by benpage1974 | Feb 11, 2022 | Uncategorized
Insurance shopping can be challenging, but getting the best deal for your specific needs is crucial. Sometimes, shoppers inadvertently make mistakes that can hurt them in various ways. To help you avoid these pitfalls and manage insurance salespeople for optimum results, we’ve compiled our top tips for getting the best deal.
Don’t Tell Them You Want the Cheapest
When discussing insurance with a salesperson, emphasize that you care about value, not just the price. If they think you’re only concerned about the price, they might slash coverage to appear cheap without fully explaining the consequences and risk. Instead, make it clear that you want a good deal on the coverages you should have.
Avoid Sending ‘Loser’ Red Flags
For best results, it’s essential to avoid creating the impression that you’re a ‘loser.” Remember that sales agents are looking for long-term clients, not just order-takers. Avoid giving the impression that:
- You’ll be inordinately rude or difficult
- You have a poor payment history
- You have a history of lapses in insurance coverage
- You only want the cheapest options, regardless of coverage
- You expect a quote without providing the necessary information
It’s important to be honest about any issues you’ve had, but communicate them in a way that shows they’re not representative of your usual behavior. Remember, insurance agents are looking for clients who value good coverage and are worth quoting with the best companies.
Know What You Want
Having an idea of what coverage you want can make the process smoother. If you’re working with a good insurance source, they’ll be happy to help you figure this out. The more you know about available coverages, the better you’ll be at ensuring you’re getting what you need.
Provide the Necessary Information
Insurance sales agents will need some personal information to provide a quote. While you might be hesitant to share, providing accurate information to a reputable source that will treat your data securely is essential for accurate quotes and can impact your ability to get the coverage you need.
Choose Reputable Sources
Be cautious when sharing your information online. Some websites promise instant quotes only to sell your data to insurance companies and agencies. To avoid this, ensure you’re dealing with legitimate sources.
Ask for Credits and Discounts
Ask for any available discounts but remember that the bottom line price for the coverage included is what matters most. It’s better to buy a policy with fewer discounts but an overall lower price for the same coverage than a policy with more discounts but an overall higher price. Also, be wary of disappearing discounts that vanish after a short time. These are designed to be temporary to get you to switch but then go away once they think you won’t be shopping anymore.
Inquire About Ways to Get a Better Deal
Be bold and ask sales agents what you can do to get a better deal or improve your standing with insurance companies in the future. Some agents may hesitate to share negative factors impacting your rates, like credit, for fear of upsetting you. However, if you ask for honest ideas on improving your risk profile to look less risky to insurance companies, they might provide candid feedback that can save you thousands of dollars in the future.
Shop at Least One Good Independent Agency
Independent insurance agencies offer unique benefits that can significantly impact your insurance shopping experience. Learn more about these benefits in our article [here].
Our commitment to your insurance needs is the driving force behind Page Insurance. We’ve spent two decades building a team ready and able to help you when you’re ready. Following these tips will make you better equipped to manage insurance salespeople and find the best deal possible for your unique circumstances. And when you choose to work with an independent insurance agency like ours, you’ll enjoy an even more personalized and dedicated approach to your insurance needs.
Click Here to explore options now.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
As a long-haul owner/operator, you play a crucial role in keeping the nation running smoothly. Over the years, we’ve worked with a variety of trucking operations, from single-truck operators to large fleets. During this time, we’ve identified common insurance mistakes made by long-haul truck drivers. To help you avoid these pitfalls and ensure the success of your business, we’ve compiled the following list of mistakes and advice on how to avoid them.
Not Taking Insurance Seriously
Mistake: Many new truck drivers underestimate the importance of insurance for their livelihood. They may view it as an unnecessary expense rather than a critical investment in their business.
Consequences: Without proper insurance, a single accident can leave you buried in debt and unable to continue driving. Lapses in coverage, late payments, or insufficient coverage can lead to higher premiums, non-renewals, and difficulty obtaining new policies.
