Monday, August 21, 2006

Foolish Pride

Recently I posted about a rather large claim involving a family friend. An auto accident had injured a young girl and her bills at that time were $680,000 and counting.

Today I talked to a man who was looking for coverage to replace his current plan. He now has a $10,000 deductible with another $5,000 out of pocket on a major claim. His premium is increasing, unjustly in his mind, and he feels he can do better.

He also feels he does not need an agent to advise him.

He told me he found a plan that was about $40 per month less expensive than his current plan, and had a $2500 deductible.

For some reason, this did not seem odd.

He wanted to know if I could offer anything better.

Of course I can.

I can offer a policy that will cover more than is covered now, and considerably more than the plan he thinks he wants, for somewhere in between his current premium and the one he has found.

On a $680,000 claim his current plan will pay all but $15,000.

The plan he has found will stop after paying $100,000.

And he thinks he doesn't need an agent . . .
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