Newfoundlanders by and large are resilient, intelligent and optimistic. And don’t forget determined – when we make up our mind to do something it’s as good as done.
So why are we hearing from people who are regretting making decisions around their insurance purchases?
I think we have to take the blame for some of that confusion because as insurance brokers, we don’t tell our stories loudly or clearly enough. We get so customer focused that we can lose our customer focus. Sound odd? Consider this – we spend a vast amount of time and resources into having great technology, being accessible, being efficient. So when a client like Margaret C decides she wants to move her policies to another insurance provider, we want to know why.
Sometimes the answer is premium – it’s just lower somewhere else. I get that. We all budget our dollars and we want to believe we are making good buying decisions. But when it’s lower because coverage is suffering that’s a different story. And that’s the part that concerns me.
Take our client Margaret C. Being a prudent consumer, Margaret checked around to make sure her insurance package was priced competitively. After a few calls, she got a lower price from the insurance subsidiary of a large bank-owned insurance company.
It was a tough decision for Margaret but she decided to make a move for what she perceived as the “same coverage at a lower price.” Once she received her policies, she just didn’t feel right. Because we’d taken care of her needs for so long, she sent the proposal to us and asked us to review them to make sure she was ok.
“Thank you so much for taking the time to go above and beyond, helping me understand the difference between insurance companies and their coverage and cost.”
Once we saw what she had received from her new insurer, it quickly became evident that Margaret did not receive the same product at all. Here are a few things we immediately noticed:
- the amount of Sewer Backup coverage was lower than her full policy limit with her current insurer
- her own company was recognizing her many years of being claims free and promised to waive her deductible for her first loss against her home policy and that was not available with her new company
- there was no Accident Forgiveness with the new auto policy
- the Collision and Comprehensive deductibles were higher
….. get the picture?
With our help, Margaret C figured it out. As she said:
“The cost is a bit more but well worth it as we have less worries about our property and vehicles. This allowed us to make a decision in which insurance company to be with...”
Oh yes, she decided to stay with Wedgwood Insurance.
My message is that your insurance broker works with you to develop the best coverage at the best rates for your situation. Talk with us, ask questions, and become informed. Then make your decision.
We actually love to discuss insurance coverage, it’s ALL we do and we do it very well. Make us prove it to you.