Travelers Insurance Company has recently revised procedures regarding auto policies for domestic partners. This enhancement will make it easier to do business and provide more competitive rating.
What has changed?
Effective November 24, 2008, domestic partners who own separate vehicles no longer need to be written on separate policies. They can now both be listed as Named Insureds on one policy.
What are the benefits?
- Easier process to write policies for domestic partners
- Saves time and increases efficiency by eliminating the need to write 2 policies
- Improved competitiveness (i.e. domestic partners will now be eligible for multi-car rating)
Monday, November 24, 2008
Monday, November 3, 2008
Buying Insurance Online is Difficult
Recently an article was published in the San Francisco Business Times (October 2008) eporting that Esurance has purchased an insurance brokerage. This is a tremendous departure from their high tech online insurance business model. It sounds as if they are attempting to accomplish what local agents do everyday; help the insurance buying public make good, important buying decisions about their individual protection.
Here are some of the key points that caught my attention;
- Esurance has spent roughly 10% of their revenue in advertising, or $125 million.
- Only 10% of the people that shop their rates become customers.
- The article goes on to highlight significant financial losses and under performance.
Buying insurance over the Internet is tricky and frustrating. We have found that when individuals purchase insurance online, they tend to tweak the various rating factors (coverage, mileage, usage, etc.) to get the lowest rates available. Only later to learn that they don't have the coverage suitable for their financial protection. Or perhaps they unknowingly misrepresented the application leading to potential claims investigation. What ever the scenario is, one thing is for sure, talking with trained licensed agent that can shop multiple companies will out perform internet insurance company many times over.
Purchasing insurance from your local independent insurance agent, you can expect;
-To get great service from a friendly professional.
-Keep more of your premium dollar in the community and off the TV.
-Trust in a professional to navigate the complicated insurance marketplace, finding you the best rates, and coverages for you and your family.
So next time you see commercial promoting insurance online, remember you have local community members ready, willing, and much more capable to assist you in your insurance buying decision.
Here are some of the key points that caught my attention;
- Esurance has spent roughly 10% of their revenue in advertising, or $125 million.
- Only 10% of the people that shop their rates become customers.
- The article goes on to highlight significant financial losses and under performance.
Buying insurance over the Internet is tricky and frustrating. We have found that when individuals purchase insurance online, they tend to tweak the various rating factors (coverage, mileage, usage, etc.) to get the lowest rates available. Only later to learn that they don't have the coverage suitable for their financial protection. Or perhaps they unknowingly misrepresented the application leading to potential claims investigation. What ever the scenario is, one thing is for sure, talking with trained licensed agent that can shop multiple companies will out perform internet insurance company many times over.
Purchasing insurance from your local independent insurance agent, you can expect;
-To get great service from a friendly professional.
-Keep more of your premium dollar in the community and off the TV.
-Trust in a professional to navigate the complicated insurance marketplace, finding you the best rates, and coverages for you and your family.
So next time you see commercial promoting insurance online, remember you have local community members ready, willing, and much more capable to assist you in your insurance buying decision.
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