Coverage Gaps
What did your agent forget to ask you? It could affect your coverage.Questions your agent should ask?
- Do you work from home?
- Do you serve as a board member, scout leader, Sunday school teacher, etc?
- Do you drive golf carts?
- Do your children drive electric play cars, electric scooters?
- Do you own a trampoline?
All of the above are COMMON areas of coverage missing or gaps, due to exclusions on standard polices that can be avoided.
Common Answers
- The common answer is most of these coverage gaps can be solved for $5-10 year, by adding the proper endorsement for additional coverage.
- There is not just one answer, it depends on the client and what and how the answered the questions. “insurance is a complicated business’
- We like to think of ourselves as NOT the cookie cutter order filler for insurance. When people call GEICO and many other companies over the phone they are getting the one size fits all. Or better said as ‘one size fits most’
- Our approach is you do not want to be outside the most group without the proper coverage.
- Typically,
when we have preformed ‘secret shopping services’ on 800#
companies, especially GEICO, they do the following:
- Take your information as provided
- input the information into their rating system
- Then they say.. ‘your price is $x, is that less than what you are now paying?”
- The LARGE component they do not address is your coverage amounts. 80% of the time they are quoting less coverage, YES they are saving you money, BUT they are saving you money by not providing the same coverage.
- Mistake #2 800 # insurance companies make like GEICO, if you decide you want their policy, because you like their quote, they will take your credit card and charge you, then after you have cancelled your prior policy, GEICO processes your application, and finds some infractions / accidents on their reports which were NOT part of your quote, and YES your policy price is adjusted up. By then it is too late for you they have your $$ and you have cancelled the local place you have been insured with for years.
- What we are tying to convey is the old ‘Adam Smith’ saying there is no free lunch. That brings us back to my saying ‘ the wrong coverage is never a bargain’