How to get insured properly
How To Get Insured Properly
If you want to avoid bad insurance and have 5 minutes to spare, make yourself a cup of coffee and read this article. It’s the best 5 minutes you’ll spend today!
WHAT’S A MORE EXCITING WAY TO SPEND YOUR MONEY?
Shopping for a new Rolex, or an insurance policy?
Imagine that you are in a store buying the Rolex. You’ve just paid and the store assistant hands over a shiny bag with your beautifully boxed watch inside. You’ve got a big smile on your face, you’re excited. Your purchase was fun because in exchange for handing over your money, you got something amazing in return.
Compare that to buying insurance. You shop around for a while online and then you finally decide on a policy and type in your card details. What do you get in return? A direct debit leaving your bank account every month. Insurance doesn’t give us instant gratification like other purchases do. To many people, it’s a necessary evil. You only buy it ‘just in case’, and you’d rather not pay more than you need to for it.
Insurance companies know this, and for years they’ve been trying to figure out how to make insurance seem more ‘fun’ to buy. They figured out that if they stopped helping people to get proper coverage, and started selling ‘one size fits all’ packages with a huge discount attached, more would buy. They don’t want us to think about how much coverage we’re actually paying for because they know we don’t want to spend time looking at the details of our policies.
Look at Progressive’s ads, for example. Their ads are set in an imaginary store with different kinds of insurance in various aisles. The policies in are served in boxes. You just grab one, take it to the checkout counter and you’re good to go. No need to worry, they’ve got you covered! It’s a one-size-fits-all purchase.
But how can one size fit all? Your needs could be drastically different from someone else’s. There is no way for you to know if a policy protects you if you don’t know your exposures and how to adjust your policies to fit your needs specifically.
We’re living in a world where insurance is being commoditized with companies who have become product peddlers. Save money now, never mind protection! Think about the last time you bought an insurance policy. How did you choose the coverage? Of course, you considered your deductible amount, you determined a reasonable replacement cost on your home, chose comfortable liability limits, maybe even chose some endorsements to close some exposures, and you saved some money which made you feel good. But that’s the dangerous part… . it’s at this point that most people gain a false sense of being protected and having peace of mind.
If you focused solely on price and matched the coverage limits you have at the moment, you’re risking everything you have now and in the future. This approach completely omits most of your most crucial exposures, and your most crucial exposures are where your life can be financially destroyed!
Billions of dollars spent on deceitful advertising are designed to train us to focus only on price. This has robbed people of the ability to ask larger, far more important questions, like “Why am I buying this insurance policy?”. Isn’t the real reason to transfer the responsibility to pay for an unexpected loss to the insurance company?
THE MAIN PROBLEM WITH INSURANCE: IT’S HARD TO UNDERSTAND.
To be able to cover all your insurance needs, you would need to educate yourself to learn your real exposures, know how to put it all together, and then know how to find the best rates. You can’t do this effectively by yourself; you need a professional insurance advisor.
But how do you find one? You can’t just call around, pick any insurance company, and select an agent. This approach is how people get into awful insurance to begin with. You need an advisor who knows the questions you never thought to ask. They’ll teach you how to know your risk and how to put it all together. They know where to find discounts for you. And when you have a plan, they’ll find you the best rates. That’s how you get real peace of mind, working with a professional you really trust.
There are lots of insurance agents, so choose wisely. You need an agent who has the “Heart of a Teacher”, and cares enough about you to help you uncover your real risks. An agent is your lifelong teammate who helps you make adjustments as your life changes. This type of agent doesn’t just spit out quotes, trying to beat your price.
You need an independent insurance advisor that works for you, not an insurance company. They are not required to force-fit your coverage needs into one proprietary policy. They are your claims advocate. They bring you an abundance of choice. No single insurance company will fit you best throughout your life. If your insurance company’s rates go up, they’ll find a more competitive solution.
You need your insurance advisor to carry out a thorough and complete review of all your insurance policies. They’ll do this for free. Have them review every small detail like your liability limits, endorsements/riders, and possible exclusions/limitations. Have a real discussion with them to understand your exposures and risks. They’ll sort out the coverages, and put together a plan that protects you. Then, and only then, can you compare the different carriers to see who has the best pricing.
Better yet, let us do this for you. We’ll review what you have now, and provide you with our best quotes for what you should have. If you are already adequately insured and getting a good deal where you are now, we’ll tell you. We’ll even tell you the changes you need to ask them to make. Let’s make sure you have the right coverage at the best possible price. Give us a call, and let’s get started!