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 Posted: Mon Nov 23, 2009 9:46 am Post subject: Price of my Insurance? |
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| Why did my agent tell me one price of my insurance, but the company is charging me more? |
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HullyJacob
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Joined: 09 Sep 2009
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Location: New York
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| Posted: Mon Nov 23, 2009 8:14 pm Post subject: |
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the broker may have a negotiated premium rate or agreed discount for bringing business to the insurer. This is used as peace of mind for the broker so that if they quote you a price for cover with insurer X, you can't then just go directly to them and get a better deal by cutting the broker out of the equation.
You may find however that getting online quotes don't suffer the same problem. Take a look at a couple of online quotes and compare them to the prices you've got. Online insurers often are able to maintain lower physical staffing levels as some of their quoting and processing work is automated, which allows them to pass savings on to their customers.
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heidrek
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| Posted: Tue Nov 24, 2009 6:17 am Post subject: |
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When you go to an agent, be it on-line or in their office....you are obtaining a quote. Now it seems that many times the final price is the same or close to the quote, but factors that the agent did not account for or you did not disclose can change the final premium.
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Dasfuk
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| Posted: Wed Nov 25, 2009 4:33 pm Post subject: |
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heidrek...are you serious ?
The rates are the rates..whether you get them from a wholesaler or an online agent or your local agent with the same carrier.
It is highly likely that something came up with the clue report or underwriting that caused a discrepancy in the rate. You need to contact the agent and get some resolution or an explanation. Or you could take heidrek's advice and go online and get your walmart policy 
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DanWilliams
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| Posted: Wed Dec 02, 2009 10:17 pm Post subject: |
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Hi Dan,
The rates may be the rates, but what if a broker brings the insurer bulk business? that insurer may then offer them a beneficial rate in order to ensure that biulk business keeps coming their way.
Or, for another example, a specific broker may have an established track record of bringing low risk business to the insurer, business which costs the insurer less in claims over time.
Rates are pretty much set, and yes, it's more likely that something did come up in the underwriting, but there are instances when a broker can get you a better price than if you went directly to the insurer.
Online quotes tend to be the most cost effective though, provided you are accurate and honest. No point manufacturing a great online quote if it doesn't match your actual situation - you won't be happy come claim time!
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heidrek
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| Posted: Thu Dec 03, 2009 1:39 pm Post subject: |
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Heidrik,
23 years in the business and I've never heard of discounting "filed" rates for a wholesaler, broker or agent. In my state of Pa all personal lines are regulated and rates must be filed with the state...no deviations for exceptional volume,etc. Only on commercial lines can rates be adjusted based on many different criteria.
Maybe your state of operation does things a bit differently.
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DanWilliams
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| Posted: Thu Dec 17, 2009 5:29 am Post subject: |
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| If an agent tells you one price, but your bill is for a higher premium, it could be that a simple mistake was made in processing your application. Check to see if the amounts of insurance, deductible, scheduled items, and policy endorsements are the same on the policy and the quote. If you can't find a discrepancy, check with your agent or company to find out if the bill is correct. If the bill is higher than you expected, ask for an explanation. You will probably find there is an honest misunderstanding between you and your agent. These misunderstandings or "misquotes" can happen when the agent does not have accurate information about your property or about what kind of coverage you want. |
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jacobvats
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| Posted: Fri Dec 18, 2009 9:48 am Post subject: insurance |
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| When I started calling about reates ( 8++ years ago), they would give me an estimated rate..only ESTIMATED. However....the estimate was only off by a few dollars. |
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sdchargersfan
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