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More often than not, people sign for insurance not fully understanding the coverage. It’s not uncommon for a client’s knowledge to be limited to knowing having insurance is mandatory, and how big of a dent it’ll put in the pocketbook.

This is great for agents, and not always good for the client.

When clients walk into an office and ask for minimum coverage and sign out of convenience without shopping around, they’ll most likely end up over paying to be underinsured. 

With a bit of shopping, you could find that you are being overcharged to be underinsured, or you receive the peace of mind that you currently have a great policy.

Read the fallowing about general insurance coverage, keeping in mind that the National Safety Council determined the average cost for each accident resulting in a wrongful death is $1,130,000. Depending on the injury, a nonfatal accident could cost you even more. Insurance is in place to cover you if the unimaginable happens. 

  • Liability: Liability coverage pays for damages caused to others’ property and bodies by your error. If you are sued for the damage, liability coverage also pays court costs and for legal defense. Most states require liability coverage, with minimum amounts of coverage for bodily injury to another person and to property.
    • Liability coverage for property damage covers damage to property and the loss of its use
    • Liability bodily injury coverage can cover medical expenses and lost wages, and can compensate for pain and suffering.
  • Personal Injury Protection (PIP): Some states require PIP coverage as part of a minimum insurance package. It covers medical expenses for covered parties, and can also cover rehabilitation, lost wages, and funeral expenses. “PIP” often refers to the same benefits as provided under medical payments coverage.
  • Uninsured/underinsured motorist: Uninsured motorist coverage protects the insured against those who drive with no liability insurance. Underinsured motorist coverage protects the insured against those who drive with only a minimum level of coverage that, while it may meet state requirements, is not enough to pay for damages the driver may cause. These types of coverage pay for medical expenses, pain and suffering, and lost wages caused by an accident with an uninsured or underinsured driver.

It is relatively the same concept for home insurance as well.

Everyone’s situation is different. However, we have insurance to protect ourselves and our families from the unimaginable. It is something that we pay for hoping to never have to use.

Ways to protect yourself, your family and your bank account:

·         Have an Agent

o   We have found that those who quote themselves online, tend to pay more than those who use an agent (not all the time, depends on the agent)

o   Find an agent you can trust!!

·         Expect more from your agent

o   If you have minimum or limited coverage, ask “why?” Has your agent explained the risk of being underinsured?

o  The bonus structure for an agent can be effected by their loss ratio (The more your claim pays out, the smaller their bonus). Be sure your agent is looking out for you.

·         Use the benefits of a competitive market

o   Don’t settle for a policy just because it’s convenient to stay with the policy that you have. Take it upon yourself to shop for both an agent you can trust as well as a competitive policy.

Take a look at your policy, understand your policy

The truth is, it doesn’t cost much more to have higher coverage. In fact, the majority of the cases that I have seen, we were able to find higher coverage for less than what they are currently paying. I have seen a few cases where the individual had great coverage already and we informed them that they should keep the policy that they currently have. 

It is possible to protect yourself and your family without breaking the bank.

Yes… With a little bit of “shopping,” you can probably save money and better cover yourself.

Ask your agent if you are covered correctly. If you don’t have an agent or want a second opinion, an agent at Big Horn is more than happy to assist, with no pressure to switch companies. 

For more information or to visit about your options, give us a call (218)-444-4010. You can also email myself ( ) or another agent, we are excited to help! You can find all of the agents contact information under employee directory on our website. 

- Patrick Fee (Agent)


Posted 12:50 PM

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