Is there a chart somewhere on the net that compares the timing of auto insurance companies settling on claims?
I am trying to find out if Farmers auto insurance settles quicker than Nationwide insurance and vice versa. I have Farmers auto and home insurance now and considering a move to Nationwide.
Hard question to answer. There are simply too many “what-ifs” in each claim. Just because a company took along time to close a claim doesn’t necessarily mean it was the company stalling or holding out payment. Each state has fair claim laws that dictate what is a reasonable amount of time to communicate a decision on a claim.
It seems that speed of settlement is important to you so I won’t try to change your mind. I, as an agent however, have seen too many people fall for a company because of just one thing. It could be strictly a lower price, some “discount” or simply savy marketing.
My recommendation is to find a company that can deliver more of a total package for you. I would start with the agent. Many time just having a thorough, competent and professional agent can speed up the claims process, among other things. This agent should be one that is close to you or your work if at all possible (it just makes your life easier). You can get quotes from a few agents and then compare how the rates apply to your situation.
Again if speed of claims is important to you then by all means continue your search for the fastest. But you should consider that if you are a good risk, how many claims are you turning in and how frequent? If you turn in a lot of claims (1 or more per year for a few years in a row) you will end up paying so much in premium it won’t matter how “fast” any company is at paying you.