What is the minimum...

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PostPosted: Tue Feb 06, 2007 3:59 am   Post subject: What is the minimum...  

You will write someones Auto liabilty for? I'm not talking about what the state minimum is..I am talking about what you will write someone for.



Here in WI I believe the minimum is 10/25/10 for Bodily Injury/Property Damage.



The minimum I will write someone (and I have referred alot of business away from us because of this) is 100/300/300. I just dont think I am providing a good solution to my clients needs by writing anything less than that.



Does anyone else think this way or am I goofy?

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PostPosted: Mon Feb 12, 2007 5:47 am   Post subject:   

Hey I agree with you but I dont LOL...make any sense. I always advise people that they should have the higher limits. If they own a home I will not sell the lower limits for their own good. Let the next guy write them for the minimum and deal with it when they sue them...In some respects I will sell the minimum if it makes sense to the client. Renters that do not have much and I still recommend the higher limits, but they do not always need them or can they afford them..at least they are advised. It is a tough call but I actually know alot of agents that will not write lower limits such as yourself in order to protect themselves.



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PostPosted: Mon Feb 12, 2007 1:46 pm   Post subject:   

I just dont feel comfortable writing someone that low. Whether it be a renter, homeowner, etc. Even if they dont have any assets, wages can be garnished and such.



I really hate it when agents lowball people, I give someone 100/300/300, and than some agent gives them 50/100/50 and they have the cheaper price. I just hate the whole 'making the sale' thing. Makes me so angry.

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PostPosted: Tue Feb 13, 2007 4:17 am   Post subject:   

I agree and I think you are doing the right thing...and I also agree with the companies that do give the lower coverage just to get the sale. They are really not looking at the best interest of the client. I often get phone call from clients saying they got a better rate elsewhere...but often it is becuause their coverage is getting cut in 1/2. Alot of people just do not understand the coverages and it is not their fault. Alot of agents fail to do their job and educate their clients as to what it is they are actually purchasing.



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PostPosted: Tue Feb 13, 2007 5:49 pm   Post subject:   

I know each person I come in contact with gets an explanation of all the coverages. 9 times out of 10 people dont know what there coverages do, and it bothers me.

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PostPosted: Sun Jun 10, 2007 7:38 pm   Post subject:   

I always try to sell the higher limits, as it's in the customer's best interest and the price from 10/20 up to 100/300 is not much difference in premium. In my state (FL), if you sell them 10/20 they automatically are rated in the non-standard market and will never be able to move up into preferred premiums. It makes me upset to to see Agent's low ball clients, because most don't understand what they are paying for.

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PostPosted: Mon Jun 11, 2007 1:25 pm   Post subject:   

For some reason I was logged out....oh well.





State minimum in Oh is 12.5/25/12.5 and I say that... STINKS. That's why it is crucial to explain coverages, that limit can get exhausted so easy! Yes, you definitely will get some people that don't care, even after going through the coverages with them, they still insist on going low.







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PostPosted: Tue Jun 12, 2007 8:25 pm   Post subject:   

In NH the minimums are 25/50/25 which to me is way too low. I wont sell anything below 100/300/100 even if the person is just a renter. Usually when I explain to the buyer they are very understanding. I always say if you're going to do it, do it right.

We had a client come from another company who's son had been in an accident. His limits were $25k for bodily injury and he caused much more damage than that. Needless to say it went to court and now anything he makes over $20k a year goes to the person he injured. If he had had the correct coverage it would not have been an issue. I even think nowadays 100K is a bit on the low side.

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PostPosted: Wed Jun 13, 2007 6:19 pm   Post subject:   

For a new general liability policy - I will not write less than $1,000,000 and offer excess liability. Same for Auto Liability. A business can never have too much liability insurance.

As far as personal lines is concerned, we try to sell $500,000 and always offer an umbrella. We have some liability still at $300,000, but always offer a quote to increase.

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PostPosted: Mon Jun 16, 2008 2:04 am   Post subject: in VA  

Whenever I see the state minimums 25/50/20 I cringe. I never reccommend anything lower than 300/300/100. i know that seems silly but you can never have too much insurance. i think there should be a law of some kind giving a set limit of 100/300/50 when providing a quote this way everyone has an accurate and even quote.

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PostPosted: Tue Jun 17, 2008 3:52 pm   Post subject:   

I don't know much about auto insurance so I search about it over the Internet. I have seen a website about minimum levels of required auto insurance. It has the list of the States and the Liability minimums and other information.



You can check this out: insure.com/articles/carinsurance/minimum-coverage-levels.html



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PostPosted: Thu Jun 19, 2008 1:06 am   Post subject:   

I always explain to the customer what I am quoting and I let them make the decision but I do advise that for only a few more dollars they are able to get double the coverage


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PostPosted: Sun Sep 28, 2008 8:57 pm   Post subject:   

My state's requirements are 25/50/10. I always quote at 100/300/100 and explain why I am doing that. I show them that there isn't much of a price difference between that and the 50/100/50.



Once they understand what the individual coverages means, they usually opt for the 100/300/100.



Yes, there have been times, that even after explaining everything, they want the 25/50/10. If that is absolutely what they want, I will sell it to them. I also note in their file that I explained the different limits and what our conversation was - and that the minimum was what they wanted.



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PostPosted: Mon Sep 29, 2008 11:24 am   Post subject:   

Quote:
Yes, there have been times, that even after explaining everything, they want the 25/50/10. If that is absolutely what they want, I will sell it to them. I also note in their file that I explained the different limits and what our conversation was - and that the minimum was what they wanted
smart move...


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