Solution: Treat insurance as a vital component of your business. Maintain continuous coverage, make timely payments, and work with a trusted insurance provider to ensure you have adequate protection.
Failing to Think Like a Business Owner
Mistake: Some owner/operators prioritize their roles as truckers over their responsibilities as business owners, leading to poor financial management and decision-making.
Consequences: Neglecting your business responsibilities can result in cash flow problems, inadequate maintenance, and a failure to stay compliant with industry regulations.
Solution: Always think of yourself as a business owner first. Manage your finances responsibly, invest in maintenance, and stay informed about industry changes and regulations.
Poor Truck Maintenance
Mistake: Inadequate maintenance can result in costly repairs, breakdowns, and lost revenue.
Consequences: Neglecting maintenance can lead to higher insurance premiums, out-of-service violations, and even the inability to secure insurance coverage.
Solution: Allocate funds for regular maintenance and invest in the upkeep of your truck. A well-maintained truck is essential for a successful trucking business.
Ignoring Compliance Issues
Mistake: Failing to stay compliant with regulatory agencies, clients, and insurance providers.
Consequences: Non-compliance can lead to fines, penalties, loss of contracts, and difficulty obtaining insurance coverage.
Solution: Prioritize compliance in every aspect of your business. Stay up-to-date on industry regulations and work with trusted professionals to ensure adherence to all requirements.
Neglecting Personal Health
Mistake: Many truck drivers struggle to maintain good health due to the demands of their job.
Consequences: Poor health can lead to decreased productivity, higher insurance premiums, and even the inability to continue working.
Solution: Make your health a priority. Invest in health insurance, stay active, and take steps to maintain a healthy lifestyle on the road.
Not Delegating Tasks
Mistake: Trying to handle every aspect of your business without seeking assistance from professionals.
Consequences: Attempting to do everything yourself can result in missed opportunities for growth, increased stress, and decreased overall efficiency.
Solution: Delegate tasks to professionals like bookkeepers, accountants, and attorneys. Delegation doesn’t cost when it frees you to focus on building your trucking business.
Choose a Trusted Insurance Partner
Selecting the right insurance partner is critical for your long-haul trucking business. Look for a provider with a strong reputation in the industry, a deep understanding of trucking-specific risks, and a commitment to helping you succeed.
We’re excited for your success and are here to help you avoid these common long-haul insurance mistakes. Reach out to our team for personalized insurance advice and a quote tailored to your unique needs.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
We’ve enjoyed working with construction contractors from nearly every discipline for over two decades. This includes painters, drywallers, framers, flooring, cabinets, flatwork, foundation work, generals, handymen, etc. Through all of this, we’ve noticed some common insurance mistakes that can hurt their chances for success. Here they are:
Facing the Reality of Risk
Bad things happen, and construction has one of the highest injury and fatality rates among all industries. You can get sued, stuff can get stolen, you might accidentally damage property, or an employee might get hurt or killed. Understand that while you can do a lot to prevent disaster, there’s always a chance for bad things to happen. Adequate insurance coverage can help you avoid financial losses that can sink your business.
Focus on Coverage, Not Just Policies
Don’t just buy the policy type someone tells you to get. It’s the coverage inside a policy that matters most. According to The Hartford, 40% of small businesses will likely experience a property or general liability claim in the next ten years. Ensure you have the right coverage and limits for your specific needs.
Put Your Business Owner Hat on First
With 50% of small businesses failing within the first five years, it’s crucial to prioritize your business’s health. One big mistake and you can lose it all. Insurance can help protect you against many of the biggest risks you face as a business owner.
Don’t Just Meet Requirements; Protect Yourself
Different entities, like the government, clients, and banks, may require insurance from you. However, meeting these requirements doesn’t necessarily mean you’re adequately protected. The average cost of a customer injury claim is around $30,000. Don’t make the mistake of being underinsured; protect your business with more than just the minimum required coverage.
Know Your Optional Coverages
Insurance can be complicated, but it allows for personalization. 75% of small businesses are underinsured by at least 40%. When shopping for insurance, ask questions and learn about optional coverages or limits that can better protect your business.
