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Financial Insurance Services Blog

7 1/2 Minutes Will Not Save You on Car Insurance Nov 19, 2014
Spending 15 minutes could save you 15% or more on your car insurance. We've heard it a 1,000,000 times. It's the new "got milk". Hey, I get it! Nowadays we have the desire to have everything we want – yesterday. Even car insurance quotes. Which is why we are all seeing commercials claiming that they only need 7 1/2 minutes of your time to save you money on your auto insurance.
We had to get to the bottom of this! Could they really cut the time spent shopping online for car insurance in half aaannndd save you money?
So on November 18th, I shopped online for car insurance. And I timed it.
Here are my results:
I went to ESurance, the latest time-saving company, claiming that in only 7 1/2 minutes they could save me and you money on car insurance. At first look, I was impressed. I gave them my name and address and then they asked me a series of questions to determine if I would qualify for any discounts – one of which included if I had a PayPal account, which I am still scratching my head about. Finally I was asked about my current policy. After this I received my quote – $75.41 a month.
But I then had to go through each of the default coverages and select what I really needed. For example, they automatically gave me state minimum on my liability ($25K/$50K/$25k) and a $500 glass deductible. (No thanks ESurance.) Then I had to add coverage for Medical Payments and Rental Reimbursement. (Yes, please.) When I quoted, my new total was $85.48 a month.
So I kept going. I was then asked to fill in my wife's drivers license number, which took a few minutes to locate. A few more clicks and I was at the purchase page. It was then that I saw it – this quote was for a 6 month policy. So my seemingly inexpensive quote of $85.48 a month, now just came out to $127 more than what I am currently paying per year for my policy with MetLife Auto and Home. (Annnnd here is the kicker, this whole process took just over 13 minutes – and I work in insurance!)
Bottom line? I spent more time than what was promised, I had to double check everything that was quoted to make sure I was correctly protected, and I would have ended up paying more money had I proceeded with their quote.
Yikes! Personally, I'm offended with ESurance and every other click-and-quote insurance company out there. I shouldn't be hurried to complete a quote for car insurance. I personally want to know that I can talk to someone who can explain the coverages to me (not click on a pop-up for clarification), someone who will take the time to get to know me and my needs (like how I don't want to pay to replace a cracked windshield), and someone who will walk me through the process every step of the way (to give me the peace of mind I deserve). I want to have the peace of mind that if a claim happens, I'm covered. No surprises, no hidden deductibles, no coverage restrictions. Is that asking too much?
So before you jump online to buy your next car insurance policy, give your local insurance agent a call. They can shop numerous different insurance companies for you and will look out for you and your families interest. They'll take the time that you deserve.
Why Choose an Independent Agent Nov 13, 2014
Many people think it doesn't actually matter where they purchase their insurance. This misconception could be costing them money, service and protection. Purchasing insurance isn't like grocery shopping. Insurance is vital protection for your family, car, home, and/or business. Don't treat the purchase lightly!
There is a difference in where you buy your protection. Many people don't realize there are three ways that they can purchase insurance:
  • Independent Insurance Agents and Brokers — They represent many insurance companies and research these organizations to find you the best combination of price, coverage, and service to meet your needs.
  • Captive Agents — They sell insurance for only one company.
  • Telephone Representatives — They offer insurance for one company and only over the telephone.
When you stop to think about it… why wouldn't you choose the agent who can give you the most options?
At Financial Insurance Services, we are licensed specialists who are loyal to our customers. We also have strong ties to New Hampshire and Massachusetts as we have lived and worked in the New Hampshire and Massachusetts area for over twenty five years.
  • We give you excellent service and competitive prices because we can access insurance coverage from 25 different companies. This allows you to stay with the same agency as your insurance and service needs change.
  • We pride ourselves on supporting you when you have a claim or coverage questions and/or changes.
  • We are your consultants, working with you as you determine your exact needs.
  • We can offer you many different choices of insurance plans and programs.
  • We are your value seeker who looks after your wallet in finding the best blend of price, coverage and service.
  • We are your true one-stop shop for a full range of insurance products; home, renters, auto, business, life, disability, annuities and health.
  • We periodically review your policies to keep up with your changing insurance needs.
  • Most importantly, we treat you like family, not just another customer.
Customer satisfaction is the key to an independent agent's livelihood. It is our honor to serve you and your family and business. Our family protecting yours since 1985.
Where does the term "Underwriter" come from? Jun 10, 2014
When discussing insurance, whether in the news or with your own insurance agent you hear the term "Underwriter". I thought that with this blog post I would tell you a little bit about what an underwriter does in the property and casualty insurance world and tell you where there name comes from.

An underwriter is a person who works for a financial institution, and for this blog we will specifically talk about a property and casualty insurance company. The underwriter's job is to assess risk and determine if an individual or business is eligible for the insurance company's products and what pricing they will receive. They pour over the data give them by either you the customer, your insurance agent, other third party data sources and/or the historical data of your account to help them come up with their decisions.

So where does the term "Underwriter" come from? Back in the late 1600's groups of merchants, investors and sea captains gathered at a little coffee shop in London owned by a man named Edward Lloyd. Between sips of Ed's coffee the merchants who had a large cargo of goods to ship overseas would sit down with business investors and ask them to give some kind of financial backing if something happened to their cargo of goods while being shipped. Investors would agree to pay for the lost cargo if the ship didn't make it to its destinations but required a fee or premium from the merchant for taking on this possible loss. Eventually the merchants started to post on the walls of Ed's coffee shop the amount of backing they needed for their shipment. The investor would then come and writer their name under the request and there the contract was bound. The fact that the investor wrote "under" the request is key because there is where they came up with the term "Underwriter".
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