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Five things Insurers may not want you to figure out

1.      Annual Policies can save you money. If a company has a rate change during the course of the year, it will implement the change on your policy at the next anniversary. Not surprisingly most policies sold in the US are semiannual. Lock in an annual rate.

2.      The use of Split Limits, i.e. 100/300/100 has odds favoring the insurer. In about 75 % of all accidents there will be one operator in each vehicle. That means their likely payout is tied to that first per person limit in this example 100,000. Consider Combined Single Limit Liability and Uninsured Motorist Coverage.

3.      When you buy a low limit policy, your insurer is banking on the proposition that if need be, it will tender its limits early in the claim settlement process, leaving you to defend yourself. Don’t forget the value of defense costs in your policy.

4.      Your insurer has convinced you to buy an Umbrella Policy which is a good defensive strategy especially for the person with significant assets to address. But your agent or company never mentioned your comparable need for Excess Uninsured Motorist Protection. If you need an umbrella you likely need Excess UM

5.      Processing Glass Claims has become incredibly efficient. To get more value for your money ask for a quote on Comprehensive Coverage with a standard $500, or $1,000 deductibles,  but no deductible for glass claims. You will be surprised to find it often is only a slightly higher rate. Why would an insurer not tell you about this? Only about half of them offer it. 

Posted 9:01 AM  View Comments

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