“The 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! 


At Spencer Insurance Agency it is our mission to recommend and provide insurance coverage to our clients that best meets their risk factors in their personal and business lives.  The Agency represents top rated competitive carriers. Our goal is to provide an insurance package that reflects the client’s risk that is very competitively priced.  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?

Our agency occasionally receives calls from our clients saying our price is too high.  The client doesn’t want to change because they love our service, but the price difference is too great.  Hopefully our client called us before switching companies.  We understand that price is important, but it is not the only item you should be comparing.  You need to look at price, coverage, claim handling and customer service.


Let’s look at price.  Cancelling the auto policy may increase your homeowner’s policy premium. Do you have the same coverage?  For example many of our clients have sump pumps protecting finished basements.  We evaluate that risk and recommend additional coverage.   If your sump pump stops running due to a power outage or defect and your basement and its contents were damaged are you covered by the new policy?  If not, then the True Cost of Insurance would be the price of the policy plus the additional amount of money you paid to fix your basement because the damaged property was not covered.


Next, look at customer service.  Consider the service you will be receiving from the new agent.  Are you calling the 800 number?  Will the agent return your call?  How much experience does the staff have?  Spencer Insurance Agency prides itself on our customer service.  If you ever do not receive superior service I want to know!  Call me at 215-885-2200! 


NEVER cancel a policy before you receive the new policy.  Then check that policy for the True Cost of Insurance.   Better yet, call us before you switch companies and send us (fax, email or mail) copies of your quotes so we can compare the policies.  We owe it to you to make sure you are truly receiving the best price and not leaving a big gap in your coverage. Your “Protection and Peace of Mind” is our only business.


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