Be a Savvy Consumer, Learn How To Shop for Insurance, Says I.I.I. -- I.I.I. Offers New On-line Tool to Find Insurance Companies in Your State

Contact: Press Offices
New York: 212-346-5500; media@iii.org

May 4, 2004 - Knowing how to select an insurance company is one of the best ways for consumers to maximize their insurance dollars, according to the Insurance Information Institute (I.I.I.)

"Insurance is a highly competitive business and there are thousands of insurers offering policies," says Jeanne M. Salvatore, vice president for consumer affairs at the I.I.I. "The goal is to find a financially solid company that is going to offer you a fair price and outstanding service."

A good way to begin looking for an insurance company is to talk to friends, relatives and business associates. Ask people you respect what insurance company they use and if they were pleased with how their insurer handled any claims. Since insurance is state regulated, it is important to get a company that is licensed by the state in which you live, points out Salvatore.

To help consumers locate an insurer in their state, the I.I.I. offers an easy-to-use tool on its Web site, www.iii.org, The "Find an Insurance Company" web tool allows consumers to identify the type of insurance they are looking for and companies which offer the coverage in their state. A random list of insurance companies will be displayed with links directly to the individual company Web sites. After you have selected a few insurance companies, the I.I.I. suggests that you narrow your selection by checking the following:

1. Price
   Insurance policies vary greatly in price, so smart consumers can save money by taking the time to compare costs.
2. Insurer stability
   Make sure that the company you buy from is financially stable so you know they will be around to pay any claims. The following organizations rate insurance company financial strength:
   
   • A.M. Best Company, Inc.
     Ambest Rd.
     Oldwick, NJ 08858
     908-439-2200
     www.ambest.com
   • Fitch Ibca Inc.
     1 State Street
     New York, NY 10004
     212-687-1507
     www.fitchibca.com
   • Moody's Investor Services
     99 Church Street
     New York, NY 10007
     212-553-0300
     www.moodys.com
   • Standard & Poor's Insurance Ratings Services
     55 Water Street
     New York, NY 10004
     212-438-2000
     www.standardandpoors.com
   • Weiss Research
     4176 Burns Road
     Palm Beach Gardens, FL 33410
     800-289-9222
     www.weissratings.com

3. Service
   Your insurance company and its representatives should answer your questions and handle your claims fairly, efficiently and quickly. You can get a feel for this by checking with your state insurance department to see if it makes public a complaint ratio, which compares the number of valid complaints with the company's share of policies in your state. There are also a number of consumer guides available that provide information on customer satisfaction.
4. Comfort.
   You should feel comfortable with both the insurance company that you select and the insurance agent or company representative that you will be working with. Your insurance professional should take the time to understand your insurance needs and answer all of your questions to your satisfaction.

The Insurance Information Institute is a non-profit, communications organization supported by the property/casualty insurance business.