Several years ago, when James was about two or three, we decided to rent a 24-foot travel trailer to enjoy a few days of camping. We were so excited! We had everything packed and headed out to the trailer rental place to rent our trailer. I remember it like it was yesterday. We stood there going over the paperwork and then the young woman helping us asked, “Do you want the insurance that we offer?”
Hell no! We don’t need to pay extra for insurance that we won’t even need! We quickly declined. Who knows what we were thinking. This was one of the most costly mistakes we have ever made!
Without embarrassing him too much, I’ll just say Grant could have used some practice driving that big trailer. He ended up scratching the side and denting the rear in two different minor accidents. Needless to say, it put a bit of a damper on the rest of the vacation, knowing we had to deal with the physical damage to the trailer when we returned the rental and we had no insurance!!
The bill for the damages that we received was a whopping $11,000! The rental place was clearly trying to make a little more money off of us! In reality, the cost for the repairs was more like $3,000. We had to arrange for our own estimates to fix the damage to prove that the repairs were NO WAY in the $11,000 range. And we did. The repair costs were about $3,000. There was one small miracle, our home owner’s insurance covered about one third the cost of the repairs because the first accident occurred in our yard.
What a nightmare! Insurance is there for our protection and if we just paid that little bit for it at the time, it would have saved us time, money and whole lot of stress.
I hope that by writing about our bad experience someone is saved from making a costly mistake. When in doubt, opt for the insurance!
Best Insurance Coverage and Price with YourPoncho
Okay, so now you know that you should opt for the insurance. The next logical questions when it comes to auto, life and home-owners insurance are how much coverage do we need? How do we save money on insurance?
According to Mike Lloyd, Founder & CEO of insurance tech startup YourPoncho, most Americans are overpaying and underinsured with their auto, home and life insurance. This is a big problem. YourPoncho is the solution to assure that we are getting the best insurance coverage for the best price. YourPoncho is doing just that one family/policy at a time.
How to Use YourPoncho
YourPoncho provides an online review of existing insurance auto or home/renters/condo policies. Then, if issues are discovered when compared to peers and professionals, they recommend new policies that fix those issues. YourPoncho is working with 10+ carriers, so they can typically save hundreds per year at the same time.
I was very impressed at how easy it was to have my current auto insurance analyzed by MyPoncho. I went to the website site and simply uploaded a picture of my auto coverage selections page. Their findings were very interesting.
Do we have the right coverage for Insurance Auto?
Regarding my current coverage, these recommendations were made by YourPoncho-
1) Increase part 4 (Property Damage) from $100k to $250k – probably cost less than $5 per vehicle.
2) Increase parts 3 & 12 (Underinsured Bodily Injury) to 100/300. (I should insure myself for as much as I’m insuring others!)
3) Add $5,000 medical payments.
4) Add transportation or towing.
I called my insurance agent and received these quotes regarding the suggested increases.
1. Increase part 4 This would increase our insurance $3.00 per vehicle for a total of $6.00. (A good recommendation for another $150k of insurance.)
2. Increase parts 3 & 12. This gets expensive. To increase part 3, the cost for the two cars will increase by $6.00 each, not bad, but the motorcycle would increase by $61. To add part 12, the cars would be $36 ea. and the motorcycle $24 ea.
3. Add 5,000 medical payments. This costs $10 for each car and $122 for the motorcycle.
4. To add transportation and towing, each car would cost $62 each and the motorcycle would cost $16.
While I can certainly see increasing part 4, property damage for just $6.00 more. I honestly have to discuss the rest of the recommendations with Grant and our financial advisor. Our policy would increase by a few hundred dollars. But this is probably a good time to consider increases in coverage. Soon we will have James on the policy as a teen driver! Yikes – teen driver alert!
Are We Getting the Best Rate?
So what about price for our auto policy overall? For the quote, I needed to answer a quick survey on the YourPoncho website. Once they had this info to shop policies, YourPoncho suggested no change. They did their best to find a better rate but they acknowledged that we currently have a great policy with Plymouth Rock. The combination of the SBLI Life Insurance discount and the “deductible dollars” that we have saved up can’t be beat. Therefore, their recommendation is to stay with Plymouth Rock. I am thrilled to have this confirmed by YourPoncho! This experience was super easy and I do have a sense of confidence in my price. Now, based on their coverage increase recommendations, I am almost certain will be adjusting our coverage for peace-of-mind.
For the first time ever, people can check to make sure they have the right coverage so that no one has to spend the rest of their life paying for a moment of bad luck. Too many people are underinsured and don’t realize that their insurance may not work for them if they ever need it.
The truth is, too many people overpay for insurance. The variability in pricing is huge and we shop policies within our network of 10+ carriers automatically and frequently to make sure people are always paying the best price. We can typically save money and increase coverage at the same time due to the number of carriers we work with.We do it all with modern online product / design and stellar customer service via calls, text, live chat or emails. We automatically monitor and shop policies frequently to make sure you are never over paying. If you are interested in making a change, we will do all the work for you. It’s as Painless as possible!
Even if you don’t have intentions to change insurance carriers, our product can still be very helpful. To get started, visit www.yourponcho.com. For the latest information, be sure to visit YourPoncho on Facebook!
$50 Visa Gift Card Giveaway
As a thanks for taking a moment to learn about YourPoncho and all it has to offer, one Moms Own Words reader will win a $50 Visa Gift Card!
Giveaway ends on Aug 19, 11:59 PM EST. Open to US. Winners (18 or older) will be chosen by Random.org through Rafflecopter and contacted by email. Please respond in 48 hours or a new winner will be chosen. To be fair to everyone, comments not meeting requirements will be deleted. Thank you for entering and good luck!!
This post is written in association with YourPoncho. Opinions expressed are my own.
Post Footer automatically generated by Add Post Footer Plugin for wordpress.