One of the most dangerous things I hear from clients and prospects is to just “give me a quote” or “I’ll let you bid on my insurance” when they are buying insurance. Our business is about helping clients protect themselves from the world around them. Yet, our clients are often focused on price to the exclusion of almost everything else.
When asking for a quote or a bid on your insurance, recognize the danger. Look at that 51 page policy.
The First Page tells you HOW MUCH the insurance company will pay.
The Next 50 Pages tells you IF they will pay.
The First Page has the Limits of coverage. These are the maximum amounts you may receive after a claim.
The Next 50 Pages have the Limitations, Exlcusions and Conditions. These determine whether coverage will apply for your claim.
That $1,000,000 limit you saw on Page One of quote #1 may look the same as the $1,000,000 limit on quote #2, but unless you know what the other 50 Pages say, you proceed at your own peril.
You picked quote #1 because it was $100 cheaper, but you didn’t look past the First Page and thus did not realize that quote #2 had broader coverage and would have paid the claim you had. Uh-Oh. Financial ruin or lifestyle change coming.
Don’t buy based on the quote. Have a conversation about those other 50 pages with your agent. Its the dangers in those other 50 pages that can ruin your life or your lifestyle.
Best of all, the conversation is FREE!
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