ALLCHOICE Insurance :: Blog

ALLCHOICE Insurance is proud to welcome a new member to our family.  A resident of the Lake Jeanette area of Greensboro, NC recently moved his family’s personal insurance (Home, Auto, & Umbrella Liability) from Nationwide and saved 22%.

While ALLCHOICE’s primary concern is to properly protect our clients assets, it is always nice when we can save them a little money as well!

J.D. Power and Associates has released its 2009 Insurance Shopping Study, and for the second consecutive year Erie Insurance has taken the top spot for new auto insurance buying experience.  While Erie Insurance may not be a household name throughout the country, they have a strong presence in the Northeastern United States.  The evaluation is based on 3 main categories: distribution channel, price, and policy offerings.

To fully appreciate Erie’s accomplishment, it is important to understand a little about Erie Insurance.  Erie is considered a Regional Insurance Company as they only offer insurance in 13 states.  Compare that to the “Big Three” in the insurance industry (State Farm, Allstate, and Nationwide)which do business across the entire country, and you have the classic “David vs. Goliath” scenario.

Chances are, even if you happen to live in a state Erie provides insurance in, you still haven’t heard of them.  The fact is Erie chooses to offer its products and services the old fashioned way, through local agents.  There are no flashy commercials, or mascots, just hard working professional insurance advisors who take the time to learn about and take care of their clients.  While the distribution channel is only one of three criteria, this delivery method must make the biggest impression on consumers.

Price and Policy Offerings are the other two criteria by which consumers ranked auto insurers, policy offerings do not vary too widely between carriers and price has been proven to hold only a certain modicrum importance.  Yes, Erie Insurance does provide a quality insurance policy to its customers, there are only so many “widgets” that the regulatory bodies approve of.  While Erie does offer a competitively priced insurance policy, they have never been considered a low cost leader.

The focus of this regional gem is to provide their customers with properly crafted insurance plans (most customers maintain home insurance and other lines such as commercial insurance and life insurance), at affordable prices, while maintaining the best possible customer and claim service.  By relying solely on an Independent Agency Force of professional advisors, Erie sets itself apart not by turning insurance into a commodity like many national carriers, but rather by focusing on what the customer really needs.

In an age where our society is a “click” away from any and everything, Erie and their agency force are a breath of fresh air.  While some things are best purchased via the internet or big call centers, a family’s insurance plan is better left in the hands of professionals.  Lets face it, people like to know that when they have a question, they know they can call or stop by and meet someone local.  People want professionals to handle their most important issues.  They want a doctor to help them when they are sick.  They want a dentist to take care of cavities.  And yes, people want an Insurance Professional to handle their insurance.

About the Author:  Jack Wingate is an Insurance Professional and founder of ALLCHOICE Insurance, in Greensboro, NC.  For more information about Jack Wingate, ALLCHOICE Insurance, or Erie Insurance please visit http://www.allchoiceinsurance.com

If you are like most people, the economy has taken a toll on your finances.  The fact is more and more people are trying to find ways to cut expenses.  Would you like to know a few simple changes you can make to your North Carolina Auto Insurance?

Do You Need “Full Coverage”?

In order to determine whether or not you need “Full Coverage”, first we must define what “Full Coverage” is.  If you ask 10 different people, you are likely to get a number of variations as to what “Full Coverage” means.  For our purposes, “Full Coverage” means having both Comprehensive and Collision Coverage.  In North Carolina, you can add additional coverages like Towing & Labor Coverage and Rental Reimbursement.  I view these are “extras” that work in addition to your “Full Coverage”.

To start with, if you are currently financing a vehicle, your lender requires you to maintain “Full Coverage”.  For those of you that do not have financing, you have some decisions to make.  Here are some questions that will help you determine if you NEED “Full Coverage” Auto Insurance:

• Model Year – I often see people maintain Full Coverage on automobiles that are 15 years old, or older.
• Current Value – Do some checking, there are a number of sites that will tell what your car is worth, if your car is valued below $5,000, you should think about your NEED for Full Coverage
• Financial Status – This may seem counter-intuitive, but a person with a lower Financial Status should consider keeping Full Coverage on a vehicle.  The theory is that if the replacement cost of your car is more than you could come up with in a short period of time, you should maintain Full Coverage.

These are the major questions you should ask yourself with regard to your NEED for Full Coverage.  Of course, each individual has their own needs, so please consult a knowledgeable agent to help you with this decision.  The facts are, for most auto insurance policies, the “Full Coverage” portion of you policy is about 50% of the total premium.

Raise Your Full Coverage Deductibles

When the Theory of Insurance was first established, insurance was meant for Catastrophic Protection.  Today, most people look at insurance as a way to make their lives easier.  You will save money on all insurance premiums if you can adopt a “Catastrophic Viewpoint” with regard to your insurance coverages.

Comprehensive Deductible

The Comprehensive portion of your Full Coverage is less expensive compared to Collision.  Many people carry deductible of $0, $50, and $100.  If you want to save money, consider increasing your deductible to $250.  Of course, you can go higher, but most comprehensive claims will be $500 or less.  There is a good possibility that if you go to a deductible of $500 or greater, you could deductible yourself out of a coverage.

Collision Deductible

This is where you can really see some savings.  Again, I am amazed at the number of people I see that carry Collision Deductibles of $100 & $250.  With the car of today, if you are in an accident that requires your collision to kick in, there is a great chance that the total damage will exceed $500.  In addition, $500 is an amount that most people could come up with in the case of an emergency.

Know Where To Cut Coverage

If you will take an honest look at the questions posed above and alter your Deductibles a little, you can see some meaningful savings with your North Carolina Auto Insurance. Unfortunately, most people just try and slash their policies down to the bare minimum.  I urge you to avoid this!  Never cut your liability limits.  If anything, you should review your Liability Limits to make sure that you have enough coverage (most people don’t).  The last thing you want, or can afford, is an “at-fault” accident where your liability limits are not sufficient.

About The Author:  Jack Wingate is a Professional Insurance Advisor and Founder of ALLCHOICE Insurance in Greensboro, NC. For more information about Jack Wingate, ALLCHOICE Insurance, or North Carolina Auto Insurance please visit http://www.allchoiceinsurance.com