No Comprehensive Insurance Plan
Having an insurance professional who can look at your entire account, both personal and commercial policies, can help you identify serious gaps in coverage and save money.
Stay on Top of Changes
Keep your insurance up-to-date and communicate any changes to your insurer. Review your policies at least once a year to identify gaps in coverage and find ways to improve your insurance plan.
Successful contractors build a team around them, including someone competent and caring to help with insurance. We have experts waiting to help you navigate your choices.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
As a restaurant owner, you’re not just providing a place for people to eat; you’re creating a space for connection, celebration, and the sharing of memorable experiences. Managing a restaurant comes with its own set of challenges, but it’s essential to protect your business and your finances. Here are some common insurance mistakes we’ve seen restaurant owners make over the years and how to avoid them.
Appreciating the Risks:
Bad things can happen to even the most diligent restaurant owners. Employees and customers can get hurt, fires can cause severe damage, equipment can fail, or lawsuits can arise. Insurance is not an empty expense; it’s a vital safety net for your business. In fact, 40% of small businesses are likely to experience a property or general liability claim in the next 10 years, with an average cost of $30,000 per claim.
Getting the Right Coverage:
It’s crucial to have the appropriate coverage for your specific circumstances and risk tolerance. Don’t just focus on the policy types; pay attention to the coverage details and limits. Ask your insurance provider about any potential gaps in your coverage and discuss optional coverages that may be relevant to your restaurant. Some common oversights for restaurants include:
- Tenant improvements: Essential if you rent your space.
- Equipment vs. Personal Property: Companies vary in how they handle this! Ensure all the property you own is covered.
- Data breach: Protect sensitive information about your customers and employees.
- Employment Practices: Claims or incidents of harassment, discrimination, etc., can be costly. Don’t go it alone.
- Non-Owned and Hired: Protect your business if an employee causes an accident while running an errand for you.
- Personal Umbrella: Ensure you have enough personal liability coverage to protect yourself in the event of a claim.
- Life Insurance: Provide your business and loved ones with the resources they need to carry on without you.
Creating a Comprehensive Insurance Plan:
Many restaurant owners make the mistake of working with multiple insurance agents for different aspects of their business. This fragmented approach can lead to redundancies and gaps in coverage. Instead, work with a single insurance professional who can provide a comprehensive plan, addressing all your insurance needs and maximizing savings through bundling and discounts. Comprehensive planning:
- Avoids potential unpaid claims by identifying gaps in coverage.
- Saves money by discovering redundant coverage.
- Maximizes savings through bundling and discounts.
- Sends the message that you care about being protected.
- Helps you sleep easier, knowing you’ve got a solid plan.
Staying on Top of Changes:
Review your insurance coverage at least once a year and keep your insurance provider informed of any changes in your business. This proactive approach ensures that your coverage remains adequate and up-to-date as your restaurant grows and evolves.
Working with a Trusted Insurance Expert:
As a busy restaurant owner, it’s crucial to have a team of professionals to support you, including a dedicated insurance expert. The right expert can help you navigate coverage options, find the best insurance companies, and provide ongoing service and support during claims.
Prioritizing Safety:
Workplace injuries are the most common claims in the restaurant industry. Too many claims can lead to higher workers’ compensation premiums. Invest in employee safety by providing non-slip shoes, using Kevlar gloves for cutting tasks, training employees on equipment use, and promoting a culture of safety.
Our Page Restaurant Insurance Experts can Help
Running a successful restaurant involves juggling many responsibilities, but protecting your business with the right insurance coverage is essential. By being aware of common mistakes and working with a trusted insurance professional, you can safeguard your business, your finances, and your peace of mind.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
A Closer Look at State Funds
There’s a common misconception that many small to mid-sized companies should have their workers’ compensation insurance with the State Fund when, in reality, another insurance company might be a better option. So, why do so many businesses end up with the State Fund?
