We strive to offer our products at a competitive price, so that we offer outstanding value to our customers. And we offer 24-hour claims service ensuring that we will be accessible to you when you need us.
What to Look For in an Insurance Agent
There are several types of insurance agents. The Donegal Insurance Group offers its products through "independent agents". Unlike "captive" agents which represent only one insurance carrier, independent agents represent several insurance companies. Since different insurance carriers target their products to varying classes of individuals and businesses, an independent agent can often provide several options for your consideration as a potential customer.
We believe there are advantages to you in obtaining insurance through an independent agent. Besides being able to offer products from multiple companies, the agent knows the right questions to ask to make sure you get the coverages you need. Since your agent is a member of your community, he/she is able to develop a long-term relationship with you as you meet face to face and discuss your insurance needs as they may change from year to year. An independent agent is more than a salesman - he/she is an insurance professional, trained to meet all of your insurance needs.
When looking for an agent, you will want to find a location close to your home and hours of operation that are convenient to you. Consider the stability of an agent - how long has the agency been in business? Ask for the agent's credentials to be sure he/she has received adequate training. Expect the agent to be knowledgeable and professional in his/her dealings with you. Use the agent as a source of information about the carriers represented by the agency and ask why one is recommended over another.
The Donegal Insurance Group works exclusively through independent agents and we feel that the agents representing our group of companies will provide a superior level of service to you as a customer. We encourage you to locate an agent through the facility available in our website and contact him/her to find out more about the insurance options available to you.
Ways to Save Money When Buying Insurance
As a service to you as an insurance consumer, we are providing information of a general nature such as discounts available and coverage options which can reduce your overall insurance costs. We highly recommend that you discuss these options with an independent insurance agent to be sure an option is right for your individual situation. If you are considering a change to another insurance carrier, it is best to start approximately 45 days prior to the expiration of your current policy. Take a copy of your current policy with you to the agent's office to ensure an "apples to apples" comparison. Of course, all of the discounts and credits listed are offered by the Donegal Insurance Group.
Homeowners Insurance
- Many insurance carriers offer multiple tiers of homeowners products. Be sure to list updates performed to your property (such as electrical, heating, roofing, plumbing) and take this list along to your agent's office. This information may qualify you for a more preferred (and therefore less expensive) program.
- Installing safety devices such as smoke detectors, fire extinguishers, dead-bolt locks, burglar alarms, etc. will often qualify you for a safety discount. Be sure to mention the existence of these items to your agent when requesting a quote.
- A discount/credit is often available to homeowners whose property is in close proximity to a fire department or hydrant.
- Many carriers offer discounts for homes built recently (within five to ten years).
- Consider an increased deductible to lower your premiums (if you are able to absorb the impact of a higher deductible in the case of a loss).
- Many companies offer renewal discounts to encourage you to continue your policy with them.
- Placing your homeowners and automobile policies with the same insurance company will often qualify you for a multiple policy or account credit discount on either or both policies.
Automobile Insurance
- Be aware of the safety features built into your automobile. Discounts and credits are available for vehicles equipped with passive seat belt restraints, air bags, anti-theft devices and anti-lock braking systems.
- Discounts are often available for those who car pool.
- Completion of driver's education courses may qualify you for a discount.
- If you have multiple cars on the same policy, you will likely qualify for a multiple-car discount.
- Maintaining a clean driving record (free of violations and accidents) may qualify you for a safe driver discount.
- Choosing higher deductible amounts will lower your collision and comprehensive premiums (if you are willing to assume the risk of having to pay a higher deductible should a loss occur).
- Many companies offer renewal discounts to encourage you to continue your policy with them.
- Placing your homeowners and automobile policies with the same insurance company will often qualify you for a multiple policy or account credit discount on either or both policies.