There are a lot of options out there when it comes to your personal insurance coverage. How do you find the best fit for your insurance needs?
Historically, Massachusetts has been heavily regulated and had a limited number of options for auto insurance. In the 1970’s, state introduced a rate-setting auto insurance model that provided drivers with the same set pricing across multiple insurers. In 2008, Massachusetts introduced something called “managed competition” to the insurance marketplace. This allowed insurance companies to set their own rates, subject to approval by the Division of Insurance. This managed competition approach allowed some of the larger national insurers to enter the MA insurance marketplace, as you may know from their aggressive advertising campaigns. Now in addition to the options of working with a salesperson from a direct writer or a local independent agent, you can also choose to do it yourself online, and your premiums will likely vary with each option.
Direct writers only have the capability to give you a quote from one company – theirs. If you are working with a sales representative, they should be a licensed insurance professional who can give you advice on what the policy is covering, how much coverage you need, and offer recommendations for coverage. If you are quoting yourself online, take a look at your current policy and make sure you are getting the same coverage. Is the online option waiving deductibles on all the same places? Are they adding deductibles that you didn’t have before? Online quoting programs often provide you with the building blocks for a complete insurance policy, however if you are unfamiliar with the nuances of each piece of coverage, you can be left bare without realizing it.
Independent insurance agents can provide you with quotes from as many companies as they represent; here at IMA, we represent 9 insurance companies for MA personal auto. Your agent will discuss coverage with you, make recommendations, and provide you quote options from multiple carriers, as long as you meet their eligibility options. This provides one stop shopping for an opportunity to see various pricing and coverage options. At the same time, an independent agent will quote your homeowners or renters insurance so you can see how discounts apply and make a decision that works best for your needs. In addition to the initial coverage guidance and pricing options, an independent agent will also review your policies for accuracy, recommend changes as new products become available, and advocate on your behalf if it becomes necessary for a claim. In other words, an independent agent worries about your insurance so you don’t have to.
