Today’s topic: What’s the “best price” for insurance?
As an insurance agent I receive calls from shoppers (and I eagerly welcome them!) wanting quotes for insurance. Naturally, most are shopping for the best price.
People always shop for a best price on insurance, and that’s good. It’s usually unwise to pay too much for anything, insurance included. Unfortunately, people who buy insurance based upon price alone most often make bad buying decisions. I know because I’ve counseled with many of them after-the-fact. In probably 95% of the cases they just didn’t know what they were buying so they bought the cheapest that they could find.
Sadly, most people who shop for insurance have very little knowledge (or even no knowledge) of insurance. They often know almost nothing about what they’re shopping for, except price.
When you shop for something, for anything, it’s always smart to learn beforehand about what you’re shopping for. When you bought your last cellphone and plan, did you buy the cheapest you could find or did you check out features and functionalities of various brands, models and options, and then select the product that best suited your needs?
Shop for insurance just like you would shop for a phone or anything else. Learn beforehand, then shop for what’s best for you.
In its simplest descriptive, insurance is protection against loss. People who buy cheap insurance (i.e. cheap protection against loss) are generally happy – until they have a claim. Then they learn that all insurance policies are not created equal. They often lose and discover too late that their insurance failed to do the job they bought it to do.
Coverages differ among insurers. Policies from some insurers include coverages that other insurers may not offer, or charge extra premium for. Some of those coverages may or may not be appropriate for you, but the time to learn about those coverages and whether they are or are not appropriate for you is BEFORE you have a claim.
How do you learn about the difference between insurance policies and what’s right for you? Do you need help deciding what insurance is right for you? Got questions? Call me at 405-431-8226. I’m glad to help. You don’t have to be one of my clients. Answers and help are free. Of course, I hope you’ll consider becoming my client. I promise to make you glad if you do.
Our next topic will talk about the guy on TV who “saved $$$ by switching to XYZ Insurance!” What did he do? How did he do it? You might be surprised