10 Insurance Myths

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Insurance is simple: Insurance is not simple every insurance contract (policy) is a little different. Yes it’s a contract between you and the insurance company. Read the contract you signed and paid for, if you don’t understand something pick up the phone and call me. 800-452-6826.
It costs you money to hire an agent: It does not cost you one dime to hire the most seasoned professional insurance agent in the state. The insurance company pays me a sales commission because I bring your insurance business to them. It does not affect the price of your insurance. Yes some direct writing companies like to fool you into believing that using an independent agent costs you more. But often your pay more than you would if you had shopped. As a consumer you should interview and hire the best insurance agent out there, why settle for anything less. At Bancorp Insurance our agents take 24 hours of insurance continuing education courses a year. Our agency staff has over 150 years of combined insurance experience; along with 4 different insurance designations and two college degrees in insurance. Hire the best the insurance agent you can, you and your family deserve no less.
It does not cost me extra to have my insurance policies with different agents. If you have your homeowners insurance at one place and your car insurance with a different agent or company you are spending 10 to 25% more for your car insurance premium. Not only that, but you could be setting yourself up for a huge uncovered claim. This is the deal as a professional insurance agent I can advice you what type of protection you “should” have, but if I don’t see the actual contract, I don’t really know what you have protected and what is not protected. In short I don’t know what I don’t know. Again insurance is not simple; let a professional insurance agent review your contracts. We’ll review all your insurance contracts for free; even if you are insured with another agent or insurance company.
The minimum auto liability limits required by state laws are all I need to buy. The minimum auto liability limits required by Oregon law is $25,000 per person and $50,000 per occurrence or accident. That’s way too low and here at Bancorp Insurance we will not sell that low of a limit to you. Why? Great question, I’m glad you asked.For a very small investment like $25.00 you can increase your liability limits to $50,000 per person and $100,000 per accident, great value.Think about it, if you and a friend were in an auto accident the average cost of a 2 or 3 day hospital stay is $32,300 in the US. That does not include going through the emergency room, and the ambulance transportation etc. What I am trying to point out to you is that you will blow through the minimum limit real fast. Oh and every charge above that limit is yours to pay out of pocket. Ouch!
I’m covered for water damage caused by a rising body of water under my homeowners insurance. No Flood is normally excluded (not covered) under a homeowners policy. If you want to purchase flood insurance call the office, and we will be happy to help you purchase a flood policy.
My car insurance will cover me if I drive my neighbors’ car, even though I know he does not have insurance on it. In Oregon the insurance follows the car. So if you drive your neighbors uninsured car there is no coverage for that car on your policy. You don’t own the car, so you do not have insurable interest in the car. Insurable interest means you would suffer a financial loss if something happened to the car. Now if you were hurt while driving that car your insurance would cover you for your medical bills if you were in an accident.
Life insurance is a waste of money. Not for those you leave behind. Life insurance can make all the difference in the world if your wife and kids do not have to sell everything you own just to pay off the debts. Living on two incomes is vastly different than raising your kids on a single income today. Life insurance can actually help your widow or widower to be able to move on with life after you are gone. Simply put buying life insurance is planning for the “what if’s” in this life. Call Steve at Bancorp for information on Life Insurance.
My home is covered for damage by an earthquake. Just like Flood damage, earthquake damage is not covered under a normal homeowner’s policy. You can buy earthquake coverage if you want. Just call the office and ask for Steve he will be happy to help you purchase earthquake insurance.
Everything in my home is covered under my homeowner’s policy for what it would cost me to buy it new. First off unless you have purchased the replacement cost endorsement for your contents, your contents would not be covered for what it will cost you to replace them. If you have purchased the replacement cost endorsement, some items would not be replaced unless you had them specifically scheduled. Items like jewelry, guns, collectibles, musical instruments, computer media, cameras, and tools.Every homeowner’s policy has what we refer to as inside limits, most insurance companies will list what they pay for items like jewelry or guns. In most cases that limit is less than the item might be actually worth. If you own valuables you should have them appraised and scheduled on the policy at the appraised value. That way you will be able to replace the lost or stolen item at its appraised value.
All insurance agents are the same. Most insurance agents are independent business people. Like all business owners they have various levels of education, skill, access to numerous insurance carriers and understanding of the market place. One of largest difference is agents who are direct writers like Farmers, State Farm, and Allstate. Most often these agents represent only one company. When you decide to use a direct writing agent make sure you have done your homework. Make sure you have shopped at a few independent agent businesses before you buy. You want to make sure you are getting the best product for a reasonable price. Pick up the phone and call 800-452-6826 or just fill out the quote form on this page.

10 Insurance Myths

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