How can a carton character advertise “we’ll review your policy and make sure you are only paying for coverage you need….” Apparently this cartoon should also buy a lottery ticket because it can predict the future.
How is it that you will know the coverage you need or do not need. Maybe you do not need coverage for a rental car if you already own three cars. Maybe you have AAA and do not want to pay for towing coverage. Ok, I understand. But what about No-Fault coverage, do you really want to take only $50,000 in coverage because you may not “need” $175,000? No thanks I’ll take $175,000.
Why not? When was the last time you changed companies? When was the last time you actually made your agent or broker actually earn their commission. Make them actually shop around, we are in a competitive market here in New York why not take advantage of it.
How do you start?
Pretty simple, two steps;
Start with a “baseline” of coverage that you are comfortable with having in place.
Talk to 3-5 companies to see where your rate compares.
That’s it. Worst case scenario you feel really good about your rate. Best case you save some money and maybe find a better agent.
You hear it constantly on the radio and T.V. It shows up in your mail on a weekly if not daily basis, heck a banner ad probably popped up before you even got here. Each insurance company quoting exactly how much money they can save you or how many discounts are available and rarely getting specific on coverage.
Yes, I think saving money can be bad.
If you have not taken the time to review your insurance plans on a regular basis you may actually be saving too much money. Yes I just said too much money.
I am aware of no way to ever say someone has to much insurance, the fact is you just never know. There is though one circumstance you can say you may be overinsured when it comes to a home. An insurance company is insuring the cost to rebuild your home. They are not covering your tax assessment nor are they covering the market value of the home or even what you think your home is worth.
If given the choice would you want $50,000 or $175,000? Easy answer right. What if you could have $50,000 to pay for all of your medical bills and lost time from an auto accident or $175,000? Another easy answer right. Now check your auto insurance policy’s No-Fault(also called Personal Injury Protection PIP) section and make sure you have $175,000. If you do not have the full amount please call your agent immediately.
If you are wondering what else your agent has not done for you call me immediately.