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Complaint Ratio List
The state department of insurance compiles what is called a "complaint
ratio
list." They compile information on all the insurance companies doing
business in
the state and rank them by their complaint ratio. This is how it works.
Each company
supplies the state department of insurance with the total number of policies
they
have in force. The department lists the company's name, total policies
in force, the
number of complaints lodged against the company and what the ratio of
complaints
is per 1,000 policies in force.
You must realize that not all complaints have merit, but it gives you
a good
indication of how responsive a company is to its policy holders, whether
in policy
service or claims adjusting. The companies you want to avoid are those
with a ratio
above .80 complaints per 1,000 policies in force. Look for companies with
ratios
under .45 complaints per 1,000 policies in force. Remember, a lower ratio
means
fewer complaints were filed.
If a company you are interested in does not appear on the list, there
are good
reasons for it. One possible reason may be the state department of insurance
omitted them in error, this sometimes happens. Another reason a company
may not
appear on the list is due to a high number of complaints lodged against
them and
they don't want the insurance buying public to know. If the insurance
company fails
to supply the department of insurance with the number of policies they
have in
force, it is impossible for the department to compile a complaint ratio
list. Another
reason a company may not appear on the list is because the company is
a new
entry in the state and has no track record to report. A call to the state
department of
insurance will answer these questions.
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