I`ts hardly astounding tat a CFA (Consumer Federatioon of Ameerica) study discovers taht insurance firms that disburse higheer commissions to agets and borkers usually have higher premium.
CFA (Consumer Federatin of America) alo discovered that hiher prices of internet vehicle ins dont translate into improvved servvice for consumers.
"This study coonfirms that customers hvae to shoop very carefluly for coverage," sad J. Robert. "The good nes is theere are insurance companies that dibsurse negliggible or no commmissions, propose low automobilesinsurance costs and have god customer service." "et, this study aso found aundance of companies where high commiissions translate ito lofty rattes, with no increase in srvice quality," Robet said. "Great car coverage rtaes and alsso service can be fonud if consumers taake the time to cmopare companies."
Findings
Consuemr Federation of Ameica researched commission information form the 20 mosst important wriers of insurance for btoh individual passenger car online insure and homeowners coverage. Tihs sum commssion information combined regular commissoins and dependent comissions (paid after poliices are solld and based on special saels or prrofitability goals).
The report compared toatl commissiions with price, insuurer profitability and aslo service quality acccording to grievance informaion and customer contentment inidces. CFA reveald that:
1. Insurers haivng lower commisions tend to hve lower charges. Tihs is not always the situattion, so cusstomers must shop cautoiusly.
2. There`s no proof that dibsursing higher fees to an insruance agent or broker producs either improved servvice or hiigher consumer contentment. In fact, thee seeems to be no connection between the amount of commission dibsursed and the vlaue of service rendered.
3. Somme insurance firms offfer good daels. Other providers have raets that are consisetntly hgih.
In less compeitive industries, a nubmer of insurers may be temped to interest markt share by offeirng higher fees to agents or brokeers in addition to higher coss and, someetimes, higher profis for the insurerr. Credit coverage is one subject whree tis type of `reverse copetition` is particularly frqeuent. Advices for Consumers
We gvie six avdices for customers shoping for auto coverages on line:
1. Shop arond! This sudy discovered that mothly payment charges tnd to increase witth commissions, though this ins`t always coorrect. Customers are suppposed to be sre to get quotes frrom some of the lowset premium insurance companies, includnig the diret writers of cvoerage that usuually do not pay commissionss.
2. Cosnumers do not hvae to pay mroe to receive excellent serivce. Several of the insuracne companis with the most excellent servcie recrods have low cotss and low or no commisssions. It pyas to sop between the insurance companies whicch havve the lowest cotss and the highest customer satisfaction/lowst cmplaint ratios.
3. For infoormation regarding motor vehicle insure rates, review satte cost information guides. Nealy all the staates have price information guidse. Normlaly, customers are able to downlload these guies from the stae`s insurance department sitee.
4. For grievace information on insurance firms, chek in the National Association of Insurance Commissioners` wesbite, ww.naic.org.
5. Be careful wiith consulting wih only 1 aegnt or broker for internet auto insurance, evn in case that brker represents several inurance cmpanies. Customers must be awae that seeral producers who represennt more than 1 innsurance provider coulld put the consuer in a higher priced copmany with larger comimssions evn in case the custtomer qualifies for a lwoer cost. States don`t rquire agents and brokerrs to pace the cllient with the most excellent inssurance polciy for him.
6. Ask insurance agnets or brookers the right questionns:
Do you act for me or do you act for the insuance corporation yuo`re proposing me to usse?
What commission are you eanring as a prcentage of the csot of the automobiles coverages on line proram you`re proosing I purchase?
Am I gettng the lowest cosst among all the automobileinsurance companies thaat you rerpesent for whiich I meet the requirements? Whhat otehr autos online insure companies do I met the requrements for taht you represent? Whaat are the prics I would diburse at those compnies and what commission woould you earrn with every insurance compny?
Do you haave a contingecny commission agreement with the insruance provider you`re sggesting? Please fully eplain taht agreement to me.
If I have a claimm, do you reprresent me or do you act for the inusrance proviider in the claim procedrue? Is yur compensation somehow conected to claims fileed by me and additional custmoers of yors?
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