Why does my insurance go up even if I don’t have a claim?

There seems to be a tremendous amount of frustration and confusion in our society these days over “Insurance.” Just watch the TV and every third commercial is someone telling you that you can save 15%, get paid for the whole car, not just 77% of the car, or reminding you of the perils of “cut rate” insurance.

I am not sure how old I was when I first learned the expression that you get what you pay for, but that is never truer than in insurance. The cost of coverage is about how much protection you are buying as it is about the risks that you pose. If you want to make insurance less expensive, we can lower the coverage which will lower the cost. “Lower coverage” means less protection. If you are sued for $1 million, how much do you want the insurance company to pay? (If you have to sue to get $1 million, how much coverage do you want the responsible party to pay?)

We spend a significant amount of time educating our clients on the coverage options that are available to them. Being an informed consumer helps to make prudent buying decision and eliminates surprises at the time of a claim. Insurance is the third largest expense in every household. With that in mind, spend a moment with your insurance professional to understand what you need and buy protection accordingly. Don’t’ have an insurance professional, give us a call. 610-933-4950.

I didn’t answer the question in the title, did I? Check in for next week’s blogs and I will get around to it.