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It is hardly surprising that a CFA study reveals that insurance corporations that disburse higher commissions to agents and brokers tend to have higher monthly payments.

Consumer Federation of America also discovered that higher costs of motor vehicles insure do not translate into better service for customers.

"This study proves that consumers should shop very cautiously for insurance," claimed J. Robert. "The good news is there are insurance providers that pay negligible or no commissions, provide low online automobiles insurance costs and give great customer service."

"However, we also found plenty of insurance companies where high commissions translate into high charges, with no gain in service quality," J. Robert said. "Great carinsurance rates as well as good service might be found in case consumers take the time in order to compare insurance companies."

Findings

CFA (Consumer Federation of America) researched commission data from the twenty leading writers of insurance for both private passenger motors assurance on-line as well as homeowners coverage. This sum commission data integrated ordinary commissions and dependent commissions (paid after insurance policies are sold and depend on unique sales or profitability goals).

The research compared total commissions with price, insurer profitability as well as service quality according to complaint data and consumer contentment indices. CFA discovered that:

1. Insurance providers with lower commissions often have lower charges. This is not always the case, so customers should shop cautiously.

2. There`s no evidence that disbursing higher fees to an insurance agent or to a broker derives either improved service or higher customer contentment. Actually, there seems to be no connection between the amount of commission paid and the value of service given.

3. Several insurance providers propose particularly good deals. Other providers have rates that are constantly high.

In less competitive markets, several insurance companies may be enticed to interest market share by proposing higher commissions to agents or brokers together with higher prices and, frequently, higher gains for the insurance provider. Credit insurance is one area in which this sort of `reverse competition` is particularly common.

Instructions for Consumers

We suggest a number of tips for customers when shopping for online autos insur:

1. Shop around! This study revealed that monthly payment charges usually increase with commissions, but this isn`t always correct. Consumers have to be certain to obtain quotes from some of the lowest monthly payment insurance corporations, including the direct writers of insurance that regularly do not pay commissions.

2. Consumers don`t have to pay more to get excellent service. Several of the insurers with the best service records have low prices and also low or no commissions. It is worthwhile to shop among the insurance firms with the lowest costs and the highest customer contentment/lowest grievance ratios.

3. In order to get information on motor vehicle insurence rates, review state cost information guides. The majority of the countries have cost information guides. Normally, consumers are able to download them from the state`s insurance department web-site.

4. In order to receive 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 1 agent or broker for on line vehicles coverage, even if that producer represents several insurance providers. Customers must know that some brokers representing more than 1 insurance firm might put the customer in a higher priced insurance firm which has larger commissions even if the customer qualifies for a lower price. States don`t require agents or brokers to place the applicant with the most excellent insurance plan for him.

6. Ask agents and brokers the right questions:

Do you represent me or do you act for the insurance corporation you are recommending me?

What commission are you gaining compared to the cost of the vehicle insurance program you`re offering me to buy?

Am I receiving the lowest price among all the online auto ins companies that you represent for which I meet the criteria?

What additional motors assurance on-line corporations do I meet the criteria for that you represent? What are the prices I would pay at the other companies and what commission would you receive with each insurer?

Do you have a contingency commission arrangement with the insurance firm you are recommending? Please completely explain it to me.

If I file a claim, do you act for me or the insurance provider in the claim procedure? Is your reimbursement in some way related to claims filed by me or by other clients of yours?

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