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Should You Buy Insurance Online?

Should You Buy Insurance Online?

You may be tempted by the slogans: “Think of the Savings!” and “Coverage at Your Fingertips, Anytime Day or Night”. Buy insurance in your pajamas? This must be a dream!

That dream, however, could turn into a nightmare. After all, you’re not buying a jar of peanut butter, you’re buying a risk management tool in case something bad happens to you.

Here’s why you should avoid buying insurance online:

No Comparison

There are very few insurance aggregator websites out there. If you want the best price, you’ll have to enter your information on a number of websites. Besides the margin for error, you might get finger cramps.

And really, who is to say that the best price is really the best price for comparable insurance coverage? All policies are not created equal, so the option with the lowest price may also offer the lease amount of coverage. How can you tell?  By reading and comparing all of the policy documents! Who has time for that?

Luckily, an independent insurance broker has the skills and knowledge to not only get quotes from multiple carriers, but also to compare the coverage and help you determine what coverage options are worth the premium. You can’t get that expertise from a machine.

No Coverage Advice

While some online quoting websites tout “coverage options” what do they really mean? The website is often referring to a list of different endorsements that may be available for the policy you are quoting with pricing options for those endorsements.

But what do those options really mean?  The website may give a brief description of what would be covered,  but not how that coverage may apply to your specific situation.

What is a deductible and how much of one can you afford? What is coinsurance, and does it really matter? The definitions of both of these terms and others can differ depending on the type of coverage you are purchasing. Coinsurance as it applies to health insurance, auto insurance and property or homeowners insurance is not the same from policy to policy.

Independent insurance brokers are highly trained individuals licensed by your home state. They have studied insurance coverage options and contracts, and will be there to guide you through the many endorsements and plans available to make sure you get the best coverage for your money.

No Advocacy

When you purchase online, you become your own advocate. If there is a coverage issue, how do you argue that with the insurance company? If there is a claim, is it being handled properly and with expediency?

Insurance policies are not products like shoes or toilet paper. Insurance policies are complex financial products that are litigated on a daily basis in courtrooms across the country and around the world.

An independent insurance broker represents you, the client. Your broker will work on your behalf to ensure you have the proper insurance coverage, and that in the event of a claim, the process is handled properly and efficiently.

When it comes to online quoting versus independent insurance broker there really is no comparison. Quoting online means you may end up getting less than what you paid for. Call your local independent broker (like Hayes Insurance) today to find out how a risk management analysis and proper coverage could save you both money and insurance headaches.

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