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Key Insurance was formed in 2007 to be an admitted carrier for auto insurance in Kansas. “Admitted carrier” means that the company is in compliance with state insurance laws and has been approved by the state’s insurance department. This is significant only in that non-admitted carriers sometimes charge additional fees and may not comply with state regulations.
Additionally, the state will pick up the slack for the policyholders of an admitted company if that company fails financially. For example, if a disaster wipes out a huge portion of policies and the insurer cannot pay claims, the state would pay for that loss; customers of non-admitted carriers do not receive that same benefit.
The majority of insurance companies you’ll encounter when buying coverage will be admitted carriers, therefore making this distinction one that should not weigh too heavily in your decision about a company.
What makes Key Insurance important to the James Inc business strategy is that it’s the first full insurance carrier in the company’s arsenal. Previously, James Inc sold policies through fronting carriers: It wrote policies and sold them through other companies. Key Insurance is a complete company with its own marketing and claims, marking James Inc’s more active participation in the insurance industry.
Right now, policies can be sold in the company’s home state of Kansas as well as Nevada, Oklahoma, Arizona and Alabama. The company plans to expand into additional states as it grows.
Key Insurance sells auto insurance policies. Other types of insurance, such as home or commercial coverage, are currently not offered by the company.
Key Insurance has published very little information about its products. Visiting their website or calling their customer service number is not an easier way to learn more.
The Key Insurance company website is very much oriented toward the agent who would be selling a policy rather than the end customer. This means that, in addition to there being no product information on the site, there is also very little info about obtaining a policy.
An online quote request form is non-existent, and the customer service line also does not lead easily to getting a quote. Customers are more likely to find the company through their existing agent than to seek out coverage with Key. Since the company is still quite new, it’s possible that it may expand its marketing in the future.
The Key Insurance claims number is different from its customer service line. The customer service number is available from 8am to 7pm Central time, but the claims line is available through an answering service 24/7. You will need to wait for business hours to hear back from an adjuster.
To file a claim, call 866-867-3636 or speak with your agent.
Key Insurance has been in operation since 2007, making it an extreme newcomer on the scene. Since it takes time for insurance companies to gain traction and build up a reputation, finding any customer opinions about Key Insurance poses a challenge.
The company does have a Better Business Bureau listing, although there are only eight complaints, three of which have been closed in the last 12 months. The company is not accredited with the BBB.
Otherwise, Key Insurance has a minimal online presence, with no listings on major consumer review sites. The Key Insurance website itself is extremely sparse, with minimal information and a less-than-appealing design, making the site look like more of an afterthought than a marketing tool.
When looking for Key Insurance, be careful as there are numerous other businesses with the same or a similar name. These include Key Insurance Company Limited, which sells policies in Jamaica, and several agencies with “Key Insurance” in the name. If you come across references to Key Insurance, be sure that you’re looking at the right company, and remember that this company only sells auto insurance. Listings referring to other products refer to different companies.
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Key Insurance is a very new company, and it will take time for it to get established. Right now, there is just not enough information available to make a decision about its quality, and the company’s lackluster web presence does not instill much confidence. When you buy insurance, you usually want to go with a company with a solid reputation and the financial strength to back it up. Although it’s not necessarily always a bad idea to opt for a newer business, I’d be cautious about doing so – and with so many other options, and no evidence that appears to make Key stand out, there really isn’t a good reason to recommend it.
For a list of companies that we recommend, visit our Best Insurance Companies page.