True Cost Of Insurance | Spencer Insurance Agency, Inc

True Cost Of Insurance

By Charles J. Spencer, CLU

You hear it on the radio and TV.  You see it on Billboards and in Junk Mail!  “You may save up to 15 % on your car insurance.”  To quote a cliché, “If it sounds too good to be true it probably is.”  Make sure you check it out!  Consult with us first!

Spencer Insurance Agency customizes your insurance package to reflect the risk you face at your business and home.  As a local, Independent Insurance Agent, Spencer Insurance Agency represents several top rated insurance companies and can choose the best insurance package for your needs.  While our agency recognizes that price is important, it also realizes that our client’s True Cost of Insurance can be much higher if they are not properly protected.

What is the True Cost of Insurance?

Most people just add up their premiums to calculate the cost of their insurance. You are at risk if that is all you do.  If you are not properly protected then your insurance costs include the out of pocket money you pay because you did not have the right coverage. Let me explain. . .

An example. . .

You call an insurance company to get a quote on your auto or homeowner’s insurance policy.  The company asks you to read off your current coverage and then provides a comparison quote.  Is that sufficient?  What if the current coverage is not the right coverage?  What if you have some endorsements on your policies that give you additional coverage and they don’t ask you for that information?  Did they ask you if you just added a teen driver?  Did they ask if you have a sump pump in your basement?  If you do have a sump pump and your agent did not add the “Back up of Sewer and Drains and Sump Pump Failure” endorsement to your policy you are at risk.  If you have a water claim because your sump pump failed, the claim would be denied since your agent did not add that endorsement to your policy. You may end up paying $5,000 out of your pocket for that loss because there was no coverage on your policy. So the cost of your insurance is the premium you paid plus the $5000 you paid out of your pocket since the claim was denied and you did not have the proper coverage.  Just because they did not ask! So I ask you, What is the “True Cost of Your Insurance?”

Spencer Insurance Agency understands that the cost of your insurance protection is important to your small business and home budgets.  However, make sure you have the right coverage, a top notch company that will pay a claim, and an agency that will return your calls when you have questions.  Our friendly and experienced staff will make sure you have the right protection at a very competitive price.  We may not be the lowest or highest premium but many times you get what you pay for especially if you go with the lowest bidder.

NEVER cancel a policy before you receive the new policy.  Then check that policy for the True Cost of Insurance.   Better yet, call us at 215-885-2200 before you choose or switch companies and send us copies of your quotes so we can compare the policies and make sure you have the protection you need.  At Spencer Insurance Agency, “Your Protection and Peace of Mind is our only Business!”