Beware the Low-Ball Bid - Tire Review Magazine

Beware the Low-Ball Bid

In the competitive insurancebusiness, any number of carriers will "low ball" a bid, dramaticallyunder-bidding other companies in an attempt to buy your business. However,buyers beware: Inferior service and an inevitable increase in rates oftenaccompany low-ball bids. When you put your tire business insurance out for bid,be sure you consider these four components:

1) Service: How readily willyou be able to access the carrier’s representatives, and how well are theylikely to maintain contact with you? Will you get your questions answeredpromptly and accurately?

2) Claims handling: Willclaims be handled expeditiously, or will they be subject to nit-picking andbureaucratic delays?

3) Communication: What isthe quality of the carrier’s communication material, and how much of thecommunication effort will have to be absorbed by you?

4) Reputation: What otherbusinesses does the insurance company cover? What kind of relationship do theyhave? What do others say about the particular insurance company?

– Source: Tire ReviewBusiness Toolbox

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