Do you go with your auto insurance because it's reputable?

Nope. I go to a couple of car insurance comparison sites and simply buy the cheapest one available. I'm not sure any insurance companies are very reliable for making payments because they make money by making as few payments as possible so they'll always try to deny your claim on some technicality. I've accepted this idea as a fact and bought a dash cam which will help me prove my point if I do get in a situation where I have to make a claim.

 

I prefer to go through a local independent insurance agent. These are locally owned agencies who work with several different insurance companies, so if I am unhappy with my rate or claim service with one company, I can ask my agent to quote me with some of the other companies to look for a better deal. This appeals to me more because the local agent will still get a commission whether I go through company A or company B, so they will work hard either way to get me a good rate with one of the companies. It also makes it more personable when an issue comes up. You have someone on your side to help you deal with the insurance companies themselves.

 

I have not thought about reputation of the auto insurance company before just the price I have to pay. I guess the reputation is important, I would not be in a position where I need to make a claim and the company is not paying the claim and giving me the protection I am paying for.

 

I agree with you. In matters like motor insurance total cost of the policy comes first and reputation of the company takes a back seat. Many people take vehicle insurance as this is mandatory by law. I also changed my car insurance a number of times when I am offered a better deal from another company. Nowadays insurance companies are highly customer oriented because of the stiff competition in the field. If you got good bargaining power they are ready to give you good rebates. But if you approach them with a costly claim they may show their true colors.

 

As far as I am concerned, most motorists in my region don't necessarily go for reputable insurance companies but concentrate on the cost factor. They don't envisage the possibility of contingencies but are more concerned with avoiding the stiff legal penalties imposed on defaulters who don't have car insurance.

 

We have government approved insurance companies which all are highly reputed and not as costly as in western countries. We have option to select in between comprehensive and third party insurance cover with no claim bonus. While comprehensive cover provides full protection against theft, accident and damages due to other reasons it is better to take it but a third party insurance is must legally.

 

I use an insurance broker who finds the cheapest quote for me but I must be honest I have no idea whether the company is reputable or not. I assume that if my broker is recommending them they must be ok. So far this has worked for me as I have never had any trouble with car insurance and it has always been reasonably priced.

 

Our first car insurance was a dud. It’s fortunate that we didn’t figure in an accident. When we were renewing the car’s registration, we found out that the insurance company is already closed so we need to get another insurance. That was the time when we bought our first car and the insurance was just a few months in duration. From that time on, we are now buying car insurance from a reputable insurance company. At least we are assured that our money will not go to waste.

 

I must say that none of our insurance companies have closed in private or government sectors or even any of them was in red, they changed hands. Like, my previous health insurance provider company L&T was taken over by HDFC last year but they kept us informed about everything in detail. The premium is still the same and the only thing they changed is the card and policy number which we got promptly.