The “only pay for what you need” slogan has been playing for a long time and must be delivering results. Apparently, the slogan is intended to get the attention of those who feel like they’ve paid too much for insurance they didn’t need. I’ve discussed insurance with many people who have never had a costly insurance claim who said, “Man, I bought so much insurance and I didn’t need it.” A very different perspective is shared among those whose insurance company came through for them when they were seriously injured in an auto accident, or sued by someone they injured, or had to rebuild their home after it burned down.
Why doesn’t the local grocery store have an ad that says, “Only pay for what you need.”? Because in these scenarios you are in control, and you understand what you’re buying. If you purchased more than you needed, you were probably shopping while hungry! And if your milk cost $50 a gallon, you’d know something is off!
Informed insurance buyers have “only pay for what you need” experiences all day long. If you invest enough time with your insurance agent, you can understand your policy well enough to make good decisions and be in control of what you’re buying. A good agent will appreciate the opportunity to explain specific coverages, the limits of the coverage, and the coverage exclusions. It’s gratifying to have these discussions because we know our clients will feel better about the money they spend on insurance, and they’ll have better claims experiences.
If you want to feel better about what you spend on insurance, do yourself a favor and make an appointment with your insurance agent, and ask them to explain your policy coverages to you. Some parts might take a second or third call. That’s fine. You aren’t being a pain by asking the same question more than once. Your agent’s job is to translate their insurance knowledge and experience into English and have a good conversation with you. When you’re done, you can invest what makes sense to protect your financial future. “Invest what makes sense.” Now THAT’S a good slogan!