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 Posted: Sun May 17, 2009 9:25 pm Post subject: Do you want the Cheapest...or the Best?? |
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One of the most common questions is "Where can the cheapest insurance be found?". When considering insurance, a consumer needs to remember that the premium is not the only factor in the cost of a policy. There are many other components of the total cost of insurance. Some are very apparent, such as a deductible or co-payment. However, some require a little more thought and understanding. For example, car insurance may cost a certain amount per month and it may have a certain deductible, but what happens if an accident occurs? If the coverage amounts are not adequate, the consumer ends up with hundreds...thousands...or even millions of dollars worth of bills, lawsuits, and other damages. A well-informed consumer needs to think about the level of service they will receive after an accident, what they can expect from their agent / company, and whether saving a few dollars is worth giving up part of all of the above!
For an insurance agent, the never ending quest for the cheapest insurance can be detrimental to their business. An agent must ensure that the actual policy is not the only thing that the client is buying into. If a client buys solely on price, the relationship will be very short-lived. Everything in sales comes down to Value and Price. When the consumer interprets the value to be higher than the price, then they buy or stay with a company. However, if the value is lower than or equal to the price...it will be very easy for a consumer to be swayed in a different direction. Any successful agent must focus on building value.
Although there are many different things that build value in a consumer's mind, the most important aspects are reliability, customer service / satisfaction, and integrity. A consumer wants to feel reassured that if they do experience a problem, that it will not only be handled quickly...but that it will also be handled properly and to their satisfaction. Above all, a client must feel that they are very important and that they will be treated as such. When a relationship is built on more than price alone, an agent will be much more successful in retaining his business.
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ChrisBantly
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| Posted: Mon May 18, 2009 6:15 am Post subject: |
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Hi Chris, thanks for starting this topic.
I personally have always believed that the job of an agent is to find the best protection for his client. He/she should therefore be able to identify before the customer what coverage he may need. If the agent only concentrates on the price he would be compromising on the security aspect of the client.
However, not all cheap policies and bad but the key lies in knowing why the other company is offering the same benefits at a higher price; especially when its a competitive market and the rate is undoubtedly an important survival factor. |
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RupertWBradson
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| Posted: Mon May 18, 2009 10:17 am Post subject: insurance |
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| The cheapest is not ALWAYS the best. Everyone has different needs (the coverage they are looking for, policy being affordable, etc). However......sometimes if you get JUST the cheapest, that may be the kind of service you receive, too...CHEAP. Not everything you counted on. Sometimes, if you go the 'extra mile' you'll receive what you REALLY deserve. |
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sdchargersfan
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| Posted: Fri May 22, 2009 5:38 am Post subject: |
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| I think ii would go with the cheapiest. I dont want to have to worry about how much ii pay for insurance. If the insurance ig going to pay for even a little bi then its all good. The other money ii saved ii could use to pay the rest. IT works wout good in my head ii just dont know how to explain it. |
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hananx3
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| Posted: Fri May 22, 2009 6:09 am Post subject: |
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The cheapest one may be the most costly one too. Coverage and benefit should be the primary consideration before making a purchase decision. Sometimes it may not be worth the efforts to save a little when making a purchase but lose a lot in the event of claim.
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Xoseph
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| Posted: Fri May 22, 2009 9:02 am Post subject: insurance |
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I agree, ..........need to really look into the options you have about Insurance. Also.....the age of your auto, miles on it, etc. should be a factor. For Example: If you had a 15 year old car and the Kelly Blue Book is only $500.00, then I think all you would need is Liability. I think you understand the point I'm trying to make.  |
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sdchargersfan
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| Posted: Fri May 22, 2009 11:38 am Post subject: |
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I think SD its really a personal choice...to some people like our previous poster would chose cheap coverage against effective protection, whereas some may disagree to that idea. However, always confirm that you're getting your money's worth in either way.
~Jeremy |
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JeremyHolter
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| Posted: Fri May 22, 2009 12:07 pm Post subject: insurance |
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| Quote: | | always confirm that you're getting your money's worth in either way |
Of course!! however......if you are on a limited budget ( 'personal' experience with THIS one), you have to get what you can afford..not what is ALWAYS the 'best'. |
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sdchargersfan
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| Posted: Fri May 22, 2009 12:48 pm Post subject: |
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Cheap is bad. Inexpensive is good. If something is less expensive that is a positive, unless the reason for it being less expensive is because it's cheap.
Less expensive term insurance often makes more sense than more expensive term insurance. (It's the same product regardless of the price.)
Less expensive disability insurance usually doesn't make more sense than more expensive disability insurance. (Less expensive products usually make it much more difficult to qualify for a benefit.) |
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InsuranceExpert
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| Posted: Fri May 22, 2009 4:02 pm Post subject: insurance |
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| INSURANCEEXPERT...I see your point. I guess it does depend on how well the coverage is that the consumer is recieving. |
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sdchargersfan
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| Posted: Mon Jun 01, 2009 3:45 pm Post subject: |
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It all comes back to value and price. When value is higher than price, people buy. When price is higher than value, they don't!
What's remarkable is the ability of some companies (like infomercials) to inflate the value in the consumer's mind to the point to where they buy a practically useless product for an incredible price! |
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ChrisBantly
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