Insurance Ads: promises, promises

Promises

Lately there seems to be a frenetic blitz of advertising by several insurance companies where they imply a promise to provide substantial savings in home and auto insurance. It reminds me of the book, “How to Lie with Statistics.”

Unfortunately, there is very little accountability on the data behind their grandiose statements. Equally unfortunate is the fact that those insurance companies who spend a disproportionate amount of their budget wooing customers through advertising have reduced the placing of insurance to a commodity-as if you were buying a bag of potatoes. There seems to be no end to their insatiable appetite for more business. I personally admire the quiet companies that would rather spend their money and resources on claims and not on advertising and self-promotion.

The discerning consumer recognizes value in products and services purchased, and, although price is a consideration, the quality or value provided is more important. Would you pick a lawyer, dentist, doctor, accountant, boat, car or vacuum cleaner because it was the cheapest? Of course not, and one should treat the purchase of an insurance product the same way. There is a quality behind that insurance policy and the person selling it that will be manifested in the event of a claim.

For instance, if you have a disastrous fire in your kitchen, is your insurance company going to work with your contractor or insist that you use one of theirs? If you have a major collision loss on your car, are you going to be directed to a body shop chosen by the claim adjuster or will you have a say? The answers to questions like these depend on the insurance carrier you choose.

Insurance is a tricky business and not all insurance contracts or insurance companies are the same. Pick a quality company that has a fair price. With all the competition in the insurance field, there are very few companies that have an unfair price. I recommend a trusted advisor, whether it be an agent or consultant, to help you with the process. As the old saying goes, you get what you pay for and that includes your insurance coverage.

If you have questions about your insurance coverage, please contact us.

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