What a hugely challenging year 2021 has been for everyone…
Let’s work out a little scenario, say you recently purchased a really cheap insurance bundle online. You simply signed up, clicked a few buttons and bam, your shiny new insurance policy is on it’s way to you in the post. Hooray!
Let’s back track a few steps, we love the ease of buying insurance online (you can request a quote from us online here) however, to make sure you are getting a good deal, it’s imperative that you find out the insurers financial strength rating, and the strength of the product you have purchased.
What’s a financial strength rating? I hear you ask…
Simply put, it’s how likely the insurance company will pay you out, should you require it.
All Insurers need to have a financial rating and it’s their responsibility to make sure it’s displayed to you before you start a policy. We didn’t say they would shout it from the rooftops though (especially if it’s a poor rating).
In New Zealand, ratings are provided by either:
• Standard and Poors who rate companies from A++ (highest rating), or
• AM Best Company who rate companies from AAA (highest rating) or
• Fitch who rate companies from AAA (highest rating)
To see how your insurance company stacks up, jump on their website, they will have to have their financial strength rating displayed somewhere.
Interesting note, if you were thinking that ‘B’ was an ok rating, it isn’t.
And what about the strength of the product?
Get in touch, we use 3 different independent rating companies to show the best products with the best companies and also the worst ….. but we won’t be recommending those products or companies to you!
At Ogilvie Financial Solutions Ltd, the insurance companies we deal with are all top-notch. Find out more by requesting a quick quote online or give us a call on 027 447 7275.