There are other factors to consider. Before you take the cheapest route, check out each company's financial ratings.
Insurance ratings are basically letter grades assigned to insurers based on the financial strength of those companies. The ratings are important, because they can reassure you that you'll get paid if you ever file a claim.
There are several large insurance rating services in America. Their ratings are just like grades in school, with A being the best, then B, and so on. Look for those 'A' ratings. Cobbs, Allen & Hall considers A.M. Best ratings below A- (Excellent) as out of compliance with our Underwriting Standards.
A company's financial rating may change depending on several factors. It is wise to stay informed of your insurance carriers' rating.
The following are links to various financial rating agencies. The information is available for free after a simple online registration.
