clock February 12, 2014 comments No Comments flowchart Automobile InsuranceBusiness InsuranceHomeowners InsuranceOur Blog tag Buy LocalSaving Money

In a nation where prices are growing and the stretch of the American dollar has reached an all time low, deciding to buy insurance online using a tool seems like an amazing opportunity, right? I mean, you get to pick the price of your policy—you are finally the governor of your insurance premiums!  Buyer Beware!  Here are Ten Reasons why NOT to use an online tool to pick the price of your insurance policy!

  1. In most cases, by selecting the lowest price policy, many customers are left unprotected. However, you really don’t know that because you don’t have a professional insurance agent there explaining what it is you’re buying, or more importantly, not buying.
  2. When you choose your price of insurance online, there isn’t a full understanding of what is being purchased because there isn’t any face-to-face interaction available for questioning.  Is that online tool really explaining the coverage to you?
  3. Can you imagine purchasing a brand new BMW for $5,000? Then why would you think that an online discounted policy would be top-notch?
  4. Every state has a minimum insurance requirement and RI insurance requirement might not be the same as—for example—the NH insurance requirement. It can never be a ‘one-size-fits-all’ kind of deal. You must factor in the location and the individual. To do otherwise would be a waste of time and money.
  5. If you would still prefer to use an insurance price tool, then we suggest you also start using an online doctor tool to diagnose diseases, and an online mechanic to change your tires! You get the point! You wouldn’t use an online tool for any other type of professional service, so why insurance?
  6. Being able to select the price of insurance was introduced as a way for those who can only afford the bare minimum to still have some sort of insurance. It would be a huge loss for those who already have satisfying coverage to use these tools because it would take away some of the protection that their policy already provides.
  7. Ever heard of a bait and switch? This is when you are promised one service but end up with a lousier service and forced to pay differing prices. In insurance terms, you might pay “the price you picked” for the present year, but what happens in the next year? Sacrificial cows? Beware of this.
  8. The tool only uses basic information about you, meaning that there is no real understanding of your needs.
  9. In most cases, choosing your own price doesn’t compare insurance prices and policies to other companies, so you may think your are getting a great price, but that is for just one company.  Why not get a price from an informed agent that can offer you a CHOICE OF COMPANIES, not just a CHOICE OF PRICES?
  10. Lastly, it is scientifically proven that after not seeing the beautiful faces of the Loiselle Insurance Agency staff, you will begin to suffer from symptoms of Beautiful-People-Deprivation. It’s okay though, we’re the cure.

Essentially, the whole process of saying what you want to pay for your insurance is a gimmick.  If you’re gAutoAccidentoing to pick the price of your policy , you are basically picking which accident you do not want to be covered.  It lures you in by making you think you have full control over what and how you spend your money; meanwhile, it actually puts you at risk of not having enough insurance to protect your most valuable assets.  We strongly recommend speaking with your local insurance agent so you can discuss any and all options which may be available for you. Tell your agent the Price you are looking to spend and let them tell you if there’s something that meets your needs in that price range. Your agent can also give you other alternatives and let you know why y0u should consider better alternatives and exactly what the price difference and coverage difference might be. At least you are then making and informed insurance purchase.

Author: Brenda Loiselle-DuClos, Vice President of Loiselle Insurance

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