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Why Price Matters When it Comes to Insurance

Posted Jul 23rd, 2018 in Media, General, Insurance Tips, Home Insurance, Did You Know?, In the News

When it comes to purchasing personal insurance, basing your choice on the lowest premium is a fundamental mistake. And we’ve explained exactly why cost shouldn’t be the sole determining factor.   

Why Price Matters When it Comes to Insurance, Youngs Insurance, Ontario

If, we’ve said it once, we’ve said it a million times. An inexpensive insurance premium can be the most expensive insurance you’ve ever had if you were to experience a loss.

The cost of insurance protection

As an Insurance Brokerage, we take pride in educating our clients on the cost of insurance protection. Here is the simple equation: premium + uninsured losses = cost of insurance.

If you are looking for the best price, you’re not necessarily receiving the best insurance coverage. When we purchase insurance the goal is to protect ourselves from accidental losses that we cannot afford to withstand on our own. Depending on individual financial positions, this varies significantly and ultimately is something that must be discussed in detail with your trusted insurance broker.

Selecting liability coverage for personal insurance

On a personal insurance policy, liability coverage is the portion of the policy that steps in should you be deemed responsible for causing a claim. Often, clients will advise they would like the lowest amount of liability insurance available, which is something we strongly discourage. As a brokerage, we’ve determined that anything under $2 million liability coverage is reckless and we’re strongly advising our clients to consider increasing their liability to a minimum of that. 

Your options when it comes to insurance protection

You have options when it comes to selecting your insurance protection. Umbrella policies offer additional liability coverage - extending off of all your personal insurance policies. If you were to experience a significant loss, it’s intended to provide that extra security required.  

When it comes to your personal protection it’s essential you have a diligent insurance broker in your corner. You shouldn’t risk your future financial security with inadequate insurance protection. Contact a Youngs Insurance Broker today for a no-obligation insurance review.

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