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What are misleading things insurance agents tell their clients?
October 23, 2016
Misleading Things Insurance Agents Tell Their Clients: Misleading Auto Insurance Tale #1: "All Insurance Is the Same" The Truth: We live in an age where many of the major players in the insurance business would have you believe that insurance is a commodity. It's only the price that matters. I don't have to cite the taglines promoted by insurance companies Continue Reading
Misleading Auto Insurance Tale #1: "All Insurance Is the Same"
The Truth:
Misleading Auto Insurance Tale #2: "There is no need to have Liability Limits Higher than your net worth."
The Truth:
Misleading Auto Insurance Tale #3: "It's better to pay small two-party (liability) claims out of your own pocket"
The Truth:
Misleading Property Insurance Tale #1: "This is an 'All-Risk' Policy"
The Truth:
Misleading Property Insurance Tale #2: "You're not in a Flood Zone, so you don't need Flood Insurance."
The Truth:
Misleading Life Insurance Tale #1: "This Illustration Shows your Projected Returns"
The Truth:
Final Thoughts:
Many of the bullets may not be intentionally misleading, they merely constitute bad advice. How do you avoid them? Seek out a reputable, knowledgeable Independent Agent in your locale. Most of us can find one with a simple internet search for "Independent Agent YourCity". Look for an agent who is committed to continuing education (may have letters after their name) and service to the community in which you live.
This article may have been originally published at Quora.com.
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
