Buyer Beware

Today, I did an online quote through an anonymous insurance company just to see how people who don’t eat, sleep, and breathe insurance shop for their insurance online. To say I was not impressed was an understatement. Below are the results of today’s labors:

  • The company would not even let me carry the coverage I currently carry With Erie (250/500/100). The most that they would let me purchase was (50/100/50) because of my age.  I’m 24 years old. Keep in mind that this is 5 times less coverage than I currently carry!
  • The MAXIMUM coverage that this company offered was 100/300/100 which is the LOWEST bodily injury limits that Masters Insurance currently offers its customers.
  • The initial anonymous quote offered me only bodily injury for the low, low price of $94. They left out: med pay, uninsured/underinsured motorists liability, uninsured/underinsured motorists property damage, towing , and rental car.
  • The deductibles automatically chosen for me were $1000, which is what I currently carry. However, the industry standard auto deductible is $500.
  • When I completed my quote (with 5 times less coverage), the final premium was $153.46 I pay $85.30. Contrary to popular belief, I get no extra discounts for being an agent.
  • Currently, I carry the “New Auto Security” (similar to Liberty Mutual’s ‘new car replacement’) and the “Erie Auto Plus” (diminishing deductibles, extra days in a rental car, $10,000 death benefit, etc.) endorsements. I did not find any of these options with the online company.

So for any of you who have watched “The Middle” will recognize this life lesson I’m about to give you. Frankie gave her son Axl her dining room set when she found one online for $50. When her dining set finally arrived, it was for a dollhouse.  Beware of that good deal that you find online!

Masters Insurance NEVER quotes a policy without uninsured/underinsured motorists coverage or med pay. Here’s a refresher on what some of the terms we say and sometimes don’t explain to you mean:

o   Bodily Injury: coverage for persons injured by you. This covers medical bills, lost wages, pain and suffering, etc.

o   Property Damage: any damage to property of another done by you.

o   Uninsured/Underinsured Motorists Liability: covers bodily injury to you and anyone in your vehicle in the event that you are hit by an uninsured or underinsured driver.

o   Uninsured/Underinsured Motorists Property Damage: covers damage to your vehicle in the event that you are hit by an uninsured or underinsured driver.

o   Med Pay: covers the medical bills incurred by you or someone in your vehicle in the event of an accident up to the amount listed on the policy.

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