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It is hardly astonishing that a Consumer Federation of America study reveals that insurance firms which disburse higher commissions to agents and brokers tend to have higher monthly payments.
CFA (Consumer Federation of America) also revealed that higher costs for vehicles coverage do not necessarily mean better service for customers.
"This research confirms that customers must shop very cautiously for insurance," said J. Robert. "The good news is there are insurance providers that pay minimal or even no commissions, offer low online cars assurance prices and have great customer service."
"On the other hand, we also found abundance of insurance firms in which high commissions translate into high rates, with no gain in service quality," J. Robert said. "Good auto coverage online rates and good service may be found in case consumers take the time in order to compare insurance providers."
Findings
CFA researched commission data from the 20 leading writers of coverage for both private passenger vehicle insurance and homeowners coverage. This sum commission information combined ordinary commissions and contingent commissions (paid after insurance policies are sold and based on special sales or on profitability goals).
The report compared sum commissions with price, insurer profitability and service quality according to complaint data and consumer contentment indices. CFA (Consumer Federation of America) revealed that:
1. Insurance companies having lower commissions often have lower charges. This is not always the situation, so consumers should shop cautiously.
2. There`s no proof that disbursing higher fees to an insurance agent or broker derives either better service or higher customer contentment. Actually, there seems to be no correlation between the amount of commission paid and the value of service rendered.
3. Several insurance providers offer particularly very good deals. Other companies have charges that are constantly high.
In less competitive businesses, several insurance providers may be tempted to attract market share by proposing higher fees to agents or to brokers with higher prices and, sometimes, higher profits for the insurer. Credit insurance is one area in which this type of `reverse competition` is most common.
Tips for Consumers
We give a number of tips for consumers when shopping for instant online insure:
1. Shop around! This study discovered that monthly payment charges tend to ascend with commissions, although this isn`t always true. Consumers must be sure to obtain quotes from a number of the lowest premium insurance corporations, including the direct writers of coverage that normally do not disburse commissions.
2. Consumers do not need to pay more to obtain excellent service. Some of the companies with the best service records have low costs and also low or no commissions. It pays to shop between the insurance companies with the lowest prices and the highest consumer contentment/lowest complaint ratios.
3. To receive information regarding motor vehicles insure rates, check state cost information guides. Nearly all the states have cost information guides. Usually, customers may download them from the country`s insurance department Internet site.
4. For complaint information on insurance providers, check with the National Association of Insurance Commissioners` site, www.naic.org.
5. Be careful with going to only 1 agent or broker for auto coverage online, even if that agent represents a number of insurance firms. Customers have to know that some agents representing more than a single company might put the customer in a higher priced company with larger commissions even if the customer meets the criteria for a lower cost. States don`t require agents or brokers to place the applicant with the best insurance plan for him.
6. Ask insurance agents and brokers the important questions:
Do you act for me or do you represent the insurance company you`re offering me?
What commission are you gaining as a percentage of the cost of the motor vehicle insurence program you`re proposing I buy?
Am I receiving the lowest cost among all the motor vehicles insure corporations that you represent for which I qualify?
What other autos assurance firms do I meet the requirements for that you act for? What are the prices I would pay at those insurance companies and what fee would you get in each insurer?
Do you own a contingency commission agreement with the insurance firm you are recommending? Please fully explain it to me.
In case I file a claim, do you represent me or the insurance company in the claim procedure? Is your compensation somehow related to claims filed by me and other customers of yours?
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