Allstate Claim Rateguard Review

Another week, another new product from Allstate, an insurer that always seems to be “innovating” in one way or another.

And by innovating, we mean getting more of your money in exchange for more protection from higher insurance costs in the future. Wait, does that even make sense?

Let’s break down this new homeowners product option to see if it’s all it’s cracked up to be, or just another marketing gimmick cooked up by the ever-inventive insurance industry.

How does Claim Rateguard® work?

They’ve run a few national spots on TV to advertise in order to somewhat explain “Claim Rateguard®,” which by the way is in fact a registered trademark by Allstate.

In one commercial, they show a burglar jumping through the front window of a home after a barking dog scares the would-be thief out without much more than a duffel bag.

Obviously, Dennis Haysbert is standing out in front of the house narrating while this all goes down, giving the dog praise for being a good watchdog.

However, he also mentions that each year 95% of homeowners won’t file a claim. If you do, your rate won’t go up because of it, so long as you have Claim Rateguard® from Allstate.

So to get this straight, you probably won’t file a claim. And by probably, we mean the chance of filing a claim is about 5% at best, each year, according to his statement. Should you file a claim, your homeowners policy won’t go up like it normally would.

In the meantime, you can pay for this optional coverage (listed in Allstate’s enhanced package features) each year to avoid paying more in the event of a claim.

For the record, it only applies to one claim every five years, so if you file two claims, the protection is gone, at least until the clock is reset.

The upside here is that you won’t be “scared” to file a claim, and you can actually use your homeowners policy.

Does Claim Rateguard® make financial sense?

That all depends on the numbers, but it’s certainly another case of insuring your insurance. That is, paying an insurance premium AND an additional cost to keep that premium from rising in the future.

It’s similar to accident forgiveness, which isn’t really free either.

First, you need to know how much this optional coverage costs. Is it an extra 5% or 10% a year?

Then determine how much a claim will actually increase your premium. Unfortunately, it’s hard to know how much it will go up, as it depends on your claims history and the type of claim filed. And also the state in which you reside.

If the claim would normally increase your annual premium by 15-20%, it could make sense to buy this added protection. However, if your premium will only rise 2-3% after a claim, or not at all, there’s no sense in paying extra upfront or ever.

And remember, 95% of homeowners won’t file a claim this year, or next year, or the year after. So even if there are potential savings, the chances are pretty slim that you’ll “win” here.

You might even be inclined to file a frivolous claim simply because you can without penalty, though you’ll need to consider the cost of your deductible first.

Additionally, you may feel invested with Allstate, and avoid shopping around, which could cost you even more in lost potential insurance savings.  For example, if another carrier is significantly cheaper, you might be able to file a claim and still pay a lower premium after the fact.

So starting with a higher premium at Allstate with assurances it won’t move any higher may be a losing endeavor.

That being said, tread cautiously with this one before paying an arm and a leg to avoid the repercussions of something that may never actually happen, just as Dennis Haysbert points out.

Scrutinizing the Claim Process of Allstate’s Claim Rateguard

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

When it comes to filing a claim with Allstate, policyholders have multiple convenient options at their disposal. Allstate offers an online claims submission process, which allows customers to initiate their claims from the comfort of their homes or offices. Additionally, claims can also be filed over the phone, providing a straightforward and accessible way for customers to report incidents.

For those who prefer mobile solutions, Allstate’s mobile apps offer a user-friendly platform for filing claims on the go. The variety of channels available ensures that policyholders can choose the method that suits them best, making the claims process accessible and hassle-free.

Average Claim Processing Time

Allstate takes pride in its efficient claims processing system. While the exact processing time may vary depending on the complexity of the claim, the company strives to handle claims promptly. Typically, straightforward claims are processed relatively quickly, allowing customers to receive the necessary assistance and compensation without unnecessary delays.

However, for more complex cases, the processing time may be longer to ensure a thorough investigation and resolution.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable indicator of an insurance company’s performance in claim resolutions and payouts. Allstate has received feedback from numerous policyholders regarding their claims experiences. While individual experiences may vary, Allstate generally receives positive reviews for its fairness and professionalism in handling claims.

Customers often appreciate the company’s commitment to resolving claims efficiently and providing timely payouts when necessary. This positive feedback is a testament to Allstate’s dedication to customer satisfaction in the claims process.

Allstate Claim Rateguard Review – Digital Advancements and Technological Features Assessment

Mobile App Features and Functionality

Allstate offers a robust mobile app that provides policyholders with a range of features and functionalities. The app allows users to access their insurance policies, view and manage their coverage, make payments, and even file claims directly from their smartphones or tablets.

It also offers features like digital ID cards, roadside assistance requests, and access to valuable resources and information related to insurance. Allstate’s mobile app enhances the overall customer experience by putting insurance management at customers’ fingertips.

Online Account Management Capabilities

Allstate’s online account management capabilities are designed to empower customers with easy access to their insurance accounts. Policyholders can log in to their accounts through the company’s website and manage various aspects of their policies, such as updating personal information, making payments, reviewing policy documents, and tracking the status of claims.

This online portal provides a convenient and efficient way for customers to stay informed and in control of their insurance coverage.

Digital Tools and Resources

In addition to its mobile app and online account management, Allstate offers a range of digital tools and resources to assist customers in understanding their insurance needs and making informed decisions.

These resources may include online calculators for estimating coverage requirements, informative articles and guides, and interactive tools for exploring different insurance options. Allstate’s commitment to digital innovation ensures that customers have access to valuable information and tools to help them navigate the complexities of insurance.