Why Businesses Choose State Funds
State Funds are often more lenient than private insurance companies when offering workers’ compensation coverage. They are more likely to accept businesses that:
- Have less than two years of workers’ compensation history (newly formed businesses)
- Have a less-than-stellar claims history
- Operate in a high-risk industry
As a result, many businesses start with a State Fund because it’s the most accessible option. Insurance agents and agencies are more likely to turn to the State Fund for new businesses seeking coverage. However, after two or three years, it’s time to explore other options, which often doesn’t happen due to a lack of awareness or because agents find it more convenient to leave businesses with the State Fund.
Exploring Other Options: What’s Available?
Yes, there are other options! The State Funds of Idaho and Utah only account for a fraction of the workers’ compensation coverage sold. Dozens of regular insurance companies provide significant workers’ compensation coverage in both states. These private insurers can be more selective about the businesses they cover, but they often offer better coverage options and pricing for qualifying businesses.
When and Why to Shop for Other Options
If your business has been operating for over a couple of years and you have a good claims history, consider exploring alternative workers’ compensation coverage options. Private insurance companies are competing for your business, and they often provide more attractive offerings, including:
- Lower rates
- No deposit
- Pay-as-you-go billing
- Dividends
- Extra discounts
- Paperless processes
- Simplified payroll reporting
- Automated payroll reporting
These benefits can lead to a more streamlined and cost-effective insurance experience, making exploring alternatives to the State Fund worthwhile. Remember that insurance companies and State Funds are constantly changing and evolving. It’s essential to stay informed and work with a knowledgeable insurance agent who can help you evaluate and select the most suitable workers’ compensation coverage for your needs.
What About Other States Besides Idaho and Utah?
In some states, businesses must use a State Fund for workers’ compensation coverage. These states are known as monopolistic states, including North Dakota, Ohio, Washington, Wyoming, Puerto Rico, and the Virgin Islands. If your business is located in one of these states, your workers’ compensation coverage options may be limited. However, if you operate outside these states, you should actively explore and compare all available coverage options to ensure you get the best protection for your business.
Contact Page Insurance to Explore Your Options
Don’t let your business be stuck with suboptimal workers’ compensation coverage. The team at Page Insurance is here to help you explore all available options, including State Funds and private insurance companies. Our knowledgeable agents can help you identify the best coverage for your specific needs and risk profile, ensuring you receive the most comprehensive protection at the best possible price.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
Clever Marketing vs. Informed Decision-Making
It’s hard not to notice Geico’s amusing ads and charming mascots. While their marketing strategy is undoubtedly effective, it’s essential to focus on their policies’ actual coverage and cost rather than being swayed by their advertising. At Page Insurance, we encourage clients to shop around and make informed decisions based on their unique needs.
Ad Spending vs. Grassroots Growth
Geico spends billions on advertising (catch that?; billions with a B), but those expenses are ultimately passed on to the customers. At Page Insurance, we work with companies that prioritize keeping rates low by minimizing ad spending. This approach allows us to provide more competitive options for our clients.
A Single Company vs. A Marketplace of Options
While Geico focuses on selling its policies, Page Insurance operates as a marketplace where our experts help you find the best coverage from a wide range of insurers. We maintain relationships with numerous companies, enabling us to offer personalized, ongoing service at no additional cost.
Sales-Oriented Approach vs. Pressure-Free Guidance
Geico’s representatives are motivated to sell their policies, whereas our team at Page Insurance isn’t about pushing some insurance company – it’s about helping you get what you want/need from among many of the best companies.
Limited Offerings vs. Comprehensive Solutions
Page Insurance is a one-stop shop for all your insurance needs, including home, auto, life, health, and more. We have the expertise and access to a wide range of products, ensuring we can find the perfect solution for your unique situation.
Inadequate Coverage vs. Comprehensive Protection
Geico is known to offer bare-bones policies with minimum coverage. While these policies might seem more affordable, they can be costly in the event of an accident. At Page Insurance, we prioritize providing comprehensive coverage that offers the best value and protection.
