There is a HUGE threat happening right now that puts your financial security at risk.
You may have tremendous exposures and not even realize it. I am going to tell you how to protect you PC from the latest threats. The PC that is under attack is your Property & Casualty.
Over the last 10 years, there has been a steady rise in consumers shopping online for auto and home insurance; or, as we say in the industry, P&C. The commoditization of insurance and financial services have become common place. The security threat is just that; a threat to the security of losing your equity, assets and potentially even your income! This is a much larger threat than having a cyber-attack on your personal computer or stolen identity.
Many consumers report making an insurance change to direct writers to save $10-$20 dollars per month. Let’s do the math. You saved $150 per year for twenty years which is $3,000. Over twenty years, how much have you paid for realtors to represent you? How much have you paid lawyers to represent you? How much have you paid a CPA to represent you? We don’t hesitate to let professionals represent us in these other areas and spend heavily for those services. The threat coming from these television ads convinces consumers that we can shop for Property & Casualty insurance like we are shopping at a grocery store. It should be illegal to utilize catchy ads and made up characters to lure us to buy insurance in a box. Using cute ads and made up characters to lure us to buy insurance in a box. It’s too important to be purchased without representation! The harm that could come from a P&C loss that is not properly protected is immense. Let’s look at what’s at stake if we get it wrong by representing ourselves.
One of our largest assets might be our home. Most homes are under-insured for total fire loss. Are the contents inside adequately and properly protected? Liability losses can be an even larger threat. What if someone burns down the apartment or condo complex and has nothing to secure for that loss? What if it is your fault? What if you lose your jewelry? What if you are sued in-excess of your auto liability limits in the event of a wreck? What coverage helps you out if you’re hit by another driver? What is the right amount of coverage? What if there are gaps or overlapping coverage, are you okay with that? What if you could shift coverage from areas that you may not want or need to areas that are most important? Wouldn’t you like to know these things?
“But I can tell you after 27 years of experience, things do happen.”
It does not seem that important up front because it always happens to the other guy, right? I mean really… we all seem to have this internal mindset that says this will never happen to me. And trust me, I am not here to scare you. In fact, statistically it probably won’t happen to you. But I can tell you after 27 years of experience, things do happen. I have seen just about everything you can imagine. I can promise you that after a major claim my clients and I are not discussing if they saved $10 bucks a month. We are discussing how to get them restored and back to normal. After disasters happen, all this becomes very real and a life altering threat. Afterwards, my clients know the value of having the right protection and would never consider going without–not for $20 bucks or even 20%.
In a majority of the cases, I save customers who move their insurance from these direct writers, and/ or provide them much more coverage. How is that? How can a professional agent possibly cost less or get more value for your insurance program? I am not going to get deep into this, but will point a finger at one reason… advertising. Direct writers pay “many” times more for advertising than most companies pay in revenues for their agency force. Think about it. If every representative in my company earned $500K per year, it still would be less than the advertising budget of some of these direct writers. Take a guess where these advertising budgets are coming from? You guessed it, you’re premiums.
Please ask yourself this question: Do you still laugh at all these cute commercials that make light of the very products and industry that protect everything you own and care about? Do you like them enough to give them $1 billion a year of your premiums to run these ads versus paying a fraction of that for someone that gives you advice, knows your needs and builds a relationship that matters in the event of a loss? Tonight, when you see thirty of these ads running consecutively, think about being involved in a lawsuit and having that funny character standing beside you in a courtroom. Because, in reality, your coverage could be a joke providing you very little coverage in the most important areas of your life and leaving left to defend for yourself at a vulnerable time. However, how would you feel if the other claimant has a high powered professional attorney by their side? This is the commercial you should see in your mind when you are being lured into purchasing P&C without representation. A courtroom commercial, only you get to pick who will be standing there next to you!
“100% of the clients I have met with that have shopped their life insurance online needed my recommendations.”
The same is happening with life insurance. These plans are so complex insurance that agents need special training to fully understand and make recommendations to clients. 100% of the clients I have met with that have shopped their life insurance online needed my recommendations. Therefore, I am estimating that 95% of P&C clients that purchased directly online needed my professional help.
Going the cheaper route in my experience has never been beneficial. If insurance is based on Value, Service and Price, then which one is most important to you? If price is, then you could be sacrificing without realizing the risk. All three are very important, and the right blend of these three that should be evaluated with and by a professional insurance agent. Protecting your PC means protecting your assets, income and future wealth. DO NOT BE FOOLED INTO BELIEVING THIS THREAT IS NOT REAL!
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