Is saving $2,000 worth it to you? I’m looking for feedback from both insurance agents/brokers and homeowners regarding a unique situation.
We’re in the process of comparing home and auto insurance. Currently, we’re paying $7,900 annually but received quotes from two different brokers. Broker 1 quoted $4,400, while Broker 2 offered $6,300, both providing the same coverage as our existing insurance company.
Here’s the interesting part: Both brokers quoted us from Travelers, and after reviewing the details for three days, everything appears identical. I reached out to Broker 2 to inquire about the higher quote, but they couldn’t explain it (I understand that brokers don’t set the prices). After sharing Broker 1’s quote, they confirmed it was the same coverage but noted that Broker 1 had some incorrect information.
I contacted Broker 1 for corrections, and they assured me the costs would stay the same after fixing the information. I decided to proceed with them because it meant saving $1,900 for the same coverage. However, when I received the application to sign, the information was incorrect again. There have been several frustrating instances with Broker 1, which I won’t delve into, but it’s left me questioning their attention to detail.
I greatly prefer Broker 2, who has been more attentive, detail-oriented, and offered a clearer explanation of options. In contrast, Broker 1’s approach felt rushed, simply pushing the best option without much elaboration.
Interestingly, both agents mentioned that reports had been pulled from Travelers, which I didn’t think was possible from two different agents. It makes me wonder if Broker 1 is leveraging some discount we don’t qualify for, given their lack of attention.
I looked both brokers up on LinkedIn: Broker 1 has 20 years of experience, while Broker 2 has 4. I feel more confident that Broker 2 would provide better assistance if any issues arise.
At this point, I’m inclined to go with Broker 2, even though it’s $1,900 more, as it seems silly to pay the same for two quotes that differ significantly in price. Does anyone have insight into this situation?
While I’m still saving money, of course, $4,400 sounds much better than $6,300.
UPDATE: Broker 2 reached out to Travelers and discovered that they missed a discount.
It sounds like you’re in a bit of a tough spot! It’s great that you’ve done your homework and communicated with both brokers, but the inconsistencies can be frustrating. Here are some thoughts to consider:
Discounts and Coverage: Since Broker 2 was able to identify that a discount was missed, that can make a big difference. It’s important to ensure that you’re not just getting a lower rate, but also the best value, which often comes from understanding all available discounts and coverage options.
Personal Service: It seems like you’ve found broker 2’s service to be more attentive and thorough. When it comes to insurance, having an agent who is detail-oriented and willing to explain your options can be invaluable, especially when you need assistance with claims or have questions in the future.
Trust Your Gut: If you feel more comfortable with Broker 2 and trust them more, that peace of mind can be worth the additional cost. Insurance is one of those things where, in the event of a claim, the relationship you have with your broker can significantly impact your experience.
Long-Term vs. Short-Term Savings: Consider how much you value the potential $1900 savings versus the reliable service of Broker 2. If you’re constantly worrying about Broker 1’s mistakes or inefficiencies, the stress might negate the savings.
Trial Period: If you do decide to go with Broker 1 for the cheaper rate, keep communication open with Broker 2. You might want to agree to check back in six months or at renewal to reassess whether the service and support merit the price difference.
Ultimately, it’s about finding the right balance between cost and quality of service. You’re taking proactive steps to secure the best deal, which is commendable. Whatever you decide, make sure it aligns with your priorities and comfort level. Good luck!