Personalized Service vs. Call-Center Shuffle
Geico has started opening local offices to provide better service, but their agents are still limited to selling Geico policies. With Page Insurance, you have a dedicated account manager and a team of experts who know you and care about your needs. We advocate for you and provide objective advice, giving you the best possible insurance experience.
While Geico might be the right choice for some, we encourage you to explore your options and make an informed decision. Contact Page Insurance to experience the personalized service, comprehensive offerings, and pressure-free guidance that sets us apart. Let our team of experts help you navigate the insurance landscape and find the best fit for your needs.
Click here to explore your options.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
You might be surprised that some insurance products are not publicly advertised. With over 5,000 insurance companies in the United States and over 100 operating in Idaho and Utah alone, if you only call the big advertisers, you’re missing out on many potential insurance options. This blog post will reveal the reasons behind this and show you how these hidden gems can benefit you.
The Strategy Behind Non-Advertised Insurance Products
There are two primary reasons certain insurance products are not advertised:
Cost Savings: Advertising is expensive. By relying on word-of-mouth and a strong reputation, insurance companies can keep rates low and pass the savings on to their customers. Customers who choose non-advertised insurance products can save up to 25% on their premiums compared to those who only use big-name advertising companies.
Niche Targeting: Some insurers focus on providing outstanding coverage for specific customer segments, resulting in better value and lower rates.
For example, one insurer we work with targets lower-risk states like Idaho and Utah and avoids high-risk individuals. This approach allows them to offer fantastic deals to those who meet their criteria and hear about them through word of mouth.
Specialized Products for Unique Needs
Even if you don’t fit the criteria for one of these secret products, we have a wide range of insurers that cater to various situations, from young families in rental properties to homeowners with teen drivers.
With numerous niche products available in Idaho and Utah, we can find the perfect fit for you, regardless of whether it’s advertised.
A Peek at Some Hidden Insurance Products
Here are some examples of lesser-known insurance products you can access through Page:
- Homeowners with good/excellent credit and clean driving records seeking bundled policies.
- Well-maintained second homes and cabins in urban or rural locations.
- Recreational vehicles like ATVs, RVs, and boats in Idaho, Utah, or nearby states.
- Classic cars not used as daily drivers.
- High-value item protection, such as firearms and jewelry.
- Coverage for at-home businesses not typically included in standard homeowners policies.
- Insurance for restaurants in Idaho and Utah that don’t offer self-delivery.
- Bars and saloons with a clean claims history.
The list is extensive, so the only way to know what’s available is to contact us.
Navigating the Trustworthiness of Lesser-Known Insurance Companies
Some of these hidden gems may have less name familiarity because they don’t advertise much. Naturally, this can create questions about whether you can trust them. It’s important not to judge insurance companies solely by their ads or how familiar their name feels.
Independent agencies like Page have extensive experience with a wide range of insurance companies, which allows us to help you navigate the landscape and find reputable insurers that meet your needs. In addition, you can also check ratings and consumer watchdog groups like AM Best and others to gain more insight into the trustworthiness of an insurance company.
Don’t miss out on these hidden insurance products’ potential savings and benefits. Contact Page today to discover the perfect insurance options tailored to your needs.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
Navigating the insurance world can be overwhelming, and big insurance companies often use persuasive advertising and marketing tactics to sway consumers. It’s essential to recognize the common misconceptions these companies may promote and make informed decisions regarding your insurance policies. This article will debunk the top 5 myths big insurance companies want you to believe.
1. Big Ad-Spend Equals Quality
Cute mascots and humorous (or serious) ads are designed to tug on your emotions. Corporations spend billions to manipulate you with their messaging, which isn’t always objective. As an independent agency, we increase your options to include companies with both large and small ad budgets. We’ve found that the best deals often come from companies that spend little on advertising. Be cautious about making decisions based solely on ad-spend.
2. Insurance is a Commodity
If big insurance companies can convince you that insurance is as interchangeable as a carton of eggs, they create a power dynamic that benefits them. In reality, insurance policies are legal contracts that can vary significantly from one company to another and even between policies within the same company. Recognize that the details matter, and don’t be misled into thinking all policies are the same.
