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It is barely surprising that a Consumer Federation of America (CFA) study finds that insurance providers which disburse higher commissions to agents and brokers usually have higher monthly payments.
CFA (Consumer Federation of America) also discovered that higher costs of autoinsurance don`t mean improved service for customers.
"This study confirms that customers have to shop very cautiously for coverage," claimed J. Robert. "The good news is that there are insurance firms that disburse minimal or even no commissions, offer low auto coverage online prices and give good customer service."
"However, this research also found abundance of insurance corporations in which high commissions convert into high charges, with no gain in service quality," Robert said. "Good online autos insur rates as well as service might be found in case customers take the time in order to compare companies."
Findings
CFA (Consumer Federation of America) reviewed commission data from the twenty most popular writers of insurance for both private passenger online auto ins as well as homeowners coverage. This sum commission information integrated regular commissions and dependent commissions (paid after policies are sold and based on special sales or on profitability goals).
The study compared total commissions with price, insurer profitability and service quality according to grievance data and consumer contentment indices. CFA (Consumer Federation of America) discovered that:
1. Insurance companies with lower commissions tend to have lower rates. This is not always the situation, so customers must shop carefully.
2. There is no evidence that disbursing higher fees to an agent or to a broker derives either improved service or higher customer contentment. Actually, there appears to be no correlation between the quantity of commission disbursed and the quality of service provided.
3. Some insurance providers offer high-quality deals. Other insurers have charges that are constantly high.
In less competitive industries, several insurance companies might be tempted to attract market share by offering higher fees to agents or brokers together with higher costs and, sometimes, higher profits for the insurer. Credit insurance is one subject in which this sort of `reverse competition` is particularly common.
Instructions for Consumers
We give 6 advices for customers when shopping for motor vehicles insure:
1. Shop around! This research discovered that premium charges often rise with commissions, though this isn`t all the time true. Customers have to be certain to receive quotes from several of the lowest premium insurance companies, including the direct writers of coverage that typically do not pay commissions.
2. Consumers don`t need to pay more to obtain excellent service. A number of the firms with the best service records have low costs and low or no commissions. It is worthwhile to shop among the companies which have the lowest prices and the highest customer satisfaction/lowest complaint ratios.
3. To get information about auto coverage online rates, review country price information guides. Most of the states have price information guides. Typically, consumers are able to download them from the country`s insurance department web site.
4. For complaint information on insurance providers, check in the National Association of Insurance Commissioners` Internet site, www.naic.org.
5. Be cautious with going to just a single agent or broker for autos insurance, even in case that agent represents a number of insurance providers. Customers should be aware that some agents representing more than one insurance provider might place the consumer in a higher priced insurance firm which has larger commissions even if the consumer meets the criteria for a lower price. States do not oblige agents or brokers to place the consumer with the most excellent plan for him.
6. Ask agents and brokers the right questions:
Do you act for me or do you act for the insurance corporation you`re proposing me?
What commission are you earning as a percentage of the price of the motors insurence online program you`re suggesting I buy?
Am I getting the lowest cost among all the online autos insur companies which you represent for which I meet the requirements?
What additional vehicle assurance on-line companies do I meet the requirements for that you act for? What are the costs I would pay at the other insurers and what fee would you earn with each insurance company?
Do you have a contingency commission arrangement with the insurance firm you are suggesting? Please completely clarify it to me.
In case I have a claim, do you act for me or do you act for the insurance firm in the claim process? Is your compensation in any way connected to claims filed by me or other customers of yours?
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