When Something Seems too Good to be True, it Probably is!

One afternoon Susie Q called in to inform us she needed to have her policies canceled with Carrier A. She had received an automated call from Carrier B saying they could save her money. In fact, although the explanation was quite confusing, she was certain she would be saving hundreds, so she decided to switch!

Susie, a valued client, was not someone we wanted to say goodbye to, and we also wanted to make sure she was truly getting the best coverage for the best price! So we requested her permission to compare the policies for her. Luckily, as an independent agency, we have relationships with both carriers, so we were able to easily make the comparison.

Carrier A:

Personal Umbrella – $548 Premium/12 mos.

Personal Homeowners – $1,178/12 mos.

Personal Auto – $1,432.60/12 mos.                  

Total – $3,158.60/year

Carrier B:

Personal Umbrella – $312 premium/12 mos.

Personal Homeowners – $1,630/12 mos.

Personal Auto – $682/6 mos.

Total – $2,624/6 mos.

Total – $3,308/year

Carrier A: $3,158.60

Carrier B: $3,308.00

Difference: $149.40

It turned out that Susie misunderstood the policy terms, and rather than saving money, it would cost her nearly $150 more for the year to be insured with Carrier B. If this had slipped by her for 5 years, she’d have spent almost $750 more for equal coverage!

The confusion arose because Carrier B’s Personal Auto policy was billed on a 6 month basis, rather than a 12 month basis.

When we offered, Susie was quite content to allow us to process the cancellation of her policies with Carrier B, as they had already charged her fees. We are happy to report she received her fees back, and all is well!

If you ever have questions about your policies, don’t hesitate to request your agent perform an Account Review. At Union Colony Insurance we want to make sure you are always getting the best coverage for the best price!

As an Independent Agency, UCI can compare policies to make sure you’re getting the best bang for your buck!