3. They Care About You
While local agents can genuinely care about you, insurance companies prioritize their interests above yours. Insurance policies are legal contracts centered around a gamble. Companies will only pay you if they’re legally obligated to do so. It’s the coverage outlined in the policy that truly matters.
4. Loyalty Always Pays
Although loyalty discounts exist, staying with a company for too long can cost you more, regardless of the discount. Focusing on the bottom line premium rather than the discount itself is essential. We recommend shopping around every three years to maximize loyalty discounts without sacrificing the opportunity to find better deals.
5. They Are the Best Deal for Everyone
No insurance company is the best fit for everyone. With around 5,000 insurance companies in the U.S., each is successful in at least one niche. While you might find a great deal for your auto insurance with one company, there may be better home, life, health, or pet insurance options. It can sometimes be advantageous to use different companies for various policies. With Page Insurance, we make it easy to find the best options tailored to your specific needs.
As a consumer, staying informed and recognizing the myths that big insurance companies may perpetuate is crucial. Understanding these misconceptions can empower you to make the best choices for your insurance needs. At Page Insurance, we are dedicated to helping you navigate the insurance landscape and find the coverage that suits you best. Remember, knowledge is power; with the correct information, you can confidently make decisions that protect your assets and future.
Click here to explore the best option with Page.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
Shopping for insurance can feel overwhelming, with numerous options and channels. However, one insurance shopping option consistently puts shoppers first: independent insurance agencies. In this blog post, we’ll explore the differences between direct, captive, and independent insurance channels, providing detailed information, statistics, and insights explaining why independent agencies like Page Insurance offer the ultimate shopping experience.
Direct Insurance: Quick Quotes, Limited Options
Direct insurance channels allow you to purchase policies directly from insurance companies, usually online or through call centers. While this method may seem convenient and fast, it comes with several drawbacks:
- A limited selection of products: Since you’re dealing directly with a single insurer, your options are restricted to their offerings, which may not suit your specific needs.
- No objective advice on coverage: Direct insurance providers have a vested interest in selling their policies, so you may not receive unbiased recommendations.
- Potential for higher premiums due to advertising and operational costs: Insurance companies that rely heavily on direct sales often spend more on marketing, which can result in higher premiums for policyholders.
Captive Insurance: Local Agents, Limited Choices
Captive insurance channels provide local agents who work exclusively for a single insurance company. Although they offer personalized service, their limitations include:
- Biased advice, pushing their company’s products: Captive agents are obligated to promote their employer’s policies, even if they aren’t the best fit for your needs.
- Time-consuming to shop each company individually: To compare offerings from multiple captive insurers, you’ll need to speak with multiple agents, which can be time-consuming and frustrating.
- Declining market share: According to the Independent Insurance Agents & Brokers of America (IIABA), captive agencies’ market share has been steadily declining, with independent agencies now accounting for over 35% of the market.
Independent Insurance: The Ultimate Insurance Shopping Experience
Independent insurance agencies, like Page Insurance, offer a one-stop shopping experience that puts shoppers first. By working with multiple insurance companies, independent agencies provide:
- A wide range of products and coverage options: Independent agencies can access policies from numerous insurers, allowing them to find the perfect fit for your needs.
- Unbiased, objective policy advice: Independent agents work for you, not the insurance companies.
- Competitive rates and lower operational costs: With the ability to shop multiple carriers, independent agents can help you find the best rates, and they often have lower overhead expenses, leading to more competitive premiums.
Finding the Right Independent Agency for You
To find the perfect independent agency, consider the following factors:
- Their knowledge of your state and local needs: Look for an agency with experience in your region and an understanding of local risks and regulations.
- Access to quality insurance companies and products: Ensure the agency partners with reputable insurers and offers a wide range of coverage options.
- Good customer service and investment in technology: Choose an agency that prioritizes customer satisfaction and utilizes modern technology for efficient service.
