Safeco and Costco Partner to Offer Business Insurance in Test States
National News • May 7, 2008
Costco and Safeco are offering business insurance to businesses that are Costco members, effective May 2008.
According to information on Costco's Web site, Costco business members may secure up ...
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Subject: Get What You Pay For
Posted On: May 7, 2008, 5:19 pm CDT
Posted By: CSP
Comment:
Reminds me of an ex-client that thought he could get a better deal buying his motorcycle insurance on-line direct. He did received a really low price. He found out the problems when he had a serious accident 4 months later that landed him in intensive care for 3 months and out of work for 3 more.
Seems he did not take out PD as he paid off the bike, same with comp & collision. No medical coverage as he had a medical plan he bought on-line.
The medical plan had a hugh deductible and he was responsible for 30% of all expenses above the deductible.
Bottom line -- The bike was totaled and he received $0. Medical expenses cost him $17,000 out of pocket. All because he wanted to save a few bucks every month and would not listen to a licensed professional. He knew better and could save money. When he objected to the settlements, he had no body to go to bat for him except himself, who did not know how to read the policy much less how to battle the insurance company.
Moral of the story -- If you don't use an insurance professional to advise you in your purchase of the policy, you get what you pay for, and less.
Subject: Get What You Pay For
Seems he did not take out PD as he paid off the bike, same with comp & collision. No medical coverage as he had a medical plan he bought on-line.
The medical plan had a hugh deductible and he was responsible for 30% of all expenses above the deductible.
Bottom line -- The bike was totaled and he received $0. Medical expenses cost him $17,000 out of pocket. All because he wanted to save a few bucks every month and would not listen to a licensed professional. He knew better and could save money. When he objected to the settlements, he had no body to go to bat for him except himself, who did not know how to read the policy much less how to battle the insurance company.
Moral of the story -- If you don't use an insurance professional to advise you in your purchase of the policy, you get what you pay for, and less.