Wednesday, October 27, 2010

What happens when your agent retires?

In most cases, when your agent retires, your policy is transferred back to corporate for redistribution to a new agent. When this happens, you have no say in who gets your policy for service. However, don't give up your rights so easily... Depending on the company you are working with, you can request a transfer to another agent at any time. Simply write or email the agent you wish to take your account and he or she will lead you through the process.

With FARMERS, the new agent must "purchase the account" by paying your annual commission to the old agent. So they must agree to the transfer. But if you have met with them and are comfortable with them servicing your account this ought not be an issue.

You do have rights in all of this. You may also go through the company to request a specific agent to service your account, but this will vary from company to company.

Thursday, October 21, 2010

REVIEW YOUR INSURANCE

Unless you want to continue throwing your money away - you need to do any annual review of your insurance portfolio. Things change in your life, things change in the life of your insurance company.

Here is a secret your agent does not want you to know. The company you are currently insured with (if you have been with them any length of time) probably has a new program or new discounts that can save you money on your monthly or annual premium. But your agent also knows that if you have not used your insurance, you will probably be in the 90 percent that simply renews their policy without even looking at it. Plus, if he helps you lower your premium, he is lowering his commission.

You need to review your insurance, not only to save money, but more importantly to be sure that you have the proper coverage. Many of my clients have been surprised to discover that better and higher liability coverage does not cost that much more - pennies on the dollar.

The Insurance Industry - while bound by regulations set down by the State's Department of Insurance - remain one of the most competitive industries in business today. They want your business. And because of this simple fact: they are constantly coming up with creative promotions, advertising, and new policies - to get you signed. Are you getting everything you are entitled too?

I am amazed at some of the advertising. Things like "we offer Good Student Discounts" - I do not know of an insurance company that does not offer this discount. The only way to know the difference is to shop. And beware of FEES and clauses disclosed only in the small print.

And the last advise I would like to offer is this... money is not always the issue. Service by your agent is also key to your insurance. If you do not know your agent. Get to know him or her. They need to be licensed and you need to be able to understand them and feel comfortable with them. Their primary concern should be your protection.

And if you don't have an agent that you can have these frank discussions with - or are tired of dealing with those 800 numbers - give us a call. We offer reviews of our client families on an annual basis. Things change, and you should be sure that you are still covered.