Page Insurance could be the perfect fit for you if you live in Idaho, Utah, or Wyoming. By choosing an independent agency like Page Insurance, you, the shopper, come out on top with the best coverage, personalized service, and competitive rates. Don’t hesitate to call us to learn how we can help you with all your insurance needs. Experience the ultimate insurance shopping experience that puts you in the driver’s seat!
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
Saving on home insurance is crucial for homeowners looking to protect their investment without breaking the bank. With so many options and factors, finding the best deal can be challenging. Fortunately, we’ve compiled ten secrets to help you save on home insurance, and independent agencies like Page Insurance can guide you every step of the way.
1. Get the Right Type of Policy!
Understanding Home Insurance Policies
Homeowners’ insurance policies can be complicated, with at least eight different types and numerous coverage options and exclusions. To ensure you’re getting the right policy for your needs, work with an insurance professional like those at Page Insurance. They’ll help you find the perfect policy tailored to your specific situation, whether for a house, condo, or another property type.
2. Understand Coverage Options
Key Coverage Components
Most homeowners policies offer the following coverages:
- Damage to the house
- Damage to other structures
- Damage to personal property
- Additional living expense
- Personal liability
- Medical expenses of others
However, the extent of coverage for each component can vary between policies. Page Insurance experts can help you navigate these options, ensuring you get the best coverage at the lowest possible rates.
3. Prioritize the Big Stuff
Instead of focusing on small claims, prioritize coverage for incidents that could have a significant financial impact. Consider raising your deductible to free up funds for increasing your liability or building limits. This strategy enables you to get more essential coverage while reducing costs on less critical aspects.
4. Bundle or Separate Policies
While bundling policies (such as auto, home, and life insurance) can result in substantial savings, sometimes it makes more sense not to bundle. Page Insurance will shop each policy separately and in bundles, determining the best combination for your unique situation.
5. Eliminate High-Risk Factors
Reducing risks can lower your insurance premiums. Consider addressing the following high-risk factors:
- Aggressive dog breeds
- Swimming pools, trampolines, or other injury-causing items
- Poor property maintenance
Page Insurance can help identify these factors and guide you in deciding whether to address them for potential savings.
6. Improve Your Credit Score
Insurance companies often factor in credit scores when determining rates. While some companies weigh credit more heavily than others, improving your credit score can lead to better rates.
7. Maximize Discounts
Discounts can vary by company, but common ones include:
- No smokers in the house
- Recent home purchase
- Automatic premium payments
- Paperless billing
- Specific career types
- Security systems
- Safety features
Page Insurance will help you find all available discounts and determine the best overall value for the coverage you need.
8. Invest in Home Improvements
Specific home improvements can lower insurance premiums:
- Replacing the roof
- Updating electrical systems
- Updating plumbing systems
- Updating heating systems
Maintain your home, and remember that insurance is for accidental and sudden damage, not wear and tear.
9. Understand What’s NOT Covered to Manage Expenses
Homeowners’ policies don’t cover everything. Familiarize yourself with exclusions like earthquake or flood coverage to avoid surprises when filing a claim. By understanding what is not covered, you can make informed decisions on adding specific coverages or taking preventive measures to minimize potential damages. This awareness can help you better manage your overall expenses related to home protection and ensure you’re getting the most value out of your policy.
10. Be Strategic with Claims
Avoid filing small claims, as they can increase your premiums. Instead, consider home insurance for more significant incidents that are harder to handle personally.
Shop insurance companies every three years to maximize loyalty discounts without missing out on better deals. Page Insurance can assist you in evaluating your options at each shopping cycle.
Saving on home insurance doesn’t have to mean sacrificing coverage. By following these ten secrets and working with an independent agency like Page Insurance, you can find the best coverage at the most competitive rates. Remember, the key is to strike a balance between securing essential coverage and finding opportunities to save. Our team of experts is here to help you navigate the insurance market and ensure you’re well protected without breaking the bank. Don’t hesitate to reach out to Page Insurance for assistance with all your home insurance needs, and start experiencing the benefits of our personalized approach today.
Discover your Best Deal here – it’s easy and fast. Zero pressure – do things at your speed.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
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