When it comes to car insurance commercials and determining which benefits are right for you, it’s hard to go with the ‘Flo,’ when there is so much ‘Mayhem’ surrounding you. After all, celebrity endorsements and funny one-liners mean nothing when it comes to protecting yourself and the ones you love against loss. In this two-part post, we will explore some of the most frequently advertised insurance features so that you can work together with your independent agent to make educated decisions about your policy and provider. We’ll start off by discussing discounts and features and end part two with special coverages you may have seen advertised on TV.
Safe Driving Bonus Check
The first advertised insurance feature is the Safe Driving Bonus Check from Allstate. This is Allstate’s way of rewarding safe drivers who enroll in the Your Choice Auto Program for being accident-free, although there are strict requirements and extra costs associated with this benefit. Generally, a driver may need good credit and a clean driving record to qualify.
A typical Safe Driving Bonus Check is worth about five percent of the premium paid for the previous policy. If your premium were $500, for example, the check would be worth about $25 or less. It is important to weigh this bonus against the costs to determine whether it is right for you. Alternatively, there are also safe driving benefits from other insurers, such as premium discounts and deductibles that get smaller over time. Talk to an agent here at Imes Insurance for more information and to compare safe driving benefits and incentives.
Next, we come to the Discount Double-Check from State Farm. This is not a discount, but instead a promise to look for every discount you may qualify for in a State Farm policy. Ultimately, this is more of a goodwill gesture that any independent insurance agent could offer – not just State Farm. The difference is that a State Farm agent can only double-check for discounts from State Farm, whereas an independent agent can double-check for discounts from multiple companies, comparing them to optimize your value.
Name Your Price Tool
The Name Your Price Tool is a feature advertised in Progressive Insurance commercials. It is marketed as a benefit for drivers hoping to save money on car insurance. However, this ‘tool’ can be dangerous when used by someone who is unaware of his or her actual risk vulnerabilities and coverage needs. Without the help of an agent, the Name Your Price Tool makes it easy to reduce or eliminate coverage to lower prices.
Don’t jeopardize your future by potentially leaving yourself exposed to a major financial loss. Skip the Name Your Price Tool and let an independent agent do the comparison shopping for you. We’ll match you with the policy you need at a competitive rate – all without sacrificing the quality of your coverage.
Bundle and Save
We’ll leave off part one of this post with the Bundle and Save discount, which is also promoted by Progressive Insurance. This discount is highly beneficial to drivers who bundle their auto coverage with home, renters, condo, or townhome insurance. According to Progressive, you can save five percent or more on premiums when you bundle.
All in all, it is the same benefit offered by multiple insurance companies, although they may refer to it as a ‘multi-policy’ or ‘loyalty’ discount. The value of the discount can vary from insurer to insurer, as can the types of insurance that qualify. For example, some insurers limit discounts to auto and home or auto and renters insurance, but others may extend the benefit to include RV, boat, or motorcycle insurance, too.
Continue reading part two of our post, Advertised Insurance Features.