6 Facts You Should Know about Insurance

AnnaEveryone has a different perspective when it comes to their field of work. When I first started in the insurance business over 4 years ago, I knew very little about insurance and how an agency worked.  Now well-versed in insurance lingo, some items fall short when it comes to client knowledge.  Here are the 6 facts everyone should know about insurance:

  1. Higher limits can save you money.
    Searching for the cheapest policy is not always the best plan of action.  The State of Minnesota has a minimum liability limits of $30,000 per person; $60,000 per accident. We will not write anything lower than $100,000 per person; $300,000 per accident and recommend even higher.  Of course you would think that lower limits would save you money, but that’s only short term. What you most likely don’t know is just like a credit score, you have an insurance score. With higher liability limits being one of the ways your insurance score is increased, those higher limits can actually save you money down the line. When we suggest higher limits, it’s not only for better protection, but to help you increase your insurance score and save money in the long run.
  2. Rates just go up sometimes.
    Yes, we understand that you did not have a claim or a ticket on your record. Sometimes insurance rates simply increase. We do our best to monitor renewals, but  If this happens on your policy, call us.  It is hard to catch everything but if you give us a call we will look around to make sure you are in the best place – one of many advantages to working with an insurance broker.  With multiple companies, we can double check your insurance score, look at coverage options and what kind of discounts could be applicable that were not before.
  3. Agents cannot determine the prices.
    Similar to the point above, think of insurance as a complicated algorithm.  My job is to ask you the correct questions and enter your information into our systems. The formula is calculated based on dozens (hundreds?) of variables – vehicle safety, accidents in a certain zip code, vehicle size, etc. Using discounts and deductibles, and possibly a change in coverage, your agent can try to meet your budget. But at the end of the day, the price provided is the price we can offer.
  4. Some quotes take longer than others.
    Everyone’s insurance requirements are different.  Customer service is our priority at Hanlon & Associates, which reaches further than speed.  While you may be thrilled with quick results of a one-day turn around homeowner’s quote; we also pride ourselves in finding the RIGHT fit for your situation.  As previously mentioned, we work with several companies, which can take time and attention to find the right place for you.
  5. It is extremely difficult to hear letters over the phone.
    B as in Dog? P as in George?  A 17-digit  VIN can be challenging to hear the letter; one letter misunderstood means our system won’t accept the vehicle.  Please remember to read slow and use words to help define letters.  No robots here; we’re human – it’s one of our best qualities.
  6. We are on your side.
    The best reason to hire an insurance broker? We are on your side. if there is an error in your policy or a billing mistake we are going to try our best to fix it. If an answer is not immediately known, we will research and find the answer. If your renewal goes up in price, we will try to find another option for you to fit your budget.  We will call your insurance company and speak for you, with you. Unfortunate circumstances happen; insurance should be there to help you. That’s what we do. We are on your side and want to help you out.

 

Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

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