What Are AM Best Ratings and How Do They Help When Buying Travel Insurance?
Traveling has become more unpredictable than ever, and traveler concerns have risen to an all-time high. From illnesses to weather disruptions to airline staffing shortages, a lot can go wrong before or during your trip. However, being protected by a reliable travel insurance company can offset that risk and provide peace of mind leading up to your vacation.
With hundreds of plans to choose between, finding the best travel insurance for your trip can seem like a daunting task. AM Best Ratings are one of the many things to consider when choosing a travel insurance provider to protect your trip expenses. This guide breaks down what an AM Best Rating is and explains how it can help you when buying travel insurance.
Who Is AM Best?
AM Best is a global credit rating agency that specializes in the insurance industry. They rate the financial strength and stability of insurance companies.
AM Best has been rating insurance providers based on their financial health for more than 125 years. They use their own AM Best scale, which grades insurance companies on a range from A++ (Superior) to D (Poor).
Why AM Best Ratings Matter
When it comes to buying travel insurance, AM Best Ratings matter because they give you a clear look at the financial stability of the providers you are comparing. Ultimately, they help you ensure your provider will be financially able to send reimbursement in the event you need to file a travel insurance claim. If the provider you choose is not financially stable, it could mean an unpaid claim, leaving you stuck with significant out of pocket losses.
How to Use AM Best Ratings When Buying Travel Insurance
When you’re comparing travel insurance quotes, you should always check each provider’s AM Best Rating. This is a quick and easy way to ensure that you’re buying from a financially stable and trustworthy company. When doing so, it’s important that you understand the AM Best scale and know what to look for. Only consider buying a plan if the provider and underwrite have a rating of at least an A (Excellent).
Once you’ve confirmed the financial standing of the companies you are considering, you can evaluate the other factors that will help you select a specific plan. This includes the policy’s premium, coverage amounts, and customer review rating. By considering all of these factors, you will be well-equipped to select the right plan for your trip.
Why Squaremouth Trusts AM Best Ratings
Squaremouth’s core goal is helping every customer find the best travel insurance for their trip for the lowest possible price. To achieve this goal, we only offer travel insurance policies from the best travel insurance providers on the market. Every travel insurance provider available through Squaremouth has an AM Best Rating of an A (Excellent) or higher.