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Cheapest price, best coverage?

There are a lot of great websites that continually scan the internet for the best deals. I know because I like to check those websites occassionally especially around the holiday season. There are also browser extensions that look at your browsing history and apply coupon codes at checkouts to give you the best deal although personally I would be worried about the motive of yet another company looking at my browing acitivity). The bottom line is that the internet has become a great tool to compare and save money on purchases.

Shouldn't insurance be like that too?

Well there are many websites that advertise they will compare "side by side" what insurance costs between carriers.  Unfortunately, there are big problems with this system....

1. Insurance policy language is different from company to company.
2. Some companies have discounts that change over time or disappear completely.
3. Carrier may offer multiple policy discounts that these websites don't advertise.
4. Some companies offer valuable endorsements that other companies don't.

And at the end of the day, the companies who compete on price may have to cut corners in other areas. Cheapest may not be the best!

My current auto, homeowners, and life insurance policies which are insured with different carriers are not the cheapest on the market. That being said I have yet to find any company or product offering that would lead me to switch. Why? Because I know the products, the coverages, the discounts, the endorsements. I did my research and while price was a big factor, I would say it was only the second most important thing to me with the first being what my policy offered if I had a claim.

Afterall, the most expensive policy you can buy is the one that doesn't cover your claim.

If you want a total insurance review and find out what you may be missing chasing the cheapest insurance, click here.