Re: Insurance
Posted: Fri Dec 22, 2017 4:16 am
A couple of things I've learned over the years insuring commercial vehicles, collector vehicles, farm vehicles and normal drivers:
1. Everyone is different in the eyes of the insurance companies (Just because one person gets a good deal from one company doesn't mean you will)
2. If you have been with the same company for more than 7 to 10 years, you are probably paying too much -- loyalty in today's insurance market means NOTHING. My grandfather retired as a top level corporate executive with a major insurance company. I do not currently have a policy with that company because their quotes have typically been ... noncompetitive. So if they're not loyal to their own "family" do you think they're actually loyal to *you?* P.T. Barnum had something to say abut you ... Over time, your insurance company slowly raises your rates. And, after a few years, you will find that there will be another company out there who can offer you a lower rate for the same coverage (you MUST ensure you know how to compare quotes because they find ways to confuse you -- it's easy enough to figure out if you do some reasearch -- see #4). Sure, just sending a policy back in with whatever it is they tell you to pay is easy and comfortable. Shoot, you probably get a slick, glossy magazine a couple of times in the months leading up to renewal filled with happy articles and cool pictures of beautiful people enjoying life to condition you to *want* to hand over money mindlessly. (Check out the Hagerty magazine next time -- whoa ... ever notice how no one who looks like any of us ever get featured in those magazines???)
3. You have to get quotes from as many different companies as you can. I do it every 3-4 years. MAKE them earn your business!
4. As every company has a different way of slicing the pie, to effectively compare quotes, you have to understand the basic policy so you can compare apples to apples. Know what your state requires. Know what the basic charges are (so you can tell what you're being charged for).
5. Accept that Insurance companies exist to make a profit -- the more they can sneak in and charge you for, the more profit they can make. It's nothing personal, it's just business. And they are better at it than we will be. So arm yourself with research and knowledge before you play the game with them next time. You won't win, but you can lose less.
6. Collector vehicle insurance is cheaper for good reasons -- if you are willing to abide by a few restrictions, you can save big bucks. But expecting to reap collector vehicle savings while using your antique as a daily driver (and exposing it/you to the higher risks associated with doing that) is not realistic.
7. Bundling policies works for some people, not for others. It doesn't work for me. I have different companies & policies for home owner's, rental properties, daily drivers, collector vehicles and commercial vehicles. I've had a couple of insurance agents work up quotes for bundling everything with a single company and I always save more money keeping them separate. But that's just me. The point is to get quotes. Let them try. Make sure they know they are competing for your business and that you know you have options.
Do not rely on other people's anecdotes. Do your research. Understand your current policy. Know what your state requires and your own driving habits. Get quotes and understand how to compare them.
Or, you can just enjoy the happy pictures as you give them your arm to open your veins and drain you. Sweet dreams!
1. Everyone is different in the eyes of the insurance companies (Just because one person gets a good deal from one company doesn't mean you will)
2. If you have been with the same company for more than 7 to 10 years, you are probably paying too much -- loyalty in today's insurance market means NOTHING. My grandfather retired as a top level corporate executive with a major insurance company. I do not currently have a policy with that company because their quotes have typically been ... noncompetitive. So if they're not loyal to their own "family" do you think they're actually loyal to *you?* P.T. Barnum had something to say abut you ... Over time, your insurance company slowly raises your rates. And, after a few years, you will find that there will be another company out there who can offer you a lower rate for the same coverage (you MUST ensure you know how to compare quotes because they find ways to confuse you -- it's easy enough to figure out if you do some reasearch -- see #4). Sure, just sending a policy back in with whatever it is they tell you to pay is easy and comfortable. Shoot, you probably get a slick, glossy magazine a couple of times in the months leading up to renewal filled with happy articles and cool pictures of beautiful people enjoying life to condition you to *want* to hand over money mindlessly. (Check out the Hagerty magazine next time -- whoa ... ever notice how no one who looks like any of us ever get featured in those magazines???)
3. You have to get quotes from as many different companies as you can. I do it every 3-4 years. MAKE them earn your business!
4. As every company has a different way of slicing the pie, to effectively compare quotes, you have to understand the basic policy so you can compare apples to apples. Know what your state requires. Know what the basic charges are (so you can tell what you're being charged for).
5. Accept that Insurance companies exist to make a profit -- the more they can sneak in and charge you for, the more profit they can make. It's nothing personal, it's just business. And they are better at it than we will be. So arm yourself with research and knowledge before you play the game with them next time. You won't win, but you can lose less.
6. Collector vehicle insurance is cheaper for good reasons -- if you are willing to abide by a few restrictions, you can save big bucks. But expecting to reap collector vehicle savings while using your antique as a daily driver (and exposing it/you to the higher risks associated with doing that) is not realistic.
7. Bundling policies works for some people, not for others. It doesn't work for me. I have different companies & policies for home owner's, rental properties, daily drivers, collector vehicles and commercial vehicles. I've had a couple of insurance agents work up quotes for bundling everything with a single company and I always save more money keeping them separate. But that's just me. The point is to get quotes. Let them try. Make sure they know they are competing for your business and that you know you have options.
Do not rely on other people's anecdotes. Do your research. Understand your current policy. Know what your state requires and your own driving habits. Get quotes and understand how to compare them.
Or, you can just enjoy the happy pictures as you give them your arm to open your veins and drain you. Sweet dreams!
