auto insurance claims statistics
Ranking disability insurers by the satisfaction of claimants?
I am shopping for disability insurance, which is a bit of a shady industry in general. DI and workers comp insurance tend to have high claim denial rates and complaints.
My state does not provide significant information regarding customer complaints on disability insurance. They cover life, health, auto, and homeowners – but not disability.
Is there a state insurance department that has good statistics on how satisfied claimants are with their disability insurers? Since most disability that I am considering insurers sell nationwide, statistics from another state may be a good indicator of how reputable the insurer is.
First of all, I don’t know where you get the idea that the DI industry is “shady.” Reputable insurance companies (and these days that means virtually all of them) have no qualms at all about paying legitimate claims; but your claim will have to conform with the provisions of the policy, and coverage varies greatly. Be cautious to purchase DI coverage only from a true financial planner or an agent who specializes in such coverage. Disability income protection is extremely complex, and most insurance agents are relatively clueless about it.
Choosing the right coverage is the key.
Your state insurance department website will have information regarding complaints filed against companies in your state, but this is pretty irrelevant. The company’s financial ratings and policy provisions are much more critical. Again, you need to engage an independent expert in your selection.
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