Insider information about Insurance Companies.
Hi, Greg Ganyo here, once again we want to share with you one of the most well kept secrets by the insurance industry. And this little tip alone will help you save hundreds if not – thousands of dollars on your insurance bills every year. It’s a very simple concept but I wanted to take a break it down into smaller numbers so everybody can get it and make sure that you are not spending more money than you have to on your insurance. First, let’s talk about the insurance company doesn’t matter which company you choose, when you look at the TV, what do you see: every commercial there is somebody telling you that they’re going to save you 15%, Right? And the way they know they can do this is because they have is you sitting in the big bucket.
You are sitting in their big bucket right here and what is it? this is there book of business, this is all the people that they have insured and what happens is they want to go out and attract new people and they want to bring them, but they gotta bring them into the little bucket, here’s why, because if they put them into the big bucket the one way that they’re going to try to attract people is by lowering prices .but if they lower prices on a thousand people so that each of those peoples paying $1,000 and lower $1000 down to $900 and now nine hundred people getting $900,000 dollars worth of premium .they can take in lower that with the expectation of growing 10% because if they grow 10% they’re getting the exact same amount of premium except they have 10% more people this is a bad deal because the exposure is greater and going to have more losses they lose money on this so what they do is they keep you in this big bucket you are paying more and every year your rate slides up and up and up and let you shop unless you go and look to the other company and get into their little bucket they will not let you into their little bucket but you can go somewhere else and go into their little bucket.
Now this little bucket is designed with better pricing the only people that can come in here are the clean people ,so you can come in and you have no tickets you and no accidents you can get the very best pricing from anybody else you talk to. so it’s really important every three to five years that you get out of somebody else’s big bucket and into the somebody’s little bucket this is why an independent agent can help you best because you don’t want to change agents if you really get along good. We hate politics , we hate insurance companies but we like the person we’re doing good business with.
So that said by dealing with an independent agent I learned this after 30 years of being a captivate I now have more options to make sure you’re happy and when some companies big bucket gets filled I can move you to a little bucket without having to say “Gosh, I’m sorry I can’t do business with you anymore”. so this is it in a nutshell make sure every three to five years we have compared the market changes all the time and we want to get you the very best pricing I saved one of my friends $4,000 moving him from somebody’s big bucket into the little bucket and this was only three cars and a house it is the numbers just get crazy because every year they go up and up .so take a minute to look at your own policies we would love to help you if we can.
thanks and have a great day we will talk to you again soon..