I think the National Council of Insurance Commissioners should draft model leglislation to be considered on a state-by-state bssis which would require all Auto quotes to be preceded by a LIABILITY LIMITS/UNISURED/UNDERINSURED LIMITS disclosure. It would be similar to “Truth in Lending” in concept. No wonder the Direct Sales channel is growing 6 X faster than the Agency channel when Direct CSR’s are bonused for getting orders with little or no explanation being given about LIMITS. Ignorant consumers are simply buying price because they don’t know how to comparsion shop.
Sour grapes, Greg. Did you ever consider that maybe consumers are doing a Google search to find out what limits they need before calling Gecko/Flo/Mayhem? Maybe they are getting a lower price with the same limits you would have quoted? In that case they saved $100/yr by doing a Google search. And yes, most consumers have the aptitude to figure out what limits they need. The ones that do not likely have zero assets anyway, so it is extremely unlikely that they would be sued for more than their policy limits.
You can post here all day long and tell everyone you meet what a travesty this is, but our personal auto business is never coming back to us (i.e independent agents). Monoline auto isn’t worth your time anymore. The good old days are never coming back.
Sour grapes, Greg. Did you ever consider that these “ignorant customers” may have done a Google search and determined what their limits should be? If they can get the limits they need from Flo/Geico/Mayhem, why pay more for you to give the same information?
You can complain all day long about how unfair this is, but the monoline auto business is never coming back to us.
The direct channel is growing because of ease of doing business, 24 x 7 availability, the advent of instant MVR’s & insurance verification, and branding. It’s not because some CSR at Progressive is selling low limits to every customer.
Greg has some valid points. Instead of caveat emptor, aka buyer beware, people don’t research and just assume they will be taken care of if something happens ignorance is bliss maybe? or is this really MY problem?
I think the National Council of Insurance Commissioners should draft model leglislation to be considered on a state-by-state bssis which would require all Auto quotes to be preceded by a LIABILITY LIMITS/UNISURED/UNDERINSURED LIMITS disclosure. It would be similar to “Truth in Lending” in concept. No wonder the Direct Sales channel is growing 6 X faster than the Agency channel when Direct CSR’s are bonused for getting orders with little or no explanation being given about LIMITS. Ignorant consumers are simply buying price because they don’t know how to comparsion shop.
Sour grapes, Greg. Did you ever consider that maybe consumers are doing a Google search to find out what limits they need before calling Gecko/Flo/Mayhem? Maybe they are getting a lower price with the same limits you would have quoted? In that case they saved $100/yr by doing a Google search. And yes, most consumers have the aptitude to figure out what limits they need. The ones that do not likely have zero assets anyway, so it is extremely unlikely that they would be sued for more than their policy limits.
You can post here all day long and tell everyone you meet what a travesty this is, but our personal auto business is never coming back to us (i.e independent agents). Monoline auto isn’t worth your time anymore. The good old days are never coming back.
Sour grapes, Greg. Did you ever consider that these “ignorant customers” may have done a Google search and determined what their limits should be? If they can get the limits they need from Flo/Geico/Mayhem, why pay more for you to give the same information?
You can complain all day long about how unfair this is, but the monoline auto business is never coming back to us.
The direct channel is growing because of ease of doing business, 24 x 7 availability, the advent of instant MVR’s & insurance verification, and branding. It’s not because some CSR at Progressive is selling low limits to every customer.
Greg has some valid points. Instead of caveat emptor, aka buyer beware, people don’t research and just assume they will be taken care of if something happens ignorance is bliss maybe? or is this really MY problem?