I don’t have space to discuss all 7 Costly Mistakes. Check out the full Report on our Website. I want to concentrate on the 3 Most Costly mistakes parents make when buying car insurance for teen drivers.
#3 Insuring your home and cars with 2 different agents – If you insure your home and cars with two different companies then you may be paying 25% more than you need to pay. Since the price of car insurance for a policy that includes teen drivers is higher, that 25% extra could add up to a lot of your hard earned money. An advantage of using an independent agent is that your agent can look at your entire account and place your insurance with the company that gives you the most competitive rates and the proper coverage. On some occasions that may be two different companies but your independent agent can research which companies are best for you.
#2 Lower Liability Limits to Save Money –This mistake can be a financial disaster! We get many requests to lower coverage to save a few bucks. However, when you have a teen driver that is the time you need those higher limits. Teen drivers are five times more likely to have an accident and the cost of a teen driver claim is 3 times higher. As the saying goes. . . Don’t be penny wise and pound foolish. A little savings now could cost you dearly in the future!
#1 Using an insurance employee as an agent – Don’t trust your hard earned money with someone who works directly for an insurance company. Does that employee have your best interest at heart or the insurance company’s best interest? You need an agent that can find ways to save you money even if that means splitting up your coverage with multiple companies. The insurance company employee can only offer you one company. At Spencer Insurance we have many top notch insurance companies to offer you. Our goal is to give you the proper protection at a very competitive price. “Your Protection and Peace of Mind is our only Business.” Make sure your family and friends have the proper coverage. Pass this information to them and have them give us a call at 215-885-2200. We reward you for your referrals!