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Indepenent Insurance Agents Provide the Most Value for Your Insurance Dollar
How to get the best value for your insurance dollar
Buying insurance can be confusing. Price is important, but so is getting the right coverage for your needs. You want and need top value in your coverage -- whether it's for your home, your car, your family or your business.
What's the secret?
Your independent agent gives you more choices.
Independent agents are not limited to offering insurance products from only one company. They can shop from several insurers. And, by shopping among various companies, your professional agent can find the best combination of coverage, price and service -- the best value for your insurance dollar.
The Value of Value
Sure, the price of insurance is important. But never shop on the basis of price alone. Real value means more than just price. You want insurance that provides the right kind of protection for your needs. You want an insurance company that's loyal and pays valid claims promptly. You also want an agent who provides courteous service, someone who goes to bat for you when you need help or advice.
Here's how a professional independent agent helps you:
Identifies Your Insurance Needs
There are thousands of insurance policies and companies. Prices can vary greatly. Some policies give more coverage than others. Some companies are better than others. How do you choose? Your agent will find the right coverage for you, your family and your budget.
Saves Money on Coverage
Your independent agent can put money in your pocket by shopping from the many policies available on the market. More choices can mean a better deal for you.
Saves Money by Finding Discounts
Most insurance companies offer discounts on different kinds of insurance, such as auto coverage. Your agent will keep your costs down by finding the best available discounts.
Offers Other Money-Saving Strategies
Your independent agent knows other buying strategies that can save you money. For example, your agent can suggest whether it's cheaper to insure your teenage driver on your family auto policy or a separate policy. Ask your agent for advice. You'll get it.
Suggests Safety Improvements
Your independent agent can make your business safer from hazards. Your agent can work with you to have your business inspected. You may discover you need new safety features such as guard rails or stronger locks. This kind of attention could save you the headache of costly claims or lawsuits down the road.
Updates Your Coverage
Let's say you buy a new car, move into a new home, have a child, or your business grows. As you change, so do your insurance needs.
Your agent will review your coverage periodically. Your agent can also suggest changes in your insurance to keep you and your family protected and secure.
Helps Renew Your Coverage in Time
Need to remember the little details? Your agent will make sure you're contacted to help renew your policy before it expires.
Explains Policies
Your independent agent can explain complex insurance policies in language that is easy to understand. Just ask. Your agent will clearly outline the terms of the policy, its conditions, coverages and costs. You need to know what it does -- and doesn't do -- before you have an expensive claim.
Helps Handle Claims
Your Professional Insurance Agent can help you deal with a claim. Your agent can contact the insurance company and get the claim process rolling, help you fill out claim forms, advise you on the progress of your claim and work closely with the insurance company to make sure you get a prompt and fair settlement of a valid claim.
Helps Resolve Your Problems
Have a question about your policy or bill? A problem with your claim? Unsure where to go for answers? Your agent can get answers for you -- and help solve your problems quickly and fairly.
Is a Friend of the Community
Independent agents tend to be highly involved in your community. Many are active in charity, civic and school groups. Elected officials often ask for their insights on insurance issues that affect consumers. In short, independent agents are local agents helping local people. They're your neighbors -- your friends.
Financial Responsibility Laws
California's Compulsory Financial Responsibility Law requires every driver and owner of a motor vehicle to be financially responsible for their actions. The statutory minimum limits of liability insurance in California are as follows:
Bodily Injury
$15,000 for death or injury of any one person, any one accident.
$30,000 for all persons in any one accident.
Property Damage
$5,000 for any one accident.
There are four ways to accomplish financial responsibility:
1. Coverage by a motor vehicle or automobile liability insurance policy;
2. A cash deposit of $35,000 with the Department of Motor Vehicles (DMV);
3. A certificate of self-insurance issued by DMV to owners of fleets of more than 25 vehicles; or
4. A surety bond for $35,000 obtained from an insurance company licensed to do business in California.
All California drivers and owners must have at least the statutory limits of minimum liability insurance or an approved alternative way to pay for injury or property damage they may cause. Penalties are very severe for non-compliance with this section of the vehicle code.
When your car is in an accident for which you are found legally liable, bodily injury (BI) liability covers your liability to others for injuries to them. Property damage (PD) liability covers your liability for damage to someone else?s property.
A policy with BI of $15,000/$30,000 and PD of $5,000 will pay out as follows:
The maximum limit for one person's injuries, medical expenses is $15,000 under the bodily injury portion;
If two or more people are injured, the maximum limit for the accident will be $30,000;
The maximum limit for damage to other people's property (their car, their fence, etc.) is $5,000.
Comprehensive coverage (other than collision), uninsured motorist, medical payments and collision insurance are not required by law.
What Could Happen If I Ignore This Law?
The most common way drivers choose to comply with the financial responsibility requirement is by purchasing an automobile liability insurance policy. If you have an accident not covered by insurance, then your license may be suspended. It is your responsibility to provide liability insurance for any vehicle you own regardless of who is operating the vehicle. It is illegal for those vehicles to be operated without meeting the requirements of this law.
Useful Insurance Buying Tips
Read all documents completely before you sign and date them.
Never sign blank forms to avoid misunderstandings and possible fraud.
Ask the Broker-Agent to explain any wording you think is ambiguous.
Obtain copies of the documents relating to your insurance transaction, such as:
-Application
- Binder
-Receipt
-Broker Fee Agreement
-Premium Finance Agreement
Make certain the application and/or the binder reflects the limits and deductibles, coverage purchased, name of the insurance company, effective and expiration dates, and automobile or residential property covered.
Be truthful in your replies to questions asked, as they may be verified. Omitted or inaccurate answers can cause delays, denial, and/or recision of coverage.
Don't ask the producer to break the rules as you both could be prosecuted for fraud. Insurance fraud is a felony in California.
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