Author Topic: I fired my Insurance Agent  (Read 2339 times)

Numbers Man

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I fired my Insurance Agent
« on: February 20, 2015, 09:52:16 AM »
Like a dummy I've been loyal to one of the major insurance companies and the captive insurance agent  forever. I've been perplexed as to why my car insurance keeps going up without fail since I have cars that are 15 years and older. In addition, my homeowner's insurance had gotten ginormous along with the bloated premium from the Umbrella policy.

So I finally got a quote from an independent broker that shopped my insurance and will be saving $1,750 per year.

Exflyboy

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Re: I fired my Insurance Agent
« Reply #1 on: February 20, 2015, 11:11:53 PM »
Next year call around (go online) to progressive, the Hartford and Geico.. I bet you save even more.

Hartford (thru the AARP if your over 50) was the best for us.

Frank

Simplicity

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Re: I fired my Insurance Agent
« Reply #2 on: February 21, 2015, 06:40:36 AM »
In my opinion independent  Agents if they are good are always the way to go. Being properly protected is more important than cheap. Having said that you should be able to accomplish both.
Having reviewed many policies that were provided by 800 number sourced companies I have been shocked at the poor manner in which many bright people with significant means have been covered or more appropriately not covered.
« Last Edit: February 21, 2015, 06:49:52 AM by Simplicity »

mtnrider

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Re: I fired my Insurance Agent
« Reply #3 on: February 21, 2015, 08:21:55 AM »
Like Simplicity says, protection is key - it's important to know what you can afford to lose, and the agent can decipher the contracts, and let you know what you're buying*.

An agent that represents more than one company may be better.

* aside: I wish contracts would be written for the common man!    (Not just insurance contracts.)

BCBiker

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Re: I fired my Insurance Agent
« Reply #4 on: February 21, 2015, 08:36:56 AM »
I hate the scare tactics associated with insurance.  In all honesty, most people will never use insurance if they are buying the insurance they actually need, high deductible (no less than $2000), assuming you are on the FI track. 

Don't pay for perceived improved customer, etc...  Yes, make sure your contract does what you want it to do, protect your downside in the event of a disaster.  However, why pay thousands of dollars for something you are unlikely to use, like more attentive customer service, quicker assessments, etc. 

Example, former car insurance was $750. Switched to new policy for $320, same protection, same deductible, just different company without the local agent (who we never met in over a decade). I also got rid of thing that don't apply like uninsured motorist (which you only need if you have no health insurance).

I'm also in the process of switching homeowners. We are getting ripped off so bad! There is all kinds of crap that we will never use: fraud protection, etc.

To mtnrider, the agent is not interested in deciphering contracts for your favor, he/she wants to sell you what gets him/her the most commission.  If you feel uncomfortable reading the policy consider hiring an independent person without conflict of interest.

RetiredAt63

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Re: I fired my Insurance Agent
« Reply #5 on: February 22, 2015, 10:01:18 AM »
I've gone with a broker for years.  Any time I have phoned around, the rep has said my insurance is better than the insurance I was calling about.  Even insurance (house, car) through my union.

My broker knows which companies are good about claims (car or house) and which fight you, which are good if you have a bad driving record, which are good if you are a young driver, which are good if you want to combine home and auto, etc.

When I retired, my broker made sure my driving category changed right away and my rate went down a lot.  When I was renting a tiny place for a while on top of mainly living in my house, the broker got renter's insurance (required to rent) added to my home policy for